Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1852-08-19


Sec. Sc. The trustees or directors
who may be appointed under the Provis-
ions 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 capa,
BILE Of contracting, and Of prosecuting
and defending suits. and shall have Ca
pacity TO acquire, hold, enjoy, dispose
OF. ana convey, all property, real or per-
sonal, which they may acquire b. pur-
chase, donation, or otherwise, for the
purpose of carrying out the intentions
of such society or association; but they
shall not acquire or bold property for
any other purpose.
Sec. SO. That such society or associ-
alton, when Incorporated, may elect
such officers. aid make such rules and
regulations, as may be necessary and
expedient, for IFS own government, and
the management of its fiscal and other
affairs TO effect their respective objects.
Sec. 10. That if said board of trus-
tees or directors, as is provided for by
the sixty.sixth section of this act, shall
be vacated. either in whole or in part,
by death. resignation. or otherwise, such
board Of trustees or directors may be re-
vived, or such vacancy or vacancies
filled, in the manner pointed out in the
sixty-sixth section Of this act, for the
original organization Of said board, and
a majority Of said trustees or directors,
shall be a quorum for the transaction OF
business.
GENERAL PROVISIONS REGULATING INcoR-
PoRATED COMPANIES.
Sec II. All companies now incorpo-
rated in this state, and actually doing
business, may accept any of the provis-
IONS 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 provisions of this act, is hereby
repealed. t
Sec. 79 All companies hereafter in
corporated, or accepting the provisions
OF this act. except those named 10 the
sixty-sixih section, are required TO make
and publish, in some newspaper of gen.
eral circulation in the county where the
prinripal Office is located, an annual ex-
hibit. showing full, fair and detailed
statement Of the condition of such com
pany, 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, as
sets or other property, directly or indi-
rectly, for any other purpose whatever,
than TO accomplish the legitimate objects
of IFS creation.
Sec. "a. That the board Of directors
or trustees, of any company heretofore
incorporated, or which may hereafter
be formed, under any law of this state,
may, with the written consent OF the |
persons in whose name a majority Of the
shares OF the capital stock thereof shall
stand on the books of said company, re.
duce the amount of said capital stock.
and the nominal value of all The shares
hereof. and issue certificates therefor;
Provided, that the rights of creditors
shall not be affected, or in ony wise i'm
paired, by the reduction of the capital
stock Of any such corporation.
Sec. rs. That whenever any joint
stock company heretofore Incorporated.
Ior the purpose Of erecting any public
in this state. whose char
Ter is limited as TO the time for compile
lion of said Improvement, and when any
such company has been legally organ.
zed, and has actually commenced and
has in progress toward completion such
public improvement. if shall be lawful
for any such company to have further
lime 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 principle office OF
such corporation 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, al any
regular term after the publication Of saId
notice, upon good cause shown, decree
the extension OF The time for the compile
lion of said improvement to such period |
as shall appear to such court Just and
Sec. n. 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 |
improvement in the preceding section;
and in case the name of any corporation
is changed. as aforesaid, copy of the |
decree shall be filed with the Secretary
of Stale, or in the Office of the county |
recorder. if the corporation whose name
is so changed be of the class organized
under the sixty-sixth section of this act,
and also published in some newspaper
of general circulation in the county
aforesaid. When the provisions aiore-
said have been complied with, such COM
pany shall thereafter be known by such
new name, and shall have all the pow
ers, and be subject TO the same restric-
tions, as if no such change of name had
beer 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-