The true Democrat., 1855-02-07


 Company is the officer designated the ono on whom legal SCI vi,c of all process or citations, writs tices against or to the Company may be made, and the Company agrees to be bound by such service whether made on the President in person, left in writing to his address at the office of the Company in the hands of any of its officers.
 s. The first board of directors shall be chosen. chosen and appointed as the first lists of sub scription shall be closed The election for the first board shall be held at the Court House of the Cir cult Court of Johnson county. at such time as shall be designated by the commissioners charged with receiving subscriptions hereinafter named. No tlre Slal be given of such election by publication made twenty days previous in one newspaper pub liSlled in Van Buren. and one in Fort Smith, In case the State shall not at the time of such election have subscribed for any stock eighteen directors shall be elected; but if then she shall have subscribed for stock or whenever she shall afterwards do so she shall be entitled to director if she subscribe one hundred thousand dollars; to two if she subscribe two hundred thousand dollars; to three if she sub scribe three hundred thousand dollars to four if she subscribe four hundred thousand dollass; to five if she subscribe five hundred thousand dollars; to six if she subscribe seven hundred thousand dol lars to be selected and appointed by the Governor for the time being as to commence their terms of service ut the same time with the other directors elected by the stockholders at the first regular cleo tion after such stock Is taken by the State; and whenever stock shall be subscribed for by the State and directors appointed or selected by ker proper officer, or in snch way by law she provides, plior to any general election, the stockholders shall there after elect only so many directors as will make with those appointed or selected by the State the number of eighteen The State shall have vote in the election of such other directors; but in all other votes and at all meetings of the stockholders, she shall have vote for every share of stock subscribed by her. to be cast in such aanner and by such officer off, cers person or persons, she shall by law direct.
 9. The first election shall be held under the su- perntendence of three of the commissioners to re- ceive subscriptions for stock at Clarksve all sub pln t1ac of commissioners to be appointed from among the stock holders by the board of directors for the time be- ing. The first board of directors shall hold their office until the first Monday of January, eighteen hundred and fifty six, unless before that time, the State shall subscribe for stock, in which case she may appoint the number of directors to which she may entitled and thereupon the same number of di- rcctors previously elected shall to be directors first, the one who received the lowest number of votes, then the next lowest, and upward; and if
 1t occur that two directors more receive the same number of votes, one or more of whom must % out
 the matter shall be decided by lot and the directors so appointed by the State, with the residue of those elected shall constitute the board for the residue of the term; PTocdded, That i'll event shall the Pre- sldent De displaced, or cease to be President di rector by the incoming of such appointed directors no matter what was his vote for director
 $ 10. The election for directors shall be annual and each board subsequent to the first shall be elect ed on the third Monday of December failure to elect appoint directors. shall dissolve the cor poration but the board in office shall continue the exercise of its functions until a new board can be elected, elected and appointed. All notices of elections and of meetings of stockholders after the first election above provided for shall be given by publication fifteen days in advance in newspaper i'll Little Rock Arkansas. one in Van Buren, and one ill Carksvle, if any be there published. and all elections including the first shall be held the do mcll ot the company and at such place there, and between such hours IS shall be fixed by the autho- nty ordering the notice. and stated in the notice.
 h1 f,tIn commissioners for the purpose of receiving subscrip- tons to the stock of said corporation, viz: From the city of an Buren. in the county of Crawford, John Drenncn, E. B. Bishop John B. Oedin, A. J. Ward; from the town of Ozark in the county of Franklin, D. W. Fillingcn, D. L. Borland, James F Quail; from the city of Clarksvle, and county of Johnson Augustus NJ. Ward, Jacob Rogers. A. D. King: from the town of Dover, and the county of Pope, Robert Cunningham, A. $. Pavatt Thomas $. Howell; from the town of Lewisbure and county of Conway An der,on Gordon, Arthur Hays, R. w. Benedict; from the town of Fayetteville, and county of Washington Jonas NJ. Tebbetts. William Quesenbury. James P. Neale: from the county of Van Buren, Thomas T. Harrison George Counts ;rom the city of Little Rock Albert Pike, Absatom Fowler, William H. Sutton; from the county of Scarcy, Samuel II. Hensev. Sa- muel Leslie, from the county of White. David Max well, Israel Moore; from the county of Perry, John ". Rson. Thomas A. Reeder; from the county of Prairie, B. C. Tottcn E. M. Williams. from the city of Fort Smith, and the counties of Sebastian and Scott, John Rogers, George S. Bernie solomon F. Clark, Grundy Gaines from the county of Yell, George Williams John Hanev Neale B. Rose from the county of Benton, A. B. Greenwood w. J. How ard J. M Hore; from the county of Madison, John M Berry, D. s. Sanders. Hugh Anderson; from the county of Newton, G. B. Cecil. s. II. Porter; from the county of Carroll James NJ. Berry Tilford Den ton, w. c. Mitchell.
 $ F.. The said commissioners shall have power to appoint deputies in other places for receiving subscriptions; and they are authorized to open the books of said company for subscriptions to stock with +baru cf+ Scrpions shall be returned to the domcil atClarksie and there recorded in the office of the recorder of deeds and mortgages of the county of Johnson, and otherwise disposed of as may be required by law.
 $ l3. The directors shall elect one of their body as President and another Vice President of the com pany, at their first meeting after the election, and each subsequent board shall elect of themselves as President. and one as Vice President. at the first meeting held by said board. The President shall vote only when there is a tie and in elections and when
 the ayes and called the Vice President shall not vote while acting as President. Immediately after the election of the first board of directors sub Scrpon lists shall be again opened for term of four months in the State of Arkansas. and elsewhere as the board of directors may deem advisabe and pub lie notice thereof shall be given in q newspaper (if there be any at each place where subscription books are opened, and the same commissioners may act or the board may appoint agents for receiving the sub scrlptlons. At the end of said four months if the amount of the subscriptions shall exceed the capital required meeting of the stockholders and subscri- nelS Slla DC nci to detcenlnG whether the capital shall be increased to the whole amount of subscrip- ton, which if they do determine, may be done: but if the capital be not increased then the number of shares of stock subscribed after the election of the first directory, except those taken by the State or counties, shall be reduced by deductions from the largest subscriptions, not to diminish the num- Der of shares of any subscriber whilst another (eycep said subscribers prior to the election of directors and except the State and counties remains with larger number of shares if there still be deficiency in the amount of capital subscribed the said subscription books may be re-opened and closed from time to time, till the whole capital shall have been subscrib- ed. It shall be the duty of the Vice President at all times during the absence sickness or disability of the President to perform the duties of the President and he shall receive no compensation except while he Is performing the duties of President; Proraded That the President shall not at the same t receive any compensation.
 l4 Until the first board of directory is organized the persons herein above, in section two specially named shall, for all purposes of organization and other preliminary purposes, constitute board of d rectors with authority to procure the cost of the company, preliminary examination, reconnaissance and survey of the route between Little Rock and Fort Smith, on the north side of the Arkansas river by way of Van Barren. And it shall be their special du- ty to procure from persons the whole line of the road relinquishmens to the company of the right of way, to which end the company binds itself to pav for all incidental expenses of reconnaissance printino and advertising incurred by them; and authority is