Mineral Point weekly tribune. (Mineral Point, Wis.) 1859-1868, 1864-03-30
LAWS OF WISCONSIN.
TpnblishAd March 40 1894
CHAPTER l56.


IN senate and assembly, do enact as follows
Section l. All corporations organized and estae
lished unocr the provisions of this act, shall bs
capable Of suing and being sued in any court in
thls STATE aud may haVs common seal and alt
| ana amend the same pleasure, NAV elect succ
manner as they shall Determine, ali necessary of
ncers. may fix their compensation and determine
their dsues, aud make from time to time, such by
| laws, not inconsistont with the constitution and
laws OF this state, majority Of the stookhold-
| ers shall direct
| sec 2. Any number OF persons, lot less than
three VINO shall, ny articles of agreement In writ
ing, associate according 10 the provisions Of this
act, under any name assumed py them for the pur-
| pose of engaging in and carrying on any kind OF
| mining ca IAN ufacturng business, and who shall
| comply with tho provisions Of this act shall with
their successors ana assigns, constitute body poi
itic corporate la fact and sme, under any name
assumed by them IN their articles OF association
proctded, no Two companies shall assume the same
name.
| Sec 3 Before any corporation formed under this
act shall commence business, the president aud d
reetors shall cause their articles of association
| be flied with the ~ecretary of state this 81 ate
and with the county clerk of the county or coun
ties in which such corpora ion shall conduct its
| mining manufacturing business, which said ar
Icles shalt be recorded in said office at length, in
books prepared for that purpose at the expense of
said association.
| Sec A. The articles of every such association
shah De sid ned by the persons associating in tn
first instance, and acknowls dyed before some per-
son authorized by he laws OF this state ac-
| acknowledgements of deeds, and shall state:
| 1st Distinctly and definitely the purposes for
| which the same is formed
| ID. The amount OF their capital stock and the
| number OF shares.
81. The amount OF capital stock actually
| paid in.
4th. The names of the stock holders, their respec
| tive residences, and the number of share. held by
each person.
| 5rh The place In thi. state where their Office
for the transaction of business is located, the
county or counties in which their busne is to be
| carried on.
9th. The term OF It's existence, not to exceed
/ thirty years.
Sec. 5. Every such corporation shall annually,
| in the month OF July, make a report, signed by
majority o. the naard OF directors, containing:
1st. The amount OF capital actually paid in.
I'd. Tue amount invested in real estate.
Sd. The amount of personal estate.
4th. The amount Of their debts and credits,
| near as may be.
5th The ZANE of each stock holds and the lumber
OF share held by him or her at the date of such
5 by the fcers signing the same, and il person
snail as 90 any mater = facts, knowingly swear
affirm falsely, he shall be deemed guilty Of perjury,
! and be punished accordingly
! lection g. The amounT Of the capital stock In
every such corporation, shall be fixed and limited
by the stockholders in their articles OF association
and shall in case be less than ten thousand dol
lars, more than five hundred thous and dollars,
and shall ue 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
holders called for that purpose provided that the
amount 10 increased shall not, with the existing
capitol, exceed Eve hundred thousand dollars.
Section 7 The purpos- 3 for which every such
poraIion shall be established, shall be distinctly
and definitely specified in the articles of as.ocia-
ton and it shall not De lawful for said Grafton
| 20 appropriate Its funos TO any other purpose.
Section 5 When say corporation sh ali be formed
under this act any two of those associated may
call the first meeting of the corporation at such
time and place as they may appoint, by giving O.
tce thereof ct least fifteen days before the time
designated for such meeting, in some ne wspaper
published In the county where said corporation is
10 carry on their business, and if newspaper is
published in said county, then in paper pub
lished in the city of Madison.
Section 8. The stock, property and affairs of such
corporation shall be managed by not less shan three
nor more than nine directors, as the articles shall
determine. one OF whom shall be a resident of this
state. They shall hold their offices one year. aud
until their successors shall be duly chosen.
Section 10 The directors of every such corpora
ton snail choose one of tn number president,
and such other officers their articles of
ton aud bylaws may require, who .ha,l hold their
offices year until maor ty of ths stockhol-
| ders choose others in their stead Tae directors
for the time being shall have power to I'LL any
| cancy which may hacpen in the board by death
Resignation or otherwise for the current year.
Section II. The directors may call in the sub
scr2tion to the capital stock OF such corporation
by instaiments IN such portion and at such times
and place as they shall think proper, by giving
notice thereof as the bylaws shall prescribe and
in case any stakeholder shall neglect or refuse
payment of any such instailment for the space of
sixty days after the same shall have become due
and payable, and after he shall have been notified
hereof he stock of such delinquent stockholders
may be sold by the direct rs at pubic auction, Il
the Office OF the secretary of the corporation. Civ
ing az least thirty days notice IN ewspaper
| published in the county prOuided, that if said
stockholders shall reside in this state, the stock
shall be sold at the business ohcs of said corpora
tion IL the county in which they doing buss sss,
giving at least thirty days notice thereof, some
newspaper published in the county If no news
| paper be published in said county in which such
corr transact their business, then il shall
be published in some newspaper in the city of Mad
ison and the proceeds of such sale shall be first
applied in payment of the instaIlment called for
and the expenses on the same, and the residue
shall be refunded to the owner thereof, and such
sale shall entitle the purchaser TO all the rights of
a sockhoder 10 the extent OF the shares bought.
Section H. majority of the directors of every
such corpo. alton convened according to the by
laws, shall constitute quorum for tue transaction
OF business; and those holding majority of the
stock, any meeting of the stockholders shall be
capable OF transacting the business of the meetng
all me etings of uch stockhod ers sch share
shall be entitled to one vote. Stockholders may
appear and vote in person or by proxy duly filed
with the secretary of the company.
Section 10. If it shall so hapren that election
of directors shalt not 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 same manner provi
! ded in the eighth section of this act.
SEQ. Il. The books of every such corpo ration
containing the aoecounts shall at all reasonable
| times he op-n for tn inspection of any Of the
! stockholders, and as ofte &. in each year
statement OF the counts ofsuch corporation shall
be made by eFder OF the directors, and laid before
| the stockholders.
Sec Is Every such corporation shall by their
name have power pire and hold all such real
and persona al shall be necessary for the
of carving on the business of such corno
alton; Drouidsd that their real estate shall not
exceed three thousand acres, unless such corpora
tion is organized for the purpose of iron mining
| man ufacturing, in which case the real estate
| shall not exceed Ave 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,
! such form the directors shall prescribe; and
such corporation shall at ali times have a upon
| the stock property of It's members invested
| therein for all the debts due from them 20 such
| corporation, which may be intorced Teuf reed by
| Advertisement and sale in the mann-r herein pro
yid ID tor selling .linquent stock and al purch,s-
at such sale shall be entitled to the rights of
| stockholders.
Sec II. The stockholders of all corporations
founded upon this act, shall be individually liable
for ali labor pc rformed for such corporation
| sociations which said liability may be enforced
| ag aiust any stockholders by action founded
this statute, any time after execution shall
/ be returned satisfied against said company,
| preceded, such action be CONNIE need within sixty
days. and ProUtded, alaoIys, that II any ssockho ID
| er shall be compelled by any such action, to psy
the debts of any creditor, or a1y part thereof, ne
| shall have the right call upon all the stockhold-
| ers 10 contribute their part of the sum paid by
him Aforesaid, and may them Jointly
orally, any number of them, and recover in such
| action the ratabIe amount due fem the person or
persons sued
sec. Is. Every such corporation formed for min l.
ing purposes, shall annually, on the fret day Of Ju
Iy, in each year, make report, winch shall stat .
the of copper, iron other uinersl wbi Oh
| such company may mined within the year,
past which report shall be signed by the president
and a majority OF the directors, and shall be veri-
| fed by the oath of the secretary or other officer