The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1859-08-24
AN ACT

No. 2l5 AN ACT
Supplementary to tan act to provide for the
creation and regulation OF incorporated
Companies in the State of Ohio" passed
May ], 1859.
Section l. Be IL enacted By The General
Assembly of the State Of Ohio, That when.
ever any number of persons, as required by
the first section of the act to which this is
suppem entary, associating to form com.
pany for the purpose of improving any
stream of water, or any part thereof, hereto.
fore declared navigable by any of the laws
of the State of Ohio, they shall, under their
hands and seals, make a certificate which
they shall specify as follows:
First. The name assumed by such com.
pany and by which it shall be known. Sec
ond. Commencement and terminus OF sale
improvement, ard the counties through
which the same shall pass. Third. The
amount Of capital stock necessary 10 make
said improvement, not less than ten thou.
sand dollars, and the amount of each share
Such certificate shall be Gcknow ledged, Ger.
titled, 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 supplementary, and said
certificate shall also be recorded in the re.
Corder's Office of the county in which such
company shall have its principal office for
doing business, and when so incorporated,
are hereby authorized to make said improve
ment by the cleaning out OF said stream or
streams, erection of dams, locks, and oil
other things necessary for said improvement,
as may be named in their certificate of in
corporation, and by the name and style pro.
vided in said certificate shall be deemed a
body corporate, with succession, and they
and their associates 10 have the said general
powers as is provided in the third section Of
the act TO which this is supplementary.
Sec. Q. That The corporators named in
said certificate shall open the books of the
said company for subscription 10 the capital
stock OF said company, and so soon thereai
ter as fifty per cent. Of the capital shall be
subscribed [und] paid in money, they shall
call meeting of the persons who have SUBJ
scTibed stock as aforesaid and shall then and
there proceed to elect Eve directors who
shall be stockholders in the said company,
who shall hold their Office as such directors
for one year from and after said election,
and until their successors are elected and
4uVhh0N1 ObO VI ohuiI UC pICSIuEDt,
and one treasurer and one secretary, to be
named on the tickets when voted for by the
stockholders as aforesaid. Each stockhold
er shall be entitled to one vote for each and
every share OF stock that he may own, and
after the first election no stockh holder shall
be entitled to q greater number of votes than
the number of shares he may have paid into
said company.
Sec. 8. That the treasurer OF said CON-
pany, before entering upon the duties of his
Office, shall enter into bond with good an
sufficient security, TO be approved Of by said
board Of directors, payable to said com pany,
conditioned for the faithful performance OF
ell and singular the duties OF his said office.
and that he will we'll 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 virtue oil his said of.
fee, and that he will use due end proper
diligence TO collect all moneys and DEM snds
that from time to time shall be due and ow-
ing TO the eaid company which shall be his
duty by law to collect.
Sec. 4. The president shall preside at
oil meetings when not otherwise incapOcita.