Delaware State reporter., 1854-09-01
Public, No. 7o.l
An Act to incorporate the Pioneer Manufactur
ing Company of Georgetown, d. G.


ing Company of Georgetown, d. G.
BE IL enacted BIZ the Senate and House of Rep.
reSentdtiCeS of the United States of America a.,
Congress assembled, That Thomas Wilson, Evan
Lyons, Esau PicIlell, and Thomas Brown their
associates, successors, and assigns, be, and they
are hereby made and constituted body cor
porate and polite, by the name of /" The Pioneer
Manufacturing Company of Georgetown, d. G."
to be established at Georgetown in the District
of Columbia, and as such shall have succession,
and may sue and be sued, implead and he i'm
pleaded, in any court Of law or equity, and may
have and use common seal, and the same
may change and alter at pleasure, and shall
have and may exercise all the powers, rights
and privileges which are incident to a cor
poration except as restricted by this act, and
which are necessary and proper for manufac.
turing cotton, WOODEN or silk goods or fabrics Of
various descriptions, and vending the same, and
Tor making and constructing all machinery
which may be necessary for the purposes afore.
said; and may purchase have, hold, use, and
enjoy such quantity of land as may be suffi-
cient for prosecuting the business aforesaid, to
erect thereon such buildings and improvements
as may be necessary for the purposes aforesaid
and to sell and dispose of the same at pleasure.
SEC. 2. And be At further enacted, That the
capital stock or property already contributed
by the parties hereby incorporated, and their
associates shall be divided into shares of one
hundred dollars each, TO be distributed amongst
the said parties and their associates, in proper
ton to their respective interests and the CAPT
tai stock of the corporation may be increased
from time TO time in such manner as the stock
holders in general meeting may direct, so that
the entire capital stock at any one time shall not
exceed two hundred thousand dollars; and tho
said shares shall be deemed and taken as personal
estate, and shall be transferable only on the
books of the corporation, and in such manner
as may he prescribed by the bylaws thereof
and the owner of one or more such shares shall
in virtue thereof, be entitled at all elections, and
in all meetings of the stockholders, to one vote
for each and every share which may be owned
by him, which said vote may be given in per-
son or by proxy, in such manner as the bylaws
may direct
SEC. 8. And be Il further enacted, That the
management of the business and concerns OF
said corporation subject, nevertheless, to such
restraint and qualifications as may be prescrib-
ed by the bylaws or other votes of the stock
holders adopted in general meeting, shall be
vested in board to consist of president and
six directors, who shall be elected by ballot
and shall be stockholders at the time of thcir
election; and they, or majority of them, shall
/ NC u quolulll loT Ile lIallSaCClOn OF business
that the first board shall be elected within six
months after the passage of this act; and the
subsequent elections shall be made annually
thereafter, on the first Monday in May, at q
general meeting of the stockholders, to be con.
vened for the purpose at such time and place
and after such notice as may be fixed by the
bylaws Of the Corporation, or by the president
and directors in conformity Herewith but Il
an election shall not be made on the day an
pointed for the purpose, it may be made at any
time thereafter; and the president and directors
for the time being, shall hold and exercise theil
offices until a new election shall be made and
in case of vacancy in the Office of president Oh
director, the remaining members Of the board
shall choose president or director as the CASE
may be, to serve until the next annual election
Sec. 4. And be al further enacted, That gene.
raj meeting of the stockholders shall be called
by the president and directors as often as they
may deem expedient, or as the stockholders by