Butte record., 1856-07-26

| and subject TO all the obligations of an orr
inal proprietor of said stock This stock /.
subject to no assessments. In testimony
whereof the Company have caused th. Ger
tifcate to be signed by the Secretary. and
countersigned by the President, Mt --
on this day OF - A. D 1856
-- President.
ARTICLE Ill.-No officer, agent, or mem
Der Of the Company shall have power to in
incur any debt or peouniary obligation for.
or in the name Of the Company.
ARTICLE IV-Twenty five 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 notice at least ten days
before the time payment, and the call shall
! be by installments of not more than twenty
five dollars on each share, and at intervals
such as the progress 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. If 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 perform
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 VI-As soon as the amount of
stock necessary for the construction Of the
said Line shall have been subscribed for by
bona fde and responsible subscribers, the
said Johnson and Senf shall notify a meet
ing of the subscribers, both by public adver-
/ tisement in the newspapers and notice
transmitted to each stockholder at least one
week before the time appointed for such
meeting to be holden at Oroville or MarIs-
vile as the said johnson and Senf may Sc
lect At such meeting a President shall be
chosen, who shall be x-officio Director, and
also a 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
f
meeting, in person or by proxy said OH
GERS to continue in Office ohe year.
ARTICLE VII Each officer and agent Of
the Company shall be subject to removal
from his office by 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
nual meeting of the stockholders.
ARTICLE VlI.-No person shall be eligible
to Office unless he shall be stockholdeT.
ARTICLE IN-It shall be the duty Of tho
Board of Directors to call special meetings
of the stockholders whenever emergencies
may require it 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 the 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 instalments due on said Contract.
ARTICLE X-It 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. and the same shall be open at all
times to the inspection of the stockholders
The Treasurer shall when required give s
! bond to the Directors for the faithful dls-
charge of his duties, and shall keep an ac-
count of all his receipts and disbursements.
ARTICLE XI The said johnson and Semi
hereby promise and agree with the other
| subscribers hereto, to construct and erect a
Line of Telegraph from Marysville to Oro-
vile as provided in the preamble OF these
articles of association, according to the fol-
lowing specifications, viz: The line shall
/ be constructed with one iron wire OF the nest
buality, of the usual size, properly insula'e'
and secured by supporters of the requisite
heighth and strength. There shall be the
requisite registers, magnets, batteries anu
other necessary apparatus for the two plnces
mentioned in the preamble Of these arucies
| of Association Said Line to be compieteu
as aforesaid within four months alter inc
payment of the first iustallment on the sioch
as provided by article 4, unless prevented oy
any default on the part of the Company OF
by unavoidable accidents or obstruction oc,
curing to the constructors, Tor the sum U,
S12 600, to be paid to the said johnson anu
! Senf in cash, in four equal lnstalimehts ~
intervals as nearly equal as practicanlei
| the first installment to be paid within thiry
days after the commencement OF the WORK.
and the last upon the completion thereof
and the said johnson and Senf in consider
alton of the premises and of one dollar to
/ zach Of them paid, the receipt whereof Is
hereby acknowledged, do hereby further
promise and agree with each Of the suoscri
I bers hereto, that as soon as the sald Line "a
Telegraph and instruments shall be maue,
constructed and paid for as aio'esalu, .no
Line and all the instruments and apparatus
shall be owned by and be the properly %
the said 'sOro Telegraph Company IN
consideration of the foregoing, and oil lnul-
vidual benefit and advantage, we whoso
names are hereto subscribed, make ana con,
firm the above articles Of association anu
agreement, and agree, each for himself, 70
conform to and execute the same, ana tne
contracts and undertakings therein set ior'h'
and we do farther agree to take the nuinuer
of shares of stock Of said Company SCI oIpo-
sire onr names C. F. JOHNSON,
GEO SEM.