Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1859-04-26

cate, are hereby authorized to carry into
effect the objects named in said certificate,
in accordance with the provisions Of this
act; and they and their associates, success
sors and assigns, by the name aud style
provided in said certificate, shall thereafter
4 be deemed body corporate, with success
sion, with power To sue and be sued, plead
and be lmpleaded, defend and be defended,
contract and be contracted with; to make
and use IL common seal, and the same to
afer or break at pleasure; and 10 do all
neediul acts to carry into effect the objects
for which it is clcated. t
Sec. 4. Any company or association,
organized for the purposes aforesaid, shall
have power to build, purchase, and hold
such number Of steamboats, or other ves-
sels, and such o.her personal property, as
may be deemed necessary for commencing.
and conducting the business of the assoS
citation; and shall have power to sell the
same, or any part thereof, in such manner,
and for such purpose, as may be prescrl-
bed 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 navi-
gable streams in the state OF Ohio, and on
any Of the lakes and navigable rivers bor-
dering thereon; and shall be governed by
the same laws, not inconsistent with this
act, which govern individuals N such en-
ployments.
Sec. 5. The annual meeting of the stock
holders of such company, after the first
election of directors, shall be held at such
time as the directors may prescribe, at
which meeting the directors of the com
pany shall be elected, and such other law
full business done as the stockholders may
deem necessary and proper; and shonld
they fail to elect directors at the. annual
meeting, they shall hold specia! meskpg
at some subsequent time for that purEak
by giving thirty days notice thereof NJ
some newspaper in general circulation IN
the county where the principal! office q
such company is situated The directory
shall hold their Office until their success
sors are chosen and qualified, and shall
have power to ill all vacancies in their
body; but no person shall be director
after ceasino to be a stockholder. lmme-
diately 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
pres crbe the amount of compensation to
be allowed for their services; and such
officers and agents, when required by the
bylaws, rules and regulations, shall give
bond to the satisfaction of the directors for
the faithful discharge of the trust COM
mitted TO them. Said directors shall have
power and are hereby authorized to make
such rules, regulations and bylaws as may
be necessary ioI their regulation, not in
consistent 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 cap
iLal stock at any time remaining unsub-
scrbed, in such manner as the stock
holders for the time being may prescribe,
aud shall employ the 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 con-
troll of the stockholders; they shall cause
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 inspec-
ton of any and every stockholder; they
shall also, when required, present to the
stockholders reports in writing OF the sltu-
alton and amount of business of the COM
pany, and declare and make such dividends
of the profits of the company, not reducing
the capital stock while they have outstand-
ing liabilities, as they shall deem expe-
dent /
Sec 6. The persons named in said GER
tifcate of incorporation, or majority OF
them, shall be commissioners 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 authorized to COM
mence operations upon the subscription OF
eighty per cent. of said stock. An install
ment OF thirty per cent. on each share OF
stock shall be made in cash at the time of
making the subscription, and the residue
thereof shall be paid in such installments,
at such times and places, and to such per-
sons 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 payment
of such subscription, or any part thereof
at the time or times prescribed by the di-
rectors, the said company shall have power
to proceed by suit to collect the same in
any couN of competent jurisdiction.
Sec. 7. Each stockholder shall be indi-
vidually liable for all the debts of the com
panl in an amount equal TO the amount of
his subscl ip;ion thereon in addition thereto
Sec. 8. This act shall be in force from
and after its passage.
WILLIAM B. WOODS,
Speaker OF the House of Representatives.
MARTIN WELKER,