Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1864-03-31
LA w OF WI 1gsg1
Published March 3,
CHAPTER I66,

rails, aud for other man ufact uring purposes
Inc people OF the state OF Wisconsin. repre- sente
in senate and assembly, do eaac, as follows
Section L. All corporations organized and estsb
hshed under the provisions of this act shall be
capable Of suing and being sued in any court il
tnis state, and may have a common seal and altal
aud amend the same at pleasure. NAV elect III sue
q manner they shall determine all necessary of
fceIs, may fix their compensation and determine
their daties, and make from time to time spcb nv
laws, not Inconsistent with the constitution ana
laws of this state, as majority OF the stookhod
ers shall direct
Sec 2. Any number of persons, not less than
three, who shall, by articles of agreu in writ
ing, associate according to the provisions Of this
act under any name assumed by them for the pur.
pose of engaging in and carrying on auy kind Of
mining manufacturing business and who ssa Il
comply with the provisions of this act shall with
their successors and assigns constitute body mol
Tic OF "rpoi ate la fact and ame under any name
assumed ny them in their articles OF association
proU1Ged, no two companies shall assume the same
name.
See Before any corporation formed under this
act shai commence BUSINESS the president and d.
recors shall cause their articles of association n
be flied with the secretary of state o This ate
and with the county clerk OF the county or conn
ues III when sueh corporation shall conduct its
! mining or manufacturing business, which said ar
tIces shall be recorded in said Office at length in
books prepared for that purpose at the expense OF
| said association.
| Sec. 4. The articles of every such assoc;atio,
shall be signed by the persons associatiup in tn
first instance, and acknowis dyed before some per
u n ia a
| knoWie gments OF deeds, and shall state:
! LIST. Distinctly and definitely the purposes for
which the same is formed
| I'd. The amount OF their capital stock and the
nunber of shares.
81. The amount of capital stock actually
| paid in.
| 4th. The names of the stockholders their resnec
tive residences, and the number of shares held by
each person.
9Th. The place in this state where their Office
for the transaction of business is located and the
| i'm sist to ba
| carried on.
| 9th. The term of its existence, not to exceed
| Sec. 5. Every such corporation shall annually
in the month of July, make report, signed by q
majority OF the board of directors, containing
| 1st. The amount OF capital actually paid in
| I'd The amount invested in real estate.
| Sd. The amount of personal estate.
| 4th. The amount of their debts and credits, IS
near as may be.
5th The of each stock hode r a nc the number
OF shares held by him her at the date such re-
port; and every such report shall be verified oath
ky the officers signing the same, and if any person
shall as to any material facts, knowingly swear or
affirm falsely he shall be deemed guilty of perjury,
| and be punished accordingly.
| Section b. The amounE of the capital stock in
every such corporation, shall be fixed and limited
by the stockholders in their articles Of association
and shall! IL ne case be less than ten thousand dol
| lals more than five hundred thousand dollars
and shall be divided into shares of twenty-five dol
lars each The capital stock may be increased and
the number OF shares at any meeting of the stock
~,
amount increased shall not, with the existing
| capital, exceed five hundred thousand dollars
| Section Z. The purpose for which every such cor
poraton shall be established, shall be distinctly
aud definitely specified in the articles of assoca-
ton, and it shall not be lawful for said cor Grafton
! TO appropriate its funds to any other purpose.
Section When any corporation shall be formed
| under this act, any two of those associated NAV
call the first citing Of the corporation at such
| time and place as they may appoint, by giving no.
tice thereof least fifteen days before the time
designated meeting
published il the county where said corporation is
to carry their business, and if newspaper is
publ slcd in sad county, then in some paper pub-
lished in the cIGy OF Madison.
Section g. The stock, property and affairs of such
corporation shall be managed by not less than three
nor more than nine directors as the articles shall
determine. Of whom shall be resident of this
state. They shall hold their Offices year, and
| until their successors shall be duly chosen.
Section 10 The directors of every such corpora-
ton shall choose of their number president
and such other officers their articles of assoca-
| ton and bylaws may require, who shall hold their
offices one year or until ma ty of the stockhol-
ders choose others in their stead The directors
for tho time being shall have power to Fill any
cancy which may harper in their board by DEATH
! resignat Cd or otherwise for the current year.
Section II. The directors may call in the sub
scription to the capital stock such corporation
by installments IL such portion and at such times
and place they shall think proper, by giving
notice thereof as the bylaws shall prescribe and
| in any stakeholder shall neglect or refuse
payment of any such instalment for the space of
sixty days after the same shall have become due
and payable, and after he shall have been notified
thereof the stock of such delinquent stockholders
may be sold by the directors at pubic auction, at
the Office OF the secretary of the corporation Civ
Jog at least thirty days notice in some newspaper
published in the county 0roUtded, that if said
stockholders shall reside in this state, stock
shall be sold at the business Office OF corpora
tion il the county in which they doing bust. sss
giving least thirty days. notice thereof, in
| newspaper published in the county. If news
paper be published in ssid county in which such
transact their business, then it shall
be published in some newspaper in the city of Mad
son and the proceeds of such sale shall be first
applied in payment of the installment called for
| and the expenses the same, and the residue
shall be refunded to the owner thereof, and such
sale shall entitle the purchaser to all the rights of
stakeholder to the extent of the shares bought.
Section II. ajority of the directors of every
such corporation convened according to the by.
laws, shall constitute quorum for the transaction
of business; and those holding q majority of the
stock, at any meeting OF the ockholders shall be
capable of tFansacting the business of the meeting
ana all etings of such stockholders each share
shall be entitled to one vote. Stockholders may
appear and vote in person or by proxy duly fled
with the secretary of the company.
Section ID. If it shall hapren that an election
of directors shall lot take place at the annual
meeting, such corporation shall not be dissolved,
but the election may be held at any time thereaf-
ter, by giving fifteen days. notice of the time and
place of such election, in the manner provi-
ded in the eighth section of this act.
Sec. IA. The books of every such corpo ration
con tanning the accounts, shall at all reasonable
times he open for til inspection of any of the
stockholders, and as often as once in each year
statement of the counts of such corporation shall
be made by order OF the directors and laid before
the stockholders.
Sec Is Every such corporation shall by their
name have power to acquire and hold all such real
and personal estate shall be necessary for the
purposes of carrying the business of such corpo.
ration proUidsd. that their real estate shall not
exceed three thousand acres, unless such CORPORA
ton is anized for the purpose of iron mining or
man ufacturing, in which case the real estare
shall not exceed five thousand acres.
Sec. 10. The stock of every such corporation
shall be deemed personal property, and shall be
transferred only on the books OF such COMPANY in
such form as the directors shall prescribe; and
such corporation shall at all times have lien upon
the stock or property of its members invested
therein, tor all the debts due from them to such
corpor alton, which may be inforced emf reed by
advertisement and sale in the mann r herein pro.
vided tor selling d-lnquent stock and al purchas-
at such sale shall be entitled the rights of
stockholders.
Sec. II. The stockholders Of all corporations
founded upon this act shall be individually liable
for all labor performed for such corporation s.
socatione, which said liability may be enforced
against any stockholders by action founded on
this statute at any tins after an execution shall
be returned not satisfied against said company,
proUided such action be menced within sixty
days; and proUded, dta0dys, that if any stockhold
er shall be compelled by any such action, to pay
the debts of any creditor, or any part thereof, he
shall have the right to call upon all the stockhold
to contribute their part of the sum SO paid by
him aforesaid, and may sue them jointly
orally, any number of them, and recover in such
action the ratable amount due fIom the person or
persons sued
sec. IS. Every such corporation formed for min.
ing purposes, shall annually the first day OF Ju-
Iy, in each year, make report, which shall state
the amount of copper, lion or other mineral which
such company may nave mined within the year,
past which report shall be signed by the president
and majority Of the directors, and shalt be veri
fed By the oath of the secretary or other officer
making the e, and be fled In the Office of the
| clerk of the county in which the business of any
such corporation is carried on. and a duplicate
| thereof in the office OF the secretary of stale.