The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1852-10-22
Contihaed.l
10 CREATE AND REGULATE TURNPIKE AND

Sec. 81, Turnpike and Plank Road
companies shall be created in the same
manner as is provided in the second sec
lion Of this act for the incorporation Of
railroad companies; and when 60 incor-
porated, are hereby authorized 10 con-
slrnct turnpike or plank road, as may
be named in their certificate Of incorpora-
lion, and by the name and style provided
in said certificate, shall be deemed a
body corporate, with succession; ndthsy
and their associates, shall have the same
general corporate powers, as is provided
for railroad companies, in the third sec
lion Of this act, and shall be subject TO
all the restrictions hereafter provided.
Sec. 28. That so soon as the per-
sons named in any certificate of incorpo-
ration, for any turnpike or plank road
company, OF majority Of them, shall
have associated themselves together and
organized, they may then proceed 10
open subscription books, at such places
as they may designate, for the purpose
Of receiving subscription TO the stock Of
such company, in shares Of such amount
as may be designated; which books shall
be opened al such time or times, and
under such regulations, as shall be d.
Teoied by such co.poraiors, OF majority
Of them, giving at least thirty days no.
lice in some public newspaper in gene
raj circulation, printed on OF nearest TO
the rou.e Of such intended turnpike or
plank road, OF the time and place or
places Of opening such subscription
books; Provided, that moi more than FIVE
per cenium on each share, shall be de-
manded al the time of subscribing, nor
moro than ten per centum at any suhse
quent insiallment; and a, least sixty days
notice shall be given. in manner afore-
said, of the time and place or places of
paying inany installment subsequent to
The installment paid at the time Of sub.
scribing; Provided, also, that no install.
ment shallbe called forin less ihan60days
from the day Of payment Of any prece-
ding installment. They shall also have
power 10 borrow money, for the compile
iion Of their road, not exceeding in
amount one-half their capital stock, in
the samo manner, upon the same terms,
and under the same regulation and res
trictions as are provided in relation 10
railroad companies, in section fourteen Of
this act.
Sec. 90. That whenever ten per
cenium Of the capital stock Of any such
turnpike or plank load company, shall be
subscribed, il shall be the duty Of the
corpora:ors named in such ceriifiiate, to
call a meeting Of the stockholders, at
such place adjoining the proposed route
Of such turnpike or plank road, as they
may deem expedieni, for the purpose Of
eleciing seven directors, Of the time and
place Of holding which meeting, at least
thirty days notice shall be given by said
corporalors, by publicaton, as prescribed
in the ninth section Of this act, al which
election, at least three Of the corporaiors
aforesaid shall preside, and all votes shall
be BY ballot; each siockholder shall be
entitled TO one vote on each share he
may ewn; stockholders may vote by
proxy, under such regulations ns may be
in the bylaws Of such com
pany, and all elections, after the frst,
shall be held on the second Monday in
January, annually, at such place as the
directors shall appoint, Of the time and
place Of holding which annual election,
al least thirty days notice shall be given
by the president, in the manner pre-
scribed in the ninth section of this act;
however, that il shall and may
be lawful 10 hold an election at any
other lime, On notice being given as
aEorosard,
Sec. 80. That the directors, when
elected, as provided in the preceding
section, shall each take an oath or affir-
nation, diligently and impariially to dis
chafge the duties Of his Office; and the
directors, Or minority of them, when
thus qual.fed, shall, on the day Of their |
electisn, Or some succeeding day, pro-
ceed 10 elect president from their num-
ber; and the president and directors shall
hold their Offices for one year, aud until
their SUCCESSORS are chosen and quail
fed.
Sec. 81. That the president and di-
rectors shall, in all cases, manage the
concerns Of The company; appoint such
officers and agents as may be necessary
fill all vacancies which may happen in
their body, until the next annual cleo
sion; make bylaws for The regulation
aud government Of The company; they
may require such oath or affirmation, of
any Of the agents Of said company, as
they may think necessary; may call spe-
c;ai meetings Of the stockholders; keep
records of all the transactions Of said
company; and do all other matters and
things touching the concerns Of said
company, contemplated in this act.
Sec. So. That any such turnpike Or
plank road Company, OF their agents,
shall have right 10 lay out, locate, sur,
yey, and make tbe turnpike or plank road
Il a1rF