Delaware State reporter., 1854-09-01
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them and every person, copartnership, or COR
sporaton, who is or shall be proprietor of one OF
more shares shall, by virtue thereof, be
member of said corporation, and shall be enti-
tied, at all meetings of the stockholders for the
election of officers, or for any other purpose, TO
one vote, in person or by proxy, for every share
of the stock so held.
SEC. 3. Ind be a further enacted, That the
affairs Of the said company shall be conducted
by president and six directors, to be elected
by the stockholders present OF a majority in
amount thereof. on the first Monday Of Novem-
Der in the year eighteen hundred and ffty-four,
and on the first Monday of November in each
succeeding year OF within thirty days thereafter,
and shall continue in Office for one year and
and until successors are chosen and that the
election in November next shall be held by the
persons named in the first section OF this act, or
a majority of them, and every subsequent cleo
ton shall be held by the president and directors
Of said company.
SEC. 4. And be ii further enacted, That the
said president and directors shall have power to
fill all vacancies which shall occur in their own
body during their continuance in office, and to
prescribe the evidence of ownership and mode Of
transfer of shares Of stock in said company ;
and they shall keep full records of their proceed
ings, which shall be open to the inspection of
the stockholders at all times, and shall report
at least annually, statement of their affairs to
the stockholders, and shall declare dividends of
the profits on any part thereof, at their discre-
ton, and generally may exercise all the power
and privileges of the corporation necessary or
proper to promote the objects thereof
SEC s. And be ii further enacted, That tn,
shares of the capital stock of said company
shall be deemed personal estate, and that spe.
cial meetings Of the stockholders may be called
by the president and directors, or by any num-
Der, not less than one-third in amount of shares
of the stockholders, at which meeting members
present, and representing majority of the
whole capital stock shall be quorum for the
transaction of business; and the stockholders
at such meetings; or at any general annual
meeting, where such majority of stock is
represented, shall have full power to alter or
repeal any bylaw or regulation made by the
president and directors, and may make new
rules and bylaws, which shall be binding on
the said president and directors Prorided
That the same be not contrary to the provisions
of this act.
Sec. g. And be 1t further enacted, That no
thing in this act contained shall be construed
to exempt the property of said corporation from
such taxation as similar property belonging tc
any other individual or corporation, is subject
to.
SEC. I. And be 1t further enacted, That no
thing in this act contained shall be construed t
authorize the said company to exercise banking
privileges, or to issue any note in the form of i;
bank note, or certificate payable to bearer.
SEC. 8. And be ii further enacted, That eacI
of the stockholders in the said National Hote
Company Of Washington City shall be held liza
bic in his or her individual capacity, for all tn
debts and liabilities Of the said company, how
ever contracted or incurred, TO be recovered b,
suit as other debts or liabilities, before til
court or tribunal having jurisdiction of the case
Sec. 9. And be 1t further enacted, That
msy be lawful for Congress hereafter to alter
amend, change and repeal the foregoing act.
Approved August 8, 1854.