The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1859-09-21
LAWS OF OHIO:
X 2i5.1 AN ACT -
supplementary TO San act TO provide for the creation
and regulation Of incorporated Companies in the
ssate OF ohio,' passed May 1, 1852.
PUpLIsHED RY AUTHoRITY.

JSo. 2i5.1 AN ACT
Supplementary 10 "an- act 10 provide for the creation
aud regulation Of incorporated Companies in the
state of Ohio" passed May 1882.
See. T. Be e enacted 5y the General Assena5ly of
shs State Of OHIO. That whenever any number of
persons, IS required by the first section of the act
TO which this Is supplementary, associating to form
company for the purpose of improving any stream
Of wafer, or any part thereof, heretofore declared
n~syigable by. any Of the laws of the State of Ohio,
they shall, under their hands and seals, make a GER
I ;cats which they shall specify as follows: Eirlt.-
Tho ramo assumed BY such company. and by which
It shall DO known. Second. Commencement and
termini ct saidimprovement, and the countiesthrough
which the same shall pass. Third. The amount of
not less than ten thousand dollars, and the amount
q each share. Such certificate shall be acknowl-
edged, 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 supplementary, and said certificate shall also
be recorded in the recorders Office of the county in
which such company shall have its principal Office
for doing business, and when so incorporated, arc
hereby authorized to make said Improvement by the
cleaning ont of sal stream or streams, erection of
dams, locks, and all other things necessary for said
incorporation, and by the name and style provided
m said certificate shall be deemed q body corporate,
with succession, and they and their associates to have
the said general powers rs rs provided in the third
section of the act to which this is supplementary.
Sec. 2 That the corporators named in said Ger
tifcate shall open the books of the said company for
Subscription to the capital stock of said company
and 50 soon thereafter as fifty per cent of the capt.
tai shall be subscribed (andl {aid in money, they
shall call Q meeting of the persons who have sub
scribed stock as aforesaid, and shall then and Tiers
proceed to elect five directors, who shall be stock
holders in the taid company, who shah hold their
Office as such directors for one year from and after
said election, and until their successors are elected
and qualified. one of whom shall be president, and
ono treasurer and one secretary, to be named on the
tickets when voted for by the stockholders as afore-
said. 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 stockhclder shall be
entitled to . greater number of votes than the num-
Der of shares he may have paid into the said com
rany. -
Sec. s. That the treasurer of said company, be-
feTo entering upon the duties Of his Office, shall en-
ter into q bond with good and sufficient security, to
be approved of by said board of directors, payable
TO the said company, conditioned for the faithful per-
Torrance 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 prop
by virtue Of his said office, and that he will use due
and proper diligence to collect all moneys and de-
mands that from time totime shall be due and owing
tothe said company which shall be his duty by Law
Sec. 4. The president shall preside at all meet
ings when not otherwise incapacitated, in which
case, or in case of his absence, the board of direc-
tors shall choose a president from among their num-
Der, who shall perform the dutiesof the president at
such meeting, and perform such other duties as may
from time TO time be pointed out by the bylaws and
rules of the said company.
Sec. S. The secretary shall keep a record of all
meetings of the board of directors and other pro-
ceedings of said company not required to be per-
formed by any other of the officers of said board,
and perform such other and further duties as may
be assigned him from time to time by the rules and
bylaws of the said company.
Sec. 6. That the said company shall have power
from tinetotine, at any regular meeting of the beard
of directors, to- make, aher or change such bylaws
and rules for the government of the said Company.
Sec. Z. That the directors of the said company
shall have power to prescribe the rates Of toll said
company shall be entitled to receive for the passage
of any boat or other water craft of any lock or locks
upon said improvement, or for the running of any
boat or other water craft between the locks on said
Improvement.
Sec. 8. That the compensation of the president
and other officers of such company shall be regula-
ted and fixed by the rules and bylaws of such COM
pany from time to time.
B. WOODS,
Speaker of the House Of Representatives..
MARTIN WELKER,
.fpss President Of tie Senate.
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