Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1869-04-02
creased or diminished at any regular

poration, and shall ut all regular
meetings of the stock holders be ell
titled TO one vote for every share oi
the stock he may own, which vote
may be cast in person or by proxy.
| ARTICLE 5. Not less than five per
cent. Of the stock subscribed shall be
paid at the time of subscription, and
after two hundred thousand dollars
are subscribed, the directors may or
der such installments to he paid In
on all shares, as they may deem nee.
eseary for the speedy construction of
the road, but no installment shall ex-
coed ten percentum at any one time,
and shall not be ordered oftener than
once in three months. Notice OF
each installment required shall be
inserted in some newspaper publish
ed at the place Of business of the COM
pany.
ARTICLE Q. The company shall
have u lien upon all the stock sub
scribed for all unpaid installments,
and the directors may declare oil
such previous payments thereon for
feited, II the ipstallments levied are
not paid within sixty days after they
become due.
ARTICLE z. For the payments of
debts to MD In the construction OF
said railroad, the Directors may Is
sue preferred stock. bearing interest
at the rate Of seven percentum per
annum.
ARTICLE 8. The officers Of this
corporation shall consist Of . Board
of fifteen Directors, . majority of
whom shall constitute q quorum
The Directors shall be elected annu-
ally by the Stockholders, OH the first
Wednesday in June, after 1863, and
said Directors shall continue in office
until their successors arc elected
They shall elect from theirow num-
Der the President, Vice President a.. III
Treasurer, of the company, whose
duties shall be such as generally per-
f, tain to such ofilcers-and shall fill
all vacancies in said Board.
ARTICLE 0. The affairs Of the com.
pany shall be conducted by said di-
rectors, land they are, as Board, here
by invested with all the powers and
authority necessary to carry out the
objects of this corporation, as limited
by these articles.
ARTICLE 10. The Board shall APP
point from their own number an ex-
ecutive committee, composed of the
President, Vice President, and one
member,-whose duty it shall be, un-
der thegeneral direction of the Board
and between the meetings thereof,
to manage the affairs of the conpa-
ny. A majority of the number shall
constitute quorum to do business
All proceedings of the committee
and any Of its meetings shall be re-
corded In the book of minutes, by
the Secretary, II present. II the
Secretary is not present. the minutes
shall be signed by the committee and
filed with the Secretary, who shall
enter the same on his books.
ARTICLE IL. Said Board of Dircc-
tors shall employ . suitable person
rs Secretary to keep full and cor
rect account of all affairs aud pro-
ceedings of the company, which
shall at all times be subject to the in
spection of the stakeholder; aud
generally to perform the duties usl.
ally required of such officers. Said
Board may also employ such other
clerks, managers and agents as they
may deem essential for tho good of
the company.
ARTICLE IL. Before entering up
on the duties of this Office, the Treas
urer shall give bond and security to
the satisfaction Of the Board Of Di-
rectors for the safekseping Of all mo-
mics subject to the order of said
Board, and for the faithful perfor-
nance of his duties. He shall be
charged with such duties as pertain
to that Office in like corporations, and
shall pay out money only upon Or
ders signed by the manager, and
countersigned by the President.
ARTICLE Is. The private proper
ty Of the stockholders shall not in
any event be subject to tho debts of
the company. -..
ARTICLE IL. Certificates of stock
shall not be issued to any subscriber
until the whole amount has been
paid thereon; and certificates shall
only be assignable on the books of
the company under such regulation
AZ the Board may adopt.
ARTICLE Is. All bonds for loans
and certificates Of stock shall be
signed by the president aud counter
signed by the Secretary.
ARTICLE l6. This corporation
shall commence on the Gath day of
1869, and continue for fifty
years, and be renewed or dissolved as
provided by law.
ARTICLE IL. These articles may
be amended at any meeting Of the
stockholders, after thirty days notice,
the proposed amendment.
and published in the business paper
of the community, provided that
two-thirds of all the stock subscribed
shall favor said amendments. The
articles may also be amended by the
vote of the Directors.
ARTICLE Is. Article Is shall new
er under any circumstances, be
ARTICLE 10. No person shall be