Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1859-08-04
AN ACT
April 6, 1859.

Supplementary to o"an act to provide for the crca-
nies in the State of Ohio" passed May ]. 1852
SECTION Be Il enacted by the General Assem-
BIZ of the State of Ohio. That whenever any num-
Der of persons, as required by the first section
of the act to which this is supplementary, as
sociating TO form company for the purpose of
improving any stream of water, or any part
thereof, heretofore declared navigable by any
of the laws of the state of Ohio. they shall. IN
der their hands and seals. make certificate
which they shall specify as follows: First. The
name assumed by such company, and by which
it shall be known. Second. Commencement
and termipi of said improvement, and the eoun-
ties through which the same shall pass. Third.
The amount of capital stock necessary TO make
said improvement, not less than ten thousand
dollars, and the amount of each share. Such
certificate shall be acknowledged, certified. and
forwarded to the secretary of state, recorded and
copied in the same manner as is provided in the
second section Of the act to which this is sup
Elementary, and said certificate shall also be re-
corded in the recorders office of the county in
which such company shall have its principal
office for doing business. and when so incorpora-
ted, as hereby authorized to make said improve
ment by the clearing out of said stream or
streams, erection of dams, locks, and all other
be named in their certificate Of incorporation,
and by the name and style provided in said GER
tifcate shall be deemed a body corporate. with
succession, and they and their associates to have
the said general powers as is provided in the
third section of the act to which this is supple
mentary.
Sec 2. That the eorporaiors named in said
certificate shall open the books of the said COM
pany for subscription TO the capital stock of said
company and SO soon thereafter as fifty per cent.
of the capital shall be subscribed [and1 paid in
money, they shall call a meeting OF the persons
who have subscribed stock as aforesaid, and
shall then and there proceed to elect five direc-
tors, who shall be stockholders in the said COM
pany, who shall hold their Office as such direc-
tors for one year from and after said election,
and until their successors are elected and quail
fled, one of whom shall be president, and one
treasurer and one secretary. to be named on the
tickets when voted for by the stockholders as
aforesaid. Each stakeholder shall be entitled
to one vote for each and every share of stock
that he may own, and after the first election no
stoekholder shall be entitled to q greater num-
Der of votes than the number ofshares he may
have paid into the said company.
Sec. 5. That the treasurer of said company,
before entering upon the duties Of his Office, shall
enter into bond with good and sufficentsecuri-
ty, to be approved of by said board of directors,
payable to the said company, conditioned for
the faithful performance of all and singular the
duties of his said office, and that he will well
and truly account for and pay over TO the said
company all moneys and property that shall
from time to time come into his hands by vir-
tue of his said office, and that he will use due
! and proper diligence to collect all moneys and
demands that from time to time shall be due
and owing to the said company which shall be
his duty by law to collect.
Sec. A. The president shall preside at all
meetings when not otherwise incapaciated, in
which case, or in case of his absence the board
of directors shall choose president from among
their number, who shall perform the duties Of
the president at such meeting, and perform snch
other duties as may from lime to time be point
ed out by the by laws and rules ofsaid Company.
Sec. S. The secretary shall keep a record OF
meetings of the board of fdireetors and other pro-
ceedings Of said company not required to be
performed by any other of the officers of said
board. and perform such other and further du-
ties as may be assigned him from time TO time
by the rules and bylaws OF the said comppy.
Sec. 6. That the said company shall have
power from time 10 time at any regular meet