Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1859-07-14
LAWS OF OHIO:
AN ACT,
Published by Authority.

AN AOl,
Tn authorize associations of persons for carrying
freight on any of enavigsbie waters of the State
of Ohio, and the lakes and navigable rivers bor-
dering thereon.
Sec. l. Be It enacted Jy the General Assembly
of the State of Ohio, That any number of natural
persons, not less than FIVE, being citizens of the
all the rights privileges and powers conferred and
subject to all the restrictions of this act.
asscciafine themselves together for the purpsse o,
transporting freight any of the gahle rivers
in the state Of Ohio, and any of the lakes and nsy
hands and seals. make q certificate. which shall
specify follows: First the name assumed by such
company or association, and By which it shall be
known: second, the name Of the county or place
where the principal Office Of such company is stu
ate third, the amount of capital stock, not to be
each share. Such certificate shall be acknowledg-
ed before justice Of the peace other proper Of
6eer. and shall be forwarded to the secretary of
same in his Office: and eopy thereof, duly certified
BY the secretary of State under the great seal Of
the State Of Ohio. shall be evidence CT such eorpo-
Sec. 3. That when the foregoing provisions have
been complied with. the persons named as corpora
tors In said certificate, are hereby authorized to
carry into effect the object. named in said certif-
cate, in accordance with the provisions Of this act;
and they and their associates. successors and as
signs, by the name and style provided In said cer-
tifcate. shall thereafter be deemed body ccrpo-
rate, with succession, with power to sue and be
sued. plead and be impleaded, defend and be de-
Tended, contract and Be contracted with; to ma ke
and use common seal. and the same to alter or
break at pleasures and to do all needful to
into effect for which it il created
Sec. 4. ANY company or association organized
for the purposes aforesaid, shall have power 10
build. purchase. and hold such number of steam
boats or other vessels, and such other personal
erty, as may be deemed necessary for commencing
and conducting the business of heassociation: 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 articles of freight or produce upon any of
the navigable streams in the state of Ohio, and
thereon; and shall be governed by the same laws
not inconsistea. with this act, which govern indi
viduals in such employments.
Sec. s. The annual meeting of the stockholders
OF such company, after the first election of direc
tors. shall be held at such time the directors may
prescribe, at which meeting the directors of the
company shall be elected and such other lawful
business done as the stockholders may deem neces-
sary and proper: and should they fail to elect drec
tors at the annual meeting they shall hold special
meeting at some subsequent time for that purpose
by giving thirty days notice thereof in some news
paper IN general circulation in the county where
the principal ONCE Of such company is situated
The directors shall hold their Office until their sue
cessors are chosen and qualified, and shall have
power to MI all vacancies in their body: but no
person shall be director after ceasing to be stock
holder. Immediately after the election of direc-
tors they shall elect one of their number president
GERS and agents as they deem proper to transact
their business. and may prescribe the amount of
compensation to be allowed for their services; and
such officers and agents. when required by the By
laws. rules and regulations shall give bond to the
satisfaction of the directors for the faithful dis
charge OF the trast committed to them. Said di-
rectors shall have power and hereby authorized
to make such rules regulations and bylaws as mar
pe hecessary ler tnelr reputation not inconsistent
shall have the general management of the afarsof
the company. and may dispose of the residue of all
in such manner as the stockholders for the time
being may prescribe, and shall employ the capital
for carrying ON the bns sss a far y aeem 6es
lzed subject always to the control of the stochold
ers they shall cause record to be kept of all stock
subscribed or transferred. and of all business |
transactions. and their books and records shall at
all reasonable times be open to the inspection of
amy and every steckhoder; they shall also when
ting of the situation and amount of business of the
company and declare ana make such dividends of |
the pronts OF tho company, not reducing capital
stock while they have outstanding liabilities. rs
they shall deem expedient
Sec. g. The persons named in said certificate of |
incorporation, or a majority of them, shall be COM
mssioners TO open books for subscription to the |
capital stock of said company, at such times and |
places as they shall deem proper, and said compa-
ny are authorized TO commence operations upon the
subscription of eighty per cent. of said stock An
instalment of thirty cent each share of stock
subscription, and the residue thereof shall be paid
In such installments, at such times and places and
suc persons as may De required by the directors
Of such company. If any person or persons subscri-
bling to the capital stock of such company shall |
fail to make payment Of such subscription or any
part thereof at the time times prescribed by the
directors, the said company shall have power to /
proceed by suit to collect the in any court Of
competent jurisdiction
Sec. 2. Each stakeholder shall be individually |
liable for all the debts of the company in an amount
equal to the amount of his subscription thereon in
addition thereto "
its passage. 49,
WILLIAM B. WOODS,
Speaker of House of Representatives.
MARTIN. WELKER,
President of the Senate.
April 2, 1859.