Oroville daily Butte record., 1856-07-25
President.


ARTICLE III.-No ofEcer, agent, or men,
Der of the Company shall have power to in
incur any debt or peeuniary obligation for,
or in the name of the Company.
ARTICLE IV.-Ywenty Ave per cent of all
the subscriptions to the stock shall be
paid or made payable to the Directors, i'm
mediately upon the organization of the Com
pany by the election of its officers, and the
residue shall be paid to the Directors when
called for by public notiee at least ten days
before the time payment, and tire call shall
be by installme1ts of not more than twenty
five dollars on each share, and at intervals
such as the progI ess Of the work may de-
mand The certificates of stock shall be is
sued to each subscriber whenever the full
amounts of his subscription shall have been
paid, and not sooner; and they shall be
transferable by written transfer accompa-
nying the certificate, and surrender of the
original to the President Ii any subscriber
shall fail to make payment of Any INSTALL
ments for the period of fifteen days after
such time for payment shall have expired,
he shall forfeit his stock and all prior pay
ments made thereon; but in no case shall
any subscriber be released from these obli-
cations provided the contractors pesform
their work as per contract
ARTICLE V.--Each share of stock shall
entitle the holder to vote, in person or by
proxy on all matters of business or election
of officers.
ARTICLE V1.-As soon aS the amOunt of
stock necessary for the construction Of the
said Line shall have been subscribed for by
bona tide and responsible subscribers, the
said Johnson and Senf shall notify meet
ing Of the subscribers, both by public adver-
tisement in the newspapers and notice
transmitted to each stakeholder at least one
week before the time appointed for such
meeting to be holden at Oroville or Marys-
vile as the said Johnson and Senf may Sc
lect. At such meeting a President shall be
chosen, who shall be ex Offlcio Director, and
also Board Of Directors consisting of five
persons, three of whom shall have power to
transact any business, also Secretary and
Treasurer; the whole to be elected by the
votes of the holders Of a majority of the
stock of said Company represented at such
meeting, in person or by proxy; said otfi-
GERS to continue in Office Ole year.
AREICLE VII.-Each officer and agent of
the Company shall be subject to removal
from. his office by a vote of two-thirds of the
Board of Directors. who shall in such case,
or in case of the death or resignation of any
officer of the Company, have power to fill the
vacancy by reelection until the next an
2ual meeting of the stockholders
ARTICLE Vino person shall be eligible
to Office unless he shall be stockholder.
ARTICLE IX.-Rt shall be the duty of the
Board of Directors to call special meetings
of the stockholders whenever emergencies
may require 1t They shall use all proper
means to urge forward the work to the COM
pletion Of the line, to see that no failure on
the part of the Company is permitted to OBJ
struct or retard the progress Of the work in
the hands of ths contractors; and upon the
completion of the line, to inspect the same,
and upon finding it TO comply with the con-
tract, to accept it in behalf Of the Company,
and pay over to the contractors the balance
of the installments due on said contract.
ARTICLE Mt shall be the duty of the
President of the Company to preside at all
meetings of the stockholders The Secretary
shall keep and preserve the records of the
proceedings of the stockholders at all their
meetings, aud the same shall be open at all
times to the inspection of the stockholders.
The Treasurer shall when required give a
bond to the Directors for the faithful dis
charge of his duties, and shall keep an ac-
count of all his receipts and disbursements
ARTICLE XI The said johnson and Senf
hereby promise and agree with the other
subscribers hereto, to construct and erect u
Line of Telegraph from Marysville to Oro-
vile as provided in the preamble of these
articles cf association accord ding to the fol-