Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1864-04-02
LAWS OF WISCONSIN.
Published March %, lso4.l
CHAPTER Ie6.

CHAPTER 166.
| AN ACT TO encourage the formation of corpora.
tions for mining, smelling or manufacturing iron
copper. lead, zinc, silver or other mne
rails, and fr other manufacturing purposes.
The people of the state of Wisconsin, represented
In senate AID assembly, do enact as follows
Section l. All corporations organized and estab-
lished under the provisions of this act, shall be
capable of suing and being sued in any court In
this state, and may have a common seal, aud alter
and amend the same at pleasure, may elect in sucn
manner as they shall determine, all necessary
| fcefs. may fix their compensation and determine
their duties and make from time TO time surlr hv.
laws not Inconsistent with the Constitution aud
laws OF this state, as majority OF the stookhold-
ers shall direct 80
| sec q Auy number of persons, not less than
three who shall, by articles Of agreement in writ
ing, associate according to the provisions Of this
act, under any assumed by them for the pur-
| pose of engaging in and carrying on any kind OF
mining or manufacturing business aud who shall
comply with the provisions of this act, sha all with
their Successors and assigns, constitute body pol
iic corporate In fact and name, under any name
assumed by them IN their articles Of association
prorided, no two companies shall assume the same
name.
See g. Before any cor operation formed under this
act shall commences business, the president and d-
reetors shalt their articles of association to
be filed with the secretary OF state this 81 ate
and with the county clerk of the county or coun
ties in which sucn corporation shall conduct il s
mining or manufacturing business, which said ar
tcles shall be recorded in said Office at length in
books prepared for that purpose at the expense of
said association. - 80.
SEQ 4. The articles of every such ASSOCIATION
shall be- sis led by the persons associatiDg in the
first instance, and ackno dyed before some per-
sou authorized by he laws OF this state TO ia
acknowledgements of deeds, and shall state:
lst. Distinctly and definitely the purposes for
which the same Is formed -
I'd. The amount OF their capital stock, and the
number of shares.
81. The amouns Of capital stock actually
paid in. .~h ee - f... s,r
4th. The names of the sto ok holders their respec
tive residences. aud the number of shares held by
9th. The place 10 this state where their Office
for the transaction of business Is located and the
county or counties in which their BUSINESSES to be
9th. The term of its existence, not to exceed
thirty years. r. Ta E @
in the month of July, make report, signed by .
majority OF the board OF dire ctors, containing:
LIST. 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 aud credits, as
near as may be. "
5th The name of each stock holder and the number
Of shares held by him or her at the date Of such
port; and every such report shall be verified oath
by the officers signing the same and If any person
snail as TO any material facts, knowingly swear or
affirm falsely he shall be deemed guilty Of perjury,
and be punished accordingly.
Section O. The amoun' of the capital stock in
by the stockhoiders in their articles Of association
and snail in case be less than ten thousand dol
lars, nor more than five hundred thousand dollars,
and shall be divided into shares of twenty five doll
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 so increased shall not, with the existing
capital, exceed five hundred thousand dollars.
section z. The purposes for which every such cor
poration shall be established, shall be distinctly
and definitely specified in the articles of assoca-
tion and s 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 may
call the first meeting of the corporation at such
time and place as they may appoint, by giving
tice thereof at least fifteen days before the time
designated for such meeting, in some newspaper
published in the county where said corporation is
to carry their business, and If newspaper is
published in said county, then in some paper pub
lished in the city of Madison.
Section Q. Ths 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. one of whom shall be a 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 one of their number president
and such other officers their articles OF assoca-
ton and bylaws may require, who shall hold their
Offices year or until majority of the stockhol-
ders choose others in their stead The directors
for the time being shall have power to fill any va.
cancy which may ha. pen in their board by death,
resignation or otherwise for the current year.
Section IL. The directors may call 10 the sub
scrption to the capital stock OF such corporation
by installments 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 refuse
payment of any such installmeut for the space of
sixsy days after the same shall have become due
and payable, and after he shall have been notified
thereo the stock of such delinquent stockholders
may be sold by the directors az pubic auction, at
the Office OF the secretary Of the corporation, Civ
ing &C least thirty days notice in some ne wspaper
published in the county F: provided, that If said
stockholders shall reside in this state, the stock
shall be sold at the business Office of said corpora
ebao 4xxin thaua Aoin
giving least thirty days notice thereof, in some
newspaper published in the county. If no news
paper be published in said county in which such
corp oratisn transact their business, then it shall
be pu osh ed in some newspaper in the city of Mad
ison and the proceeds of such sale shall be FIRST
applied in payment of the installment called for
and the expenses on the same, and the residue
shall be refunded to the owner thereof, and such
sale shall enttle the purchaser to all the rights of
stock holder to the extent of the shares Bought
Section IL. A majority of the directors Of every
such corporation convened according TO the by
laws shall constitute quorum for the transaction
of business; and those holding majority of the
stock at any meeting of the stockholders, shall be
capable Of transacting the business ofthe meeting
all ceilings of such stockholders, each 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 49,. If it shall so hapren that an election
| of directors shall 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 oil sucn electl0ns IN the same manner PROVE
ded in the eighth section of this act. !
Sec. IA. The books of every such corpo ration
containing the accounts, shall at all reasonsbl
times he open for tn inspection of any of the
stockh oders, and as often as once in each year q
state mt OF the counts of such corporation shall
be made by order of the directors, aud laid before
the stockholders. sea
See Is Every such corporation shall by their
name have power TO acquire and hold all such real
and personal estate as shall be necessary for the
purpose Of carrying ON the business of such corpo
ration; r0Ctdsd, that their real estate shall not
exceed three thousand acres, unless such corpora
ton organized for the purpose of iron mining
manufacturing, in which case the real estate
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 property of its members invested
therein, tor all the debts due from them 20 such
eorpoi alton, which may be inforeed [eBf reed by
adye els ent and sale in the mannsr herein pro.
vdsd for selling delinquent stock. and al purchas-
at such sale shall be entitled to the rights Of
stockholders. a4s.af -
see IL The stockholders of all corporations
founded upon this act shall be individually liable
for all labor performed for such corporation
soeiations, which said liability may. be enforced
against any stockholders by an action founded on
this statute ct any tims after an execution shall
be returned not satisfied against said company,
pr0vided, such action be commenced within sixty
days and pr0gSded, aiaoays, that If any stockho ID
shall be compelled by any such action, to psy
the debts of any creditor, or any partthereof, he
shall have the right TO call upon all the stockhod
ers contribute their part Of the sum so paid by
him aforesaid, and may sue them jointly sew
orally, any number Of them, and recover in such
action the ratable amount due nom the person or
persons so sued
sec. 49, Every such corporation formed for min !.
ing purposes, shall ann ualy, on the first day OF Ju-