The Rutland County herald. [volume] (Rutland, Vt.) 1852-1855, 1854-02-17

'Hf Np'hhoidcis ~ ~atd company WHO
shall attend for that purpose. either IL
person or by proxy and each share Of
said capital stock shall enii,le the bold.
er to one vote and no person shall be
eligible as director unless he be tue
bona fde holder Of a, least fly shares
Of The capital stock Of said company ia
his own right, ard be citizen Of the
United States. said commissioners
shall be the inspectors Of the first elect
ion Of directors, and shall certify The
names OF those duly elected and the
time and place Of the first meeting
OF said board of directors shall be fix
ed by said commissioners. whereof
they shall give personal and timely
notice to each Of said directors, by
letter or otherwise. A. soon as prac.
ticahlc after the election Of a treasurer
10y said board of directors, as herein
after provided, The said commissioners
shall deliver 10 such treasurer all the
books of subscription and all sums of
money received 10y them on the shares
of the capital stock of said company,
subscribed as afore said. Aner the
first election Of directors, and the
transfer of the books of subscription
and the moneys of said company 10
the Treasurer thereof rs aforesaid. the
powers and duties of said board of
commissioners as such, created by this
act, shall cease; Procidcd, hocerer,
That if two hundred and fifty thousand
shares of the capital stock of said compa-
ny shall not be subscribed and ten per
cent. thereof paid in within sixty days
from the time of the opening OF the
book Of snhscriniinn h>.,i" I,""o
required, then all moneys so paid and
advanced by the subscribers shall forth
with be refunded to them, but without
interest and this act to all intents and
purposes shall become null and of no
effect and all rights, privileges and ben
become forfeit. But if it shall appear
that more than two hundred and fifty
thousand shares of said capital stock
1 have been taken, said commissioner.
shall reduce them to that number in
such manner as they may deem proper.
and the money which shall have been
paid on the shares stricken off shall be
Immediately refunded TO those whose
shares shall have been abaied.
Sec. 3. 1ad be Il FURTHER enacted
That the compensation to be allowed to
said commissioners shall be eight dol
lars per day while actually employed in
the duties imposed by their commission
and twenty cents per mile for all actua
travel in The necessary discharge Of sucl
duties, which allowance per diem and
for travel shall include all personal ex
penses. For the purpose Of paying
said commissioners, together with III,
expenses Of surveys and examination,
uiutl lHti ulIttlloll' ds HcitlHuclJI'
authorized, and other necessary cxpen
ses incident TO said commission, ih,
sum of one hundred and twenty-five
thousand dollars is hereby appropriate,
TO be paid under the direction and ap
proval of the Secretary of the Interior
Sec .. 1ad be IL further enacted
That new election Of directors slIal
be made annually on the first Wednes
day in January, at such place as shal
have been designated at the proceeding
annual meeting of the Stockholders. |
no place be designated by such meeiini
the next annual meeting of the stock
holders shall be held at the place @
their last preceding meeting on III
day aforesaid The directors chosen a
each annual meeting aforesaid, sha
appoint out Of their number Presiden
who shall preside at all meetings Of th
board OF directors and at the annna
meeting Of the stockholders and, !
case Of the resignation or death of III
president OF any director, the vacanc
thereby created may be filled for lb
remainder Of the year by the board {
directors and in the absence of ih
president his place may be supplied b
the appointment Of President pro TEN
pore. Not less Than ten directors sha
constitute n quorum Of the board for th
transaction Of the business Of said con
pany; they shall have power TO pr,
scribe such rules, regulations and b,
laws a. they may deem necessary fo
the management Of the capital st0c
and all other property Of said compan
for the transfer of shares, the eleciio
of directors, and The duties generally ,
the officer and servants Of said con
pany. Said directors shall have pOwt
to issue 10 the siockholderr their ceriii
Gates Of stock aud no transfer Of sioe
in said company shall be- considered q
valid aud binding upon the compan
! unless entered in a stock book, to 1
, kept for that purpose, by the pcrsoni
, entry Of The siockbolder, or by N
ageni or attorney duly authorized b
special power for that purpose The
/ shall have power 10 make all conirae
IN their official capacity. which sha
be binding upon said company 10 ele'
treasurer and secretary; 70 appoil
suprriniendsnts, engineers and agent
and 70 employ as many clerks and 4
borers a. they may deem necessary an
T eKpedieni fof the dispatch Of The sos
. ard business Of sa'd company. and
. allow 10 ihem respectively snrh rates