The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1852-07-21

trustees or directors, shall be o quorum
| for the transaction Of business.
GENERAL PROVISIONS REGULATING 1NcoRpo.
RATED COMPANIES.
SEC. II. All companies now incorpora-
| ted in this state, and actually doing busi-
ness, may accept any of the provisions Of
this act, and when so accepted, and a
certified copy Of their acceptance filed
with the Secretary of State, that portion of
their charters inconsistent with the provi-
sions of this act, is hereby repealed
SEC. 72. All companies hereafter incor-
porated, or accepting the provisions of
this act, except those named in the sixty
sixth section, are required to make and
publish, in some newspaper of general
circulation in the county where the prin.
Opal office is located, an annual exhibit,
showing full. fair and detailed statement
of the condition of such company, which
statement shall be verified by the oath of
the president. secretary. or clerk.
SEC. 73. No company or association
incorporated under the provisions of this
act, shall employ its stock, means, assets
or other property, directly or indirectly,
for any other purpose whatever, than to
accomplish the Legitimate objects Of its
creation.
Sec. IA. That the board Of directors or
trustees, of any company heretofore moor
porated, or which may hereafter be form
ed, under any law of this state, may, with
the written consent Of the persons in whose
name majority Of the shares of the capi.
tai stock thereof shall stand on the books
of said company, reduce the amount of
SAID capital stock, and the nominal value
Of all the shares thereof, and issue certif.
Gates therefor; Provided, that the rights Of
creditors shall not be affected, or in any
wise impaired, by the reduction OF the
capital stock of any such corporation.
Sec. rs. That whenever any joint stock
companies heretofore incorporated, for
the purpose of erecting any public i'm.
provement in this State, whose charter is
limited as TO the time for completion of
said improvement, and when any such
company has been legally organized, and
has actually commenced and has in pro.
gress toward completion such public i'm
provement, it shall be lawful for any such
company to have further time allowed for
the final completion Of said work, as is
hereinafter provided.
SEC. 76. That upon petition being filed
by the directors Of any corporation in the
court of common pleas Of the county in
which the principal Office Of such corpora.
ton is located, and upon giving thirty
days notice by publication in newspaper
Of general circulation in said county, of
the object and prayer of such petition, said
court shall, at any regular term after the
publication of said notice, upon good
cause shown, decree the extension Of the
time for the completion Of said improve.
ment to such period as shall appear to
such court just and reasonable.
Sec. II. That the name of any corpo.
ration may be changed in the same man.
ner as is provided for the extension of the
time of the completion of any public i'm.
provement in the preceding section; and
in case the name OF any corporation is
changed, as Aforesaid, copy of the de.
cree shall be-. filed with the Secretary of
State, or in the Office Of the county recor-
der, if the corporation whose name is so
changed be Of the class organized under
the sixty-sixth section of this oct, aud also
published in some newspaper of general
circulation in the county Aforesaid
When the provisions aforesaid have been
complied with. such company shall there
after be known by such new name, and
shall have all the powers, and be subject
to the same restrictions, as if no such
change OF name had been made, and no
such change Of name shall effect, in any
manner, the rights Of such company, or
Of any individual.
SEC. .78. All stockholders of any rail-
road, turnpike or plank road, magnetic
telegraph or bridge company, shall be
deemed and held liable to an amount
equal to their stock subscribed, in add.
ton to said stock, for the purpose of Sc.
curing the creditors of such company.
SEC. 70. All stockholders of any joint
stock company, organized under the pro-
NioiohS vi tulS oCt, CASoPt az HcIcluulIct
provided, shall be deemed and held indi.
vidually liable for all the debts due and
owing by said company; and the trustees
or directors OF every society or associa-
ton, incorporated under the provisions Of
the sixty-sixth section Of this act, shall be
deemed and held individually liable for all
debts contracted by them for their respec.
tive societies or associations.
Sec. 8O.. A change in the location and
termini Of any railroad, turnpike and
plank road, may be made, in the same
manner as is provided in the 10th section
of this act, for the further extension si
time; Provided, that such company shall
be responsible for any damages or injury
arising therefrom, as is provided in the
eleventh section of this act. in relation to
the liability Of railroad companies.
| SEC. 81. Suits may be brought against
corporations other than railroad compa.