The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1859-07-21


evidence Of such corporation or company
Section 3 That when the foregoing
provisions have been complied with, the
persons named as corporators in said
certificate, are hereby authorized to
carry into effect the objects named in
said certificate, in accordance with the
provisions Of this net; and they and
their associates, successors and assigns,
by the name and style provided in said
certificate, shall thereafter be deemed a
body corporate, with succession, with
power TO sue and be sued, plead and be
impleaded, defend and be defended,
contract and be contracted with; 70
mako and use a common seal, and the
same TO alter or break at pleasure; and
to do oil needful acts to carry into effect
the objects for which it is created.
Section 4. Any company or asso-
citation, organized for the purposes afore-
said, shall have power TO build, purchase,
and hold such number Of steamboats, or
other vessels, and such other personal
property, as may be deemed necessary
for commencing and conducting the
business Of the association; and shall
have power to sell the same, or any part
thereof, in such manner, and for such
purpose, as may be prescribed by the
rules and regulations Of the company,
and not inconsistent with the laws of
this State. And said company shall
have power to carry any articles Of
freight or produce upon any Of the
navigable streams in the State Of Ohio
and on any of the lakes and navigable
rivers bordering thereon; and shall be
governed by the same laws, not incon-
sistent with this act, which govern indi-
viduals in such employments.
Section B. The annual meeting Of
the stockholders Of such company, after
the first election Of directors, shall be
held at such time as the directors may
prescribe, at which meeting the direc-
tors Of the company shall be elected
and such other lawful business done as
the stockholders may deem necessary
and proper; and should they fail to elect
| directors at the annual meeting, they
shall hold a special meeting at some
subsequent time for that purpose, by
giving thirty days notice thereof in
some newspaper in general circulation
in the county where the principal Office
of such company is situated The di-
rectors shall hold their Office until their
successors are chosen and qualified, and
shall have power to FIJI all vacancies in
their body; but no person shall be a
director after ceasing to be stockhol-
der. Immediately after the election Of
directors, they shall elect one Of their
number president of the corporation,
and may appoint such other officers
and agents as they may deem proper
to transact their business, and may
prescribe the amount Of compensa-
ton to be allowed for their services;
and such officers and agents, when re-
quired by the bylaws, rules and regu-
lations, shall give bond to the satisfac-
ton of the directors for the faithful
discharge Of the trust committed to
them Said directors shall have power
and are hereby authorized to make such
rules, regulations and bylaws as may
be necessary for their regulation, not
inconsistent with the constitution and
laws of this State; they shall have the
general management Of the affairs Of
the company, and may dispose Of the
residue Of all capital stock at any time
remaining unsubscribed, in such man
ner as the stockholders for the time
being may prescribe, and shall employ
tho capital and means Of the company
as they shall deem best for carrying on
the business for which it was organized,
subject always to the control Of the
stockholders; they shall cause a record
to be kept Of all stock subscribed or
transferred, and Of all business transac-
tions, and their books and records shall
at all reasonable times be open to the
inspection Of any and every stockhol-
DER they shall also, when required,
present to the stockholders reports in
writing Of the situation and amount Of
business of the company, and declare
and make such dividends Of the profits
of the company, not reducing the capi-
tai stock while they have outstanding
liabilities, as they shall deem expedient.
Section 6. The persons named in
said certificate of incorporation, or a
majority of them, shall be commission
ors to open books for subscription TO
the capital stock Of said company, at
such times and places as they shall deem
proper, and said company are author
lied to commence operations upon the
subscription of eighty per cent of said
stock An installment Of thirty per cent.
on each share Of stock shall be made
in cash at the time Of making tho sub
scription, and the residue thereof shall
be paid in such installments, at such
timec and places, and to such persons
as may be required by the directors of
such company, If any person or per,
sons subscribing to the capital stock of
such company shall fail to make pay.
ment Of such subscription, or any part
thereof, at the time or times prescribed
by the directors, the said company shall
have power to proceed by suit to collect
the same in any court Of competent ju.
risdiction.
Section 2. Each stookholdor shall
be individually liable for an the debts
Of tho company in an amount equal 20
tho amount Of his subscription thereon
in addition thereto
Section 8. This act shall be in force
from and after its passage.
WILLIAM B. WOODS,
Speaker Of the House Of Representatives
| MARTIN WETE ER