The daily Minnesota pioneer. [volume] (St. Paul, Minn.) 1854-1855, 1855-04-03
Laws of cSOta for 1855
PUBLISHED BY AUTHORITY.
AN ACT

PUBLISHED BY AUTHORITY.
AN ACT
To Amend an Aes entitled Gan Act TO
Amend am Act 70 Incorporate the St.
CrOix Boom COmpany.o
Be 1t Enaoted BY the Legislative Assembly oftx Ter
rary Of M.naesota:-
Section ]. That the act entitled Z" An act to amend
an act to incorporate the st. Crox BON Compan, 81,
approved the third day of March, thousand ght
hundred and fifty four. I've and the same is hereby
amended to real AZ follows:
That Orange Walker, John McKpsick, George b.
Jndd, Levi Churchill Soc, ates Nelson, Daniel
Aears, William II. &. Folsom and William Kent,
AMI their assOciaes SUCCESSORS and he and
they hereby constituted body corporate aud pol
iic for the purposes hereinafter nenioned, by the
name of the St Croix Boom Company, for the term
OF fifteen years. and by that name they and their
hall he ami they hereby made capable in
law To contract and be narted with, and lie
sued. plead amt be imprade., prosecute and defend,
answer AMI be answered, IN any curt Of record
elsewhere, aud TO purchase and hold any estate, real
OF personal. os mixed, and the same to grant, cell,
lease, mortgage otherwise dspse Of, Tor the bene-
fl vi said Conpan, 10 devise and Keep common
SEAL to make and enforce any by Law contrary To
the Constitution and laws Of the United States oi
this Ter, itoy, and to rnj-y all the privileges, fan
chises and iununies inc,. .ent TO a corporation.
Sec. 2. The capital stock of said company shall
EACH and the Boar Of Dire shall have pow
any time whenever majority IN value Of the stock
holers rhall ,eem the same advisable, TO increase
the capital rOck to an anHunt 10, exce-tiins in the
whoie the ot fifty thousand dollars, and the stock.
holders shall he ipdv iduAy Liable Tor the debts Of
said Company, the sui ipiinns Of stock shall
remain open To losgeis for the space of me month al
,er the books Tor said subscription shall have been
opened, du ing which time stock shall be issued 10
9th y persons.
~.
first ton this rhall Ike authorized to cause
b ,ok. be opened at Saltwater, IN the county I
Washington, Tor the purpose At receiving sntscr'p
tons The capital stock OF raid Company, first CIV
ing twenty days nutice IN any two nrwsa pels pub
-hrd in this Terro, oi the time and place oI OPEN
M ta,d buukr.
Sec. 4. Whenever five thorsand d,ll,rs Of the
stock .hall have been sub.cribrd. and five dollars
uuoi each share subscribed or shall have been
ali paid in, any nul er Of The su<c il es who shall
represent ma; iy at the then s,i-crpt"n I" SAID
stock sh III b authu lied TO call meeting oi the sew
erai s,-crl els ihereno by giving ten days notice Of
the time and place II suc!i meeting IN any two news
paprrs Du li,hed IN the Terrioi,, and thoe Of the
.ub.rrbrrs who M, be present at such mer,ng 50
called shall have the power and he authorized eject
"a Board ut five Directors f.osi the Stockholders OF
said CON- any
Sec ). ! he Boar d Of Directors thus chosen shall,
proceed to elect of their nnlnbFr AS President a.
rad COMPANY, aud shall chose one person who shall
act til as Treasurer and Secretary Ui sad ConEa-
nv, aud who shall give bonds, 10 be dprnvrd by the
President and Directors, III the penal sum "i i've
thousand dollars, conioned Tor the faithful and cor-
rect DIS ha, &c i his duty TIra>iner and Secreta-
~; and at such .ir,t meeting said President and Di-
rector. shall prepare and adept code Of y-laws Tor
the regulation and government III the afans al said
Conn ANY, which may altered OF amended at in.
tub.el Ell MEETING Of .aid Board VI Directors.
Sec. b. The sail President, Directions and Iteasu-
Ter aud Secretary hosrn according 20 the provisions
OF the preceding sections, 'bail remain ~ their
several offices until the Wedn. SHAY immediately PIE
ceding tn: twenty fifth day Of December, in The year
Of our Lord thousand eight hndt d and fifty -om'.
uron which said e,inesday meeting oi SAID stock
h,ae.s shall In held, and a Board oi tive Directors
rh, sen, who III al remain in Office iOr one there
ale,, and annually there after the "Wednesday next
preceding the twrn, fifth day Of December Of each
year merting of the Stockholders hall be held and
Board # i've directors s.,a lie chosen tOr the en-
puing year. Provided, that il any vacancy shall Ike
created any office by vi resignation or deaf b
or otherwie, the Board Of Directors shall have pow
or 10 ell such vacancy for the remainder OF The term.
Provided also, that the President of said Conn any
shall be chosen from the five Directors there T. and
Treasurer and Secretary shall always lie chosen by
the said Board oi Directors according to the provis-
ions vi The fifth section Of this act.
Sec. The PIE. ,dent oi said Company shall have
power To call a meeting Of the stockholties at ANY
time by giving twenty days notice Of the time and
place Of SAID meeting IN any two newspapers publish
ed in the Territory, and any thu o The Board OF
Directors, a majority in value OF the Stockholders
shall have the like power 10 call such meeting OF the
rtockhoIier. in Ike Provided, that The du-
ties and p"we,s Of the President not in this act se'
officially set forth shall Ike specified and be prescribed
in the ly-L,ws adopted 10y tue Board OF Directors &C.
cording the provisions of the fifth section VI this
act.
Sec. 8. The Boa Of Directors shall meet at such
times aud piac they shall regulate by their by
laws they shall fix the alton OF AL office, OF
the Company. and drfne their duties; shall by their
b,-aws regulate the government ot all meetings OF
tier Beard and Of the stockholders, and gener-
ally .hall have power to do all acts for the bereht and
purposes oi The sad Company.
See. 8. The Secretary III al attend all meetings Of
the Boa,d Of Directors anu Of the stockholders, and
rhali keep Just and true uco;d Of all the proceed
iuss such meetings, and Treasurer and Secreia.
~ shall. l-rtursn such DUTIES as the Board If Drec.
tori .hall iy ,h,ir by laws prescribe.
Sec. TO- Every snare shall lie entitled to on" vote,
and any meeting Tor The cuire oi Directors The live
stockh Lrrs having the highest nuubc. oi vues shall
he elected Directors, and at every meeting OF the
Boa,d IL Directors fm chuce Of Z. esdent the Diec-
tor having hest number VI votes sha!l lie elect
ed President Provided, that at any meeting Of the
Stockholders m.jT,ty in value sh'll constitute IA
quorum with power ~ transact business; and at any
meeting ii the Boa,d o( Directors any three ut the
power Ia transact insiNess.
Ser IL. Tn ee Boom Commissioners, who shall
he d,.niei este uen, and OF experience IN logging,
and residents upon near the 81. CrOix River, shall
lie eler,rd annually by the "gsers and log o"nes do
ing business upon ur logging upon said river. Sand
election III al I've held IL the town al Saltwater On the
first day # April, A. ID. 1855, and annually the. eat.
ter on the inst day vi JANUARY Of each aud ever. year
during the continuance II this act. 1t shall bc the
duty ot said Comnis toner's decide hen said Com.
parry using reasonable exe:, nns comply in all
res, ec,e with the PROV OF this inspect the
booms AM. uther works OF said Company whenever
they see iii, aad require The same To be kept i" tho
rough and CONSTANT repair, and that sufficient
force is employed ly SAID Company, in getting logs