The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1864-06-16

have reached the maximum amount or limit: pro-
,aded, hOueuer, that statement of any such
incl ease shall be lied annually in the Office OF the
| secretary of state.
| Sec 8. When any vacancy shall occur in the
board of directors, whether occasioned by death,
resignation, neglect refusal inability to serve
or otherwise, it shall be filled temporarily or for
the remainder of the term, by the board of directs
ors; but majority of the board shall not be so
substituted, and when vacancies shall have ocN
Cured requiring substitution of more than moi~
ETY. the elected directors, then special election
shall tor such purpose be held.
| Sec 9, Special elections may be held for the
election of directors, but all such elections and
| all meetings of stockholders for other purposes
called, shall be called under the provision OF Sec
ion OF this act, providing for the cali of annual
elections.
| Sec. 10, The business of any such company shall
| be confined TO tbs aiding and encouraging of Wis
consin inventors snd patentees, and shall embrace
the manufacturing of articles so patented, of ex-
| perimentlng and testing the value OF discoveries
| and Improvements before the same shall have been
patented, and holding in the name of and Tor the
oeneht OF any such company, not exceeding the
one~half interest IN any such invention, discovery
Improvement patent and shall have ali the nec-
essary powers for such purposes and tor the dis
posing OF all articles manufactured or construct
ed under IT'S thorty and directions 81 of the town
city, village, county or state right which may ex
ISL under and by virtue of any caveat patent TO
|
any such company may acquire interest.
| sec. H. No such company shall purchase or IN
any other manner acquire, tor money consider.
alton, greater amount than one-tenth interest
10 any such discovery invention Improvement or
| patent but any such company may acquire noi
exceeding the one half interest in any such dis
coyery, invention, Improvement or patent if So CHI
| company shall propose to test the value of the
| same and to procure and secure patent therefor
for the benefit of the inventor and any such com
fO aId fha irtr nfa 81 MT
ented article, by the manufacture conslruc~
| zion of it.
Sec - The capital stock of every such COM
pany shall be deemed personal estate. and shall
be transferable on the books of the company.
| Sec .l3. When the assets and effects of any such
company shall be found to exceed % per centum
the mount OF its capital stock, upon filing with
the clerk OF the circuit court certificate, signed
and sworn to by them, the board OF directors may
declare dividend ofany amount exceeding such
excess, and which dividend shall be paid TO the
ckholders or their legal representatives. by the
treasurer of any such company, in such manner
as that the dividend upon each and every share
of stock shall be an equal and like sum or amount
Sec. Ia. The capital stock of any such compa
ny may be reduced, IFS business operations eX-
tended or changed. at any meeting called and helC
under the provisions Of this act, if the vote there
for shall have represented not less than than two
thirds of the whole stock of any such company
but such reduction shall be made until all the
ueOts Vi any SuCu couIpduy sndll nave UceH pdlo
and dissolution of the company may be in like
manner and under like condition made
Sec Is. The total amount of any such re
duction of capital, or of the moneys resulting
from the dissolution of any such company. shall
be apportioned and paid to its stockholders, il
> accordance with the provisions for equality 0
, distribution in section ID of this act.
3 Sec. l6 No dividend shall be made unde
! the provision of section of this act, upol
any share or shares of the stock of any such com
pany which shall not have been paid In full to 0
s which is owned by any such company
= Sec, II. No loan ofmoney shall be made b.
q any such company.up any pledge of its owl
e stock, or to any officer stakeholder of an
e such company; and any officer or stockhode
:, asserting to any such liability, shall be liable
e an extent equal to double the amount of loa
Il upon any debt of any such company exlstin
e during the period OF such loan and such liabil
# iy shall be co-existent with the liability create
by the loan.
Il Sec. Is. This act shall take effect and be j
s force from and after its passage and publication
e Approved A pril 4, 1864