The Iowa transcript. (Toledo, Tama County, Iowa) 1858-1866, 1859-02-03

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rcctors, the alteration Of any Of the Ar
ticlcs Of Incorporation or any other bu.
siness requiring vote OF the stock hot
ders. and four weeks notice Us, aforesaid
shall be given Of any such meeting.
ART. 18th. \ majority Of the dircc-
tors shall form quorum for business.
Any absent director may be represented
BY another director by rrosy duly cer'i
fc l. They shall render annual state
mcnts Of their doinos to the affairs OF
the company and the stockholders. They
shall have full power to issue | o IDS, to
borrow money or to indarso any bonds
or other obligations which may be is
sued Tor the purpose Of assisting IL the
construction Of said road, by any conn-
ty or town ia the State of Iowa OF by
any companies, or BY individual in this
or any other State; Provided that the
Indebtedness and liability Of said com
rany shall not any one tine exceed the
sum Of three millions dollars. The rrin-
cipal place of business Of said compa
ny shall be at Oskaloosa, in Mahaska
County State of Iowa.
ART. 10Th. The said board Of dircc
tor; shall have full power to plcGgc the
said road or any Of the property OF said
company as security for money borrow
ed, or to secure the performance Of any
lawful contract or engagement Of the
company.
ART. 18th The Board Of directors
shall have full power to appoint as many
Engineers, Attorneys or Agents as they
shall deem cxpcdicnt, but an entry must
be made on the books Of the company,
Of the Engineer in chief, his assistants
and all Agents or Attorneys Of said
company.
ART. IA. The directors shall have full
power to make any connections that they
may deem expedient with anyothcr road
in Iowa or any other State or Territory.
ART. 18th. When fifty per cent of
each subscription and on each share Of
stock shall have been paid in the holders
of such share or shares shall be entitled
to receive certificate for the same (af
ter surrendering of the Treasurer's re-
ceipD signed by the President and Scc'y,
and the Treasurer may bring suit in tine
name Of said company, and recover any
instalme MT when the same has remained
unpaid after four weeks notice, publish
ed in some newspaper in ST. Louis, Mo,
and one published in Oskaloosa and one
in Cedar Falls Iowa, or the Board Of
directors may declare such stock forfeit
ed. to the use Of the company, at their
discretion.
ART. 10th. All payments on stock
shall draw interest at the rate of ten per
cent per annum until the completion of
said road said interest to be paid in
stock certificates and all arreages not
paid as the same shall become due. shall
draw interest to be paid to the said COM
pany, by such delinquent stockholders,
in cash at the rate Of ten per cent per
annum.
ART. II. Any person may become a
member Of this company by taking one
share or more of capital stocf, and no
person shall be elected Director of said
company unless he is the holder Of such
share or shares. Seven Of the directors
must be and remain residents Of the
State Of Iowa and the board Of direc
tors may declare any Office vacant if the
occupant remains from said State. The
directors shall also have the power Of
filling all and any vacancies in their
body.
ART. 18th. Paym ent Of subscriptions
to stock shall be called for by install
ments as the Board Of directors may in
their By Laws require, but payments on
individual subscriptions shall not be
called for oftener than once in a month
and not to exceed tho rate Of five per
cent per month on such subscriptions
Provided that residents Of any county
on the line Of the road may annex to his
subscription condition that not more
than 10 per cent Of the stock SO subscri
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