The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1858-06-02
LAWS OF OHIO.
PUBLIsHED az AUrHoRxrx.
tNo. s7.1 AN ACT

Kentucky, passed February 18th
1916, with certain limitations, passe'
March 9Th, Is49.
SECTION l.. Be 1t enacted By the Gen
.eral Assembly Of the State Of Ohio, Tha
the C~ovington and Cincinnati BridgI
Company, as heretofore Incorporated b.
the laws Of Kentucky and Ohio, shall
have power and authority to increase it
capital not exceeding three hundred
thousand dollars, $500: 000) and may
contract to receive any property IN pay
nent for subscriptions to its stock, OF
any work to be applied towards the con
struction or erection of the bridge, OIL
its anchorage or approaches, provided.
that when the company receive real es
tate in payment Of stock, it shall sell
the same within one year, if cost and
interest thereon can be obtained, and
10 any event, it shall not hold real es-
tate longer than Eve years, except it be
such as may be necessary or convenient
for the use of the bridge.
SEC. 2 That copies of the records
and papers of said company, belonging
to it's Office, certified by the secretary of
said company, shall be evidence In all
courts aud places where the originals
would be.
SEC. 3. That whenever said company
shall give notice by advertisement in a
newspaper published in Covington, and
in one published in Cincinnati, that sub
scriptions of preferred stock will be re-
ceived, it may receive subscriptions for,
and issue such stocks as follows, viz:
First. ALI persons holding stock,
So, ---k - <ha Qualification IF ouah
notice, who my, within sixty days after
its publication, subscribe for additional
stock. after they have paid for their first
stock, and for their additional stock,
shall be considered preferred stock
holders to the extent of such additional
stock taken, and to a further extent of a
proportion of their original sto. k, held
prior to the date of said notice, not ex-
ceeding the amount of such additional
subscription. The additional subscrip
zion shall be payable in such instalments
rs the directors If she company may re-
quire, and be subject to like forfeiture
as the original stock.
Secondly. After said notice shall
have been published sixty days if the
amount of stock which the company de-
sire 10 have taken shall not have been
subscribed by persons previously stock
holders, other persons, not previously
stockholders, may subscribe until the
amount Of stock which the company wish
to have taken be subscribed, and those
who thus subscribed and paid for stock
shall be considered preferred stockhold-
ers to the extent of the stock taken by
them. Dividend may be declared by
said company, either monthly, quarterly,
semi annually or annually, aud all pre-
ferred stockholders shall be entitled to
q dividend at the rate of six per cent
per nun on their preferred stock,
whenever the whole nett receipts of the
company amount to SO much as will pro-
luce Al the rate of six per cent per an
mum ON the preferred stock, aud when
ever the whole nett receipts of the com
pany amount to less than will produce
at the rate of six per cent per annum on
the preferred stock, then the dividend
shall be made to the preferred stockhold-
ers only. Whenever the total nett re-
csipts of the company exceed an amount
sufficient to pay the preferred stockhold-
ers . dividend at the rate of six per cent
per annum, and not as much as, or more
N48u Will pay ~ y EobO VI oiA per CCDbs
per annum on all the stock, then such
excess shall be apportioned among the
non-preferrcd stockholders; but when
the total nett receipts of the company
mount to as much as, or more han will
produce dividends at the rate of six per
cent. per annum on all the stock, then
all the stockholders, including the nom
preferred, shall receive dividends at the
same rate, one. with another. The first
dividend year shall be considered as
commencing on the day the company be-
gin to receive tolls on the bridge, and
the same day in each successive year
shall be the commencement of that divi-
dend year.
SEC. A. That said company may bor-
row money, o exceeding six hundred
thousand dollars, 5000, 000) on the
credit of the corporation, and may pledge
any and all of its property, rights, tolls,
incomes and franchises, by mortgage, for
the security and payment of the interest
and principal of any of it's debts, and
may issue bonds therefor at such rates
of interest and payable-the principal
and interest-at such times and places,
and to such amounts, as the directors of
said company shall deem requisite for
its interest, and may sell and dispose
thereof at such rates, and on such terms,
IS the company may determine. The
bonds issued by the company, or any por-
zion thereof. may be made and issued
convertible into the stock of the com
pany, on such conditions as the company
may prescribe.
SEC. 5. That said company shall not
exercise any Of the powers granted in
this act, until the stockholders of said
company, at a regular meeting thereof,
or at any meeting called by order of the
directors, have, by vote, authorized the
president aud directors to exercise the
same. Notice ef the intention to apply
to the stockholders for their consent to
the exercise of such powers, or either of
them, as are herein conferred, shall be
given in at least q newspaper of gen.
eral circulation in the city of Cincinnati,
and one in the city of Covington, Ken
lucky, for two successive weeks, and such
notice shall state the time, place, and
of such meeting. Application
may be made to the stockholders of said
company for the exercise of either of the
powers herein granted, at different times,
but it shall take q vote of q majority of
all the stock subscribed to authorize the
exercise of the same.
WILLIAM B. WOODS,
Speaker Of The House of Reps.
MARTIN WELKER,
PresidcuL of The Senate