Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1859-05-19

turaI persons, no, less than FIVE being citizens of
the State of Ohio. may become BODY corporate,
with all the rights, privileges and powers con-
fened and subject to all the lotions of this
act
Sec. q That any number of persons as afore- |
said, associating themselves together for the pur
pose of Transporting freight on any OF the nayiga-
BILE rivers in the state Of Ohio and any ofthe lakes
and navigable rivers bordering thereon. shall, un-
der their hands and seals. make certificate,
which shall specify as follows: First, the name as
sumed by such company or association; and by
which it shall be known; second the name Of the
county or place where the principal office o. such
company is situate; third, the amount Of capital
stock not to be less than two thousand dollars and
the amount of each share. Such lcertihcate shall
be acknowledged before justice OF the pence or
other proper officer and shall be forwarded 10 the
secretary of State, who shall record and carefully
duly certified by the seesetary of staIe under the
great seal of the Stale Of Ohio shall be evidence
of such corporation or company
Sec g. That when the foregoing provisions
have been complied with the persons named as cor.
porators in said certificate, are her by authorized
to carry into effect the objects named in said
tificate ir accordance with the provisions of this
act; and they and their associates, SUCCESSORS and
assigns, by the name and style provided in said
certificate, shall thereafter be deemed body cor
sued plead and be implicated, defend and be de-
tended, contract and contracted with; to make and
use a common seal, and the same to altar or break
a, pleasure and do all needful acts to carry into
effect the objects for which it is created.
Sec. 4. Amy company or association, organic
ed for the purposes Aforesaid shall have power to
| build, purchase, and hold such number of steam
boats other vessels, and such other personal pro-
perty, as may be deemed necessary for commenc-
ing and conducting the business OF the association;
| LII L., .I.ae
thereof, in such manner, and for such purpose, as
may be prescribed by the rules and regulations oil
| the company, and not inconsistent with the laws
of this state. And said company shall have power
carry any articles Of freight or produce upon any
of the naviga able streams in the Stale Of Ohio and
on any OF the lakes and navigabe rivers border.
ing thereon; and shall be governed by the same
laws not inconsistent with this act, which govern
individuals in such ernpIoynents
Sec. s. The annual meeting OF the stockhold-
ers of such company, after rhe first election o.
directors. shall be held AZ such time as the direct
oss may prescribe. at which meeting the director;
Of the company shall be elected, and such othel
lawful business done as the stockholders may deem
necessary and proper; and should they tail to eec
directors at the annual meeting they shall hold 6
special meeting ut some subsequent time for tina
purpose by giving thirty days notice Thereof iI
some newspaper in general circulation in the coun
~ where the principal office of such company il
situated. The directors shall hold their offic'
until their are chosen and qualified, ant
shall have power TO fill all vacancies in their hOdy
but no person hall be director after ceasiug tt
be stockholder. Immediately after the election
of directors they shall ELECT one OF their numbe
president of the corporations, and may appoint sue
other officers and agents as they may deem proDe
to transact their business, and may prescribe tn
4 amount of compensation to be allowed for thei
services; and such officers and agents. when re
auired by the by laws, rules and regulations sha
G give bond TO the satisfaction OF the directors TO
the faithful discharge Of the trust committed :
them. Said directors shall have power and ar
hereby authorized to make such rules, regulation
nnd bylaws as may be necessary tor their regula
ton, not inconsistent with the constitution a n
laws of this state; they ehsA have the gensri
management of the affairs of the company, an
may dispose of the residue of all capital stock q
anv time remaining unsubscribed, in such manne
as the stock holders for the time being may pre-
SCRIBE and shall employ the capital and means Q
the company as they shall deem best for carryin
J. on the business for which it was organized, sui
y ject always 10 the stockholders; they shall cause
record 10 be kept OF all stock subscribed tram
ferred and of all business transactions. and the
! books and records shall at all reasonable times
= open to the inspection of any and every stockhode
they shall also, when required present to the stoe
= holders reports in writing Of the situation ar
y amount of business of the company, and declal
and make such dividendso of the profits Of the com
i" any, not reducing their capital stock while the
have outstanding Liabilities. as they shall deem e.
y | pedicnt.
y Sec 6. The persons named in said certifica
y of incorporation, or majority of them. shall
ie commissioners 10 open books for subscription
the capital stock OF said company, at such tim
- and places as they shall deem proper, and sa
IL company are authorized TO commence operation
upon The subscription of eighty per cent. OF ga
stock An installent of thirty per cent: on ea'
share of stock shall be made in cash at the time
making the subscription, and the residue there
shall be paid in such installments, at such tim
and places and to s ch persons as may be require
BY the directors of such company. II any pers'
or persons subscribing to the capital stock of su
company shall fail to make payment OF such su
s. scripiion or any part thereof at the time or tim
N prescribed bv the directors the said company sh;
st have power to proceed bv suit TO collect the san
or in any court OF competent jurisdiction.
OF Sec g Each stockholder shall be individual
10 liable for all the debts of the company in an amou
m equal to the amount o! his subscription thereon
OF addition thereto.
IN sec g. This act shall be in force from and
I'd ter its passage.
O. Speaker of the House o { Representa- tives
nj MARTIN WELKER,
Ivi President OF the Senate.
ApriI 2, 1889