Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1859-08-03
Alril 6, 1859.
An ACr
No. 20. |

mo. 2lJ.1 AN ACT
Supplementary 20 san provide f,- the creation
aad regulation of Ineor Companies the State
OF Ohio" passed May /, lSJs.
Section l. Re it enacted by the General Assembly of
the State Of Ohio That whenever any number persons
required by the first section OF the which this
i, supplementary, as>ocating TO form company Tor
the purpose Of improving any stream of water, any
ar thereof, heretofore declared navisabe by any Of
TIE laws oithe Of Ohio they shah. under icr
haads aud seals. make ercate which they shall Sne-
elf, follows: Fr.t. The aame assumed by such
pany, aud by which 1t shall be known. Second. Com
meaeenent and terInini Of said Improvement, amt the
counties through which the same shall pass. Third
The amount OF capital stock necessary to make said i'm
provemeni, not less than thousand dollars, aud the
amount Of leach share Such certificate shall BE- acknOw
edged certified. and to tine secretary Of state
recorded and copied in the provided
in the second section of the which this supple
mentary and said certificate shall also be recorded in
the recorders office of the county in which sach cOnpz
shall have its principal office Tor doing business and
when Incorporated, hereby Authorized 70 make
said Improvement by The cleaning o! said
streams, erection OF dams, locks, and ali other things
necessary for said improvement, may be named IN
their certificate of Incorporation, and by the and
style provided in said certificate shall be deemed body
corporate with succession and they and heir associates
10 have the said general powers \ provided in the
thirI section ofthe act which this Is supplementary.
See. >. That the cOrpOr1tGrs named in said ecrii-
cate shall open the boOks ofte said company Tor sub
srril;ion the capital stock of said company and
sOoa thereafter as fifty cent ofte capital shall ssb-
scr.bed and paid in money, they shall call meeting OF
the persons who have subscribed stock aforesaid and
shall then and there proceed to elect five drsetor wO
shall be siOckhOier, in the said company, who shall
hold their office such directors fer year from and
after said election, and until their successors elect
ed and qualified, Of whom shall be president, and
treasurer and one secTrtary, to be named on the
tickets when voted for b. the stockholders ores1
Every SOckhOlder shall be cnitle for each
and every share that he and after the first eier
tion stakeholder shall be entitled to greater num-
her of vote, than the number OF saTes he have paid
into the said coispany.
See g. That the treasurer of said company. before
the lutie< o!es. shall
bond with good and sufficient security, to be approved Of
by said board OF directors, payable TO the said company,
conditioned for the faithful performance OF all and ngu
lar the duties ofhi said Office and that ne will well and
riy for and pas the said company all
moneys and property that shall rom time to time come
into his hands by virtue OF his said oee and that he VIII
due aud proper diligence collect all moneys
demands that from time time shall be due and ind
the SAID shall be his duty By law TO
collect,
Sec. l. The PRESIDENT snail preside at all meetings
when otherwise incapaei@ted in which ease, IN
of hs absence, the boari OF directors shall choose
a president from among their number vhO shall per
form the dutle- of the president At such meeting and
perform such Oer duties may from time TO time be
pointed Out By the bylaws and rncs OF the said compa-
see. ); The secretary shall keepa record Of all meet
in, of the boarI OF directors and other proceedings Of
said company, not required be by any other
OF the officers OF said buaT and perform Such other and
further duties be assigned hm from time TO time
b. the rules and bs laws ofihe said company.
See. g. That the said rons7ny shall have power
fro.n time ans =uir ting OF tue board
of drectcr, to make, alter OF Grange sueh byia"s anu
rlle, for the government OF the said company.
See :. That the director. Of the said company shall
have power brcserils tie OF toll said company
shall be entitled receive for the of any boat or
other rrais loaSs upOa said improvement,
or fer the running Of any boat other water craft be-
I Neen the locks Ou said Improvement
See >. That the eompeu saton OF the president and
other officer. of srch company shall be regulated ad
f&e by the rdle and bylaws Of such company iro tne
10 tirse. - -.
WILLIAM y. WOODS,
Speaker ofthe House OF ReI rcsenlatIves-
MARTIN WELKER,
President o the .