The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1859-06-15

rectors shall hold their office until their
successors are chosen and qualified, and |
shall have power to fill all vacancies in |
their body; but no person shall be di-
rector after ceasing to be stockhelder.
Immediately after the election of di-
rectors, 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 pre-
scribe 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 di-
rectors for the faithful discharge of the
trust committed to them. Said direc-
tors shall have power and are hereby |
authorized to make such rules, regula-
tions and bylaws as may be necessary
for their regulation, not inconsistent
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 capital
stock at any time remaining unsubscrib-
ed, in such manner as the stockholders
for the time being may prescribe, and
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
control of the stockholders; 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 any and
every stockholder; they shall also, when
required, present to the stockholders
reports in writing of the situation and
amount of business of the company,
and declare and make such dividends
of the profits of the company, not re-
ducing the capital stock while they have
outstanding liabilities,as they shall deem
expedient.
Sec. 6. The persons named in said
certificate of incorporation, or major
itp of them, shall be commissioners to
open books for subscription to the capi-
tai stock of said company, at such times
and places as they shall deem proper,
and said company are authorized to
commence operations upon the subscrip-
ton of eighty per cent. Of said stock.
An installent of thirty per cent. on
: each share of stock shall be made in
cash at the time of making the sub
, scription, and the residue thereof shall
! be paid in such installments, at such
r times and places, and to such persons
: as may be required by the directors Of
n such company. If any person or per-
e sons subscribing to the capital stock Of
snch company shall fail to make pay
n ment of such subscription, or any part
Z thereof, at the time or times prescribed
: by the directors, the said company shall
# have power to proceed by suit to collect
the same in any court of competent
jurisdiction.
Sec. Z. Each stockholdcr shall be
individually liable for all the debts o.
the company in an amount equal to tht
amount Of his subscription thereon il
= addition thereto.
rs Sec. 8. This act shall take effec
from and after its passage.
n WILLIAM B. WOODS,
Of Speaker of the House of Representative
" MARTIN WELKER,
ID President of the Senate.
c. April 2, 1859.