The Perrysburg journal. [volume] (Perrysburg, Ohio) 1853-1861, 1856-08-14

and their associates, successors and assigns to
have the same general corporate powers, and be
subject TO all the obligations and iestr etions of
aid act and of the acts amendatory and supple
mentnry thereto, except as herein provided
Src .. The capital stock Of any company or
anizcd under this act shall he such sum, not less
than one hundred thousand dollars, nor more than
three hundreb thousand dollars, as may be specih'
ed in the certificate Of incorporation, which stock
shall he divided into shares Of twenty dollars
each. =,
sro g. That whenever my company organized
under this act, with less than maximum capital
limited in in section two, shall in the opinion OF
rhe dirCc Ors thereof, require an incrcast amount
Of capital they shall, If authorized hy the holders
Of majority of the stock, file with the SEE retary OF
State certificate setting forth the amount of such
desired ncreesr not exc. eding such maximum,
and thereafter such company shall be entitl d to
have the increased amount Of capital fixed by said
certificate.
Src. 1. At the time of subscribing for stock
in any company organized under this act, the
person so subscribing shall pay the sum OF four
dollars in money on each share subscribed, and
the balance on each share shall be subject TO the
| call of the directors, secured TO their approval
| by endorsed notes payable on demand or by 9th
or property or stocks and il at any time the di-
rcctors shall deem any such security nsiihcent
it shall be their duty to require additional secu-
rity; any any stakeholder whether holding by
! subscription or by assignment and transfer fail
/
and in the same manner prescribed by the direc-
tors or negecting or refusing TO give such addi-
| tional security as may be- required OF him by the
directors, it shall be their duty TO sell such de-
! linaurnt stock at auction, for cash 10 the high
est bidder first giving ten days notice OF the
| time and place of sale by advertisement IN some
newspaper printed in the county in which the
principal office of the company shall be located,
The proceeds shall be applied in payment OF the
amounts delinqucns and the expenses of selling
the sock-the stockholdcr remaining liable TO
the company for any deficiency, and being en-
titled to any excess, as the result may he.
SEC. 5. The persons named in the certfica te
OF Incorporation, or majority OF taem, shall
be commissioners TO open the books for the sub
n scription of stock in the dompany, at such time;
and places as they shall deem convenient and
, proper: and so soon as ono thousand shares shall
be subscribed, and shall be paid or secured, a;
required in the fourth section of this act, the
company shall be competent TO transact th'
!, businese for which, according 10 lis certificate
of organization, it is established.
r SIC. 6. The affairs of any company organIz"t
under this act, shall be managed by not NOR
, than nine, nor less than five directors, all o
e whom shall be stockholders Within one moni|
after a thousand shares Of stock shall have bcel
c subscribed, a majority of the stockholders shal
hold meeting for the election Of directors, eacl
share Of stock emitting the holder thereof to ont
! vote and the directors then elect shall con
; tinuc in oiliccdntil the FIRST Monday IN Januar
. thereafter, and until Others shall have been cho
sen TO succeed them in the trust, and shall hav
| chance accepted the same.
SEC. Z. The annual meeting for the election
Of directors, shall be holden on the first Monda
: in January: Provided. however, that if for an
cause the stockholders shall fail to elect Iirec
tors at any annual meeting, they may hold
special meeting on some subsequent day. lur III
: purpose by giving notice thereof thirty days i
y some newspaper i'll general circulation III IN
+ county where the principal Office Of the colnpa
ny shall he kept; and the directors chosen at an
o such annual or stated meeting shall continue
r Office until their successors, duly elected, sha
= have accepted
c SIC s. The directors shall choose by bul|o
c president from their own number, and sha
= fill all vacancies that may arise in tie board 9
/, in the presidency thereof; and the boarI oI q
d rcctors, thus constituted, or majority OF then
= when convened at the office Of the compan!
shall be competent TO exercise all the power
c vested in them by this act.
s SEC. 8. 1t shall be lawful for any compnn
y organized under this act, to insure houses, builC
IS ings, and all other kinds of property, agaim'
y loss or damage by fire. in and out of the Stat'
,r to make all kinds of insurance on goods, me
v chandse or other property in the course OF tran
1f portation. whether on land or water, or on an
II vessel or boat, wherever the same may be
Is lend money upon bottomry or respondentia; an
v to cause itself TO be insured against any loss
n risk it may have incurred in the couase OF /
I'd business, and against any muratime or 9th
n risks upon the interest which it may have in al
e. vessel, boat, gouds, merchandise or other rrope
)" ty, by means of uny loan which it may ha'
rs made on mortgage, bottomry, or respondent
TO and generally to do aud perform all other ma
e. tiers and things proper to promote these object
ty SEC. 10. 1t shall be lawful for such compal
p ty loan or invest any part of its capitnl' stoc
ch money, or other funds, in such way as the dire
N, tors shall deem best for the safety and interr
st of the stockholde,s; and to sell, transfer and d
" pose of any interest which the company m
i, have acquired by any such loan or investmcr
hs SEC. II. The directors shall declare ICh div
b dends of the profits Of the business of the COZ
in pany as may be paid, without impairng or
ch anywise diminishing the capital stock; the di'
he dends to be made half yearly, on the first Mo
lat day of July and December, payable to the stoc
be holders ten days thereafter; but no dividend sh
a. a, be paid to any stockholder whose stock is
i' linqucnt.
iter SIC l2 Transfers of stock may be made
Of any Shareholder or legal representative subj,
nd TO such restrictions the directors shall fro
for time to time, make and establish in their
in laws.
'e- SEC 49, All policies or contracts of insuraI
OF made or entered into by the company, may
ay made either under or without the seal there
IL; they shall be subscribed by the president or su
bp other officer as may be designated by the dir
or, tors for that purpose, and shall be attested
mi the sccrctary and being so subscribed and atte
he ed, they shall be obligated ON the company.
ore SIC. IL. The directors Of any such compa
y shall have power 10 appoint secretary, 4
ceI other officers and agents necessary for transa
nli ing the business of the company, paying ST
, of salaries and taking such security as they II
no Judge rccsonabIe they may ordaln and establ
the bylaws and regulations not inconsistent W
the this act or with the constitution and law:
ale his State and Of the United States, as shall
pear to them necessary for regulating and c
ne ducinS the business Of the company; and it 81
VI" N ;, be their duty TO beeP full and correct entries
act their transactions, which shall at all time.