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

SEC. GA. The annual meeting Of the
stockholders shall be held on the first Mon.
day of January in each year, at which.
meeting the directors ofthe company shall
be elected, and such other lawful business
done, as the stockholders shall deem
necessary and proper; and, should they
fail to elect directors at the annual meet
ing, they shall hold special meeting at
some subsequent time for the purpose, by
giving thirty days notice thereof, in some
newspaper Of general circulation in such
county. The directors shall hold their
Offices until their successors are chosen
and qualified; but no person shall be di-
rector after ceasing to be stockholder.
Immediately after the election, the direc-
tors shall elect one Of their number presi-
dent Of the corporation, and may appoint
such other officers and agents as they may
deem proper, to transact their business,
and prescribe the amount OF compensation
to be allowed 10 them for their services;
and such officers, when required by the
bylaws, shall give bonds to the satisfac-
ton of the directors, for the faithful dis.
charge of the trusts committed to them;
shall have power, and are hereby author
ized to make such rules, regulations and
bylaws, as may be necessary for their
regulation, not inconsistent with the con-
stitution Of this State. The directors shall
have the general management Of the af-
fairs Of the company, and may dispose of
the residue Of the capital stock at any time
remaining unsubscribed, in such manner
as the stockholders for the time being may
prescribe, and may employ the capital
and means of the company, in such man.
uiactures as they shall deem best for the
company, and for the erection and main
tainance Of such machinery, dams, build
ings, races, water courses, &C., subject al
ways to the control of the stockholders, as
may be,necessary in the business ofmanu-
featuring. but for no other purpose than
those connected with, and pertaining to
said business; they shall cause a record
to be kept of all stock subscribed and
transferred, and all business transactions,
and their books and records shall at all
reasonable times be open to the inspection
of any and every stockholder; they shall
also when required, present 10 the stock
holders reports in writing of the situation
and amount of business Of the company,
and declare and make such dividends of
the profits from the business of the COM
pany, not reducing the capital stock while
they have outstanding liabilities, as they
shall deem expedient.
SEC. IS. The persons named in the Ger.
tifcate Of incorporation, or a majority OF
them, shall be commissioners to open books
for the subscription to the capital stock Of
said company, at such times and places
as they shall deem proper. and the said
company are authorized TO commence op-
erations upon the subscription Of ten per
cent. of said stock.
TO PROVIDE FOR THE INCORPORATION OF RE-
LIGIoUs AND OTHER SOCIETIES.
SEC. 66. That from and after the pass
age of this act, it shall be lawful for any
religious sect or denomination, fire COM
pany, or any literary, scientific or benevo.
lent association, other than colleges, uni.
versities. academies or semin aries. with
in this State, to elect, at a meeting Of
majority Of the members of any organized
church, fire company, literary, scientific
or benevolent association, as aforesaid,
called for that purpose. any number oftheir
members. not less than three, 10 serve as
trustees or directors, and one member as
clerk. who shall hold their office during
the pleasure of the society or association.
SIC. 81. That the clerk SO appointed,
shall make a true record of the proceed.
ings OF the meeting, provided for by the
first section Of this act. certify and deliver
the same to the recorder of the county in
which such meeting shall be held, together
with the name by which such church, fire
company. or association, shall thereafter
desire to be known; end it shall be the
duty of each county recorder in this State,
Immediately upon the receipt Of such cer-
tilted statement, to record the same in a
book Of record, to be kept by him. provided
for that purpose at the expense Of his coun.
ty, for which service he may demand and
receive, the sum of ten cents per hundred
words; and from and after making such
record by the county recorder, the said
trustees or directors, and their associated
members and successors, shall be invested
with the powers, privileges and immunties,
incident to aggregate corporations; and a
certified transcript Of the record herein au-
thorized to be made by the county record
er, shall be deemed and taken, in all courts
and places whatsoever, in this State. as evil
dence of the existence Of such association
and corporation.
Sec. 68. The trustees or directors. who
may be appointed under the provisions Of
this act. and their successors in office.
shall have perpetual succession, by such
name as may be designated, and by such
name shall be legally capable Of contract
ing, and Of prosecuting and defending
suits. and shall have capacity to acquire,
hold, enjoy, dispose Of. and convey, all
nronertv. real or personal, which thew NAV