The daily Minnesota pioneer. [volume] (St. Paul, Minn.) 1854-1855, 1855-07-20

papers published ia this Territory, and those OF the
subscribers who NAV I've present at such meeting %
called, shall have the power and be authorized t.
elect board Of five directors from the stockhoders
Of said company.
50. The board Of directors thus chosen shall pro.
coed to elect one of their number President Of the
said company, and shall choose person secretary
who shall both and secretary Of said
company, and who shall give bonds to be approved
by the president and directors, 10 The said presi
dent and directors, in the penal sum Of five
thousand dollars conditioned for the faithful and cor
rect discharge of his duty treasurer and secretary
and at such first meeting said president and directors
shall prepare and adopt code Of by laws for the reg
ulaton and government of the affairs of said company
which may be altered or amended at any Subsequent,
meeting OF said board OF directors.
b. The said president, directors and secretary
chosen according the provisions Of the two precsd
ing sections shall remain in their several Offices until
the Wednesday Immediately preceding the 18th day
Of December, in the year Of our Lord one thousand
eight hundred and 6y-fve, upon which said Wednes.
day meeting Of said stockholders shall be held and
board Of five directors chosen, who shall remain in
office for year thereafter; and annually thereaf
ter on the Wednesday next Immediately preceding
the twenty-fth day Of December of each year, q
meeting of the stockholders shall be held; and 4
board OF five directors shall be chosen for the ensuing
year. Provided. that il vacancy shall be created
ia any Office, by Of death or otherwise, the
board of directors shall have power fill such va
cancy for the remainder Of the term Provided also,
that the president Of said company shall be chosen
from the five directors thereof, and treasurer and
secretary shall always be chosen by the said board of
tion Of this act.
81. The president OF said company shall haye
power to call meeting 10 the stockholder ut any
time by giving twenty days notice of the time and
place Of said meeting, in any two newspapers pub
ished in this Territory; and any three Of the board
Of directors, majority in value Of the stockhold-
srs, shall have the like power to call such meeting of
the stockholders, in like manner. Provided, that
the duties and powers Of the president, not in this
act specially set forth, shall he specified and prescrib-
ed in the bylaws adopted by the board Of directors
according 10 the provisions Of the fifth section of this
act.
g. The board of directors shall meet at such
times and places as they shall regulate by their by
laws they shall hx the compensation for all officers
Of the company, and define their duties; shall by
their bylaws regulate the government Of all meetings
OF their board and Of the stockholders, and gem
orally shall have power to do all for the benefit
and purposes Of the said company, not nconsis,ent
with the provisions of this act.
So. The secretary shall attend all meetings of the
board Of directors and Of the stockholders, and shall
keep just and true record Of all the proceedings at
such meetings; and treasurer and secretary shalt
perform such duties the board Of directors shall by
their bylaws prescribe.
S TO- Every share shall be entitled to one vote,
which may be cast by proxy; and at any meeting Tor
the choice of directors the five stockholders having
the highest Number Of votes shall be elected and at
every meeting Of the board Of directors for choice of
president, the director having the highest number Of
votes shall be elected president. Provided that at
any meeting Of the stockholders majority in value
shall constitute quorum with power to bust
ness, and at any meeting Of the board Of directors
majority in value shall constitute quorum with pow.
to transact business. And provided aso that the
said president directors and secretary shall hold their
respective Offices until others are elected and qualified
in their places.
(cONTIEUED.)