North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1869-03-31

w IL. LTAo, SudIIHiitu.
Hon. L. D. Tracy, of Grundy county,
addressed the convention, W. IL. Lcas,
of Polk, being called apon, addressed the
convention. Judge Bagg, of Blackhawk
county, also addressed the convention.
II. G. Rice, Of Marshall county, addressed
the convention.
The committee on articles Of incorpora-
ton reported rs follows:
ARTICLES OF INCORPORATION OF THE DIES.
MONIES & McGREGoR RAILROAD COMPANY.
We. whose names are hercunto subs.
scribed, do hereby associate ourselves to>
gethcr as an Incorporation under and by
virtue of chapters So and SO of the revi-.
sion of 1860, and do declare ourselves a.
body corporate, with all the powers, rights
and privileges granted by the existing laws
the following Articles Of Incorporation
Article 1.-The name and style of this
Incorporation shall be the Des Moines &
McGregor Railroad Company, and the
principal place for transacting business
Shall be at Des Moines, Polk county, Iowa.
article 2.-The general nature of the
business Of the Incorporation shall be the
construction, operation and use of Il Rail
road, with double or single track, and
with all the necessary APPENDICES, appur-
tenances, branches, connections and ex-
tensions. The main trunk or continuous
line of said road to commence at Des
Moincs, Polk county, Iowa, and run thence
in northeasterly direction on the most
practicable and expcdent route, to the city
of McGregor, Clayton county. Iowa.
A,ticle 3.-The capital stock of this In
corporation shall be six million dollars,
which shall be divided into shares of one
hundred dollars each. The capital stock
may be increased or diminished at any
regular meeting, by two>thirds of the
Board of Directors, if deemed necessary.
article Avery person owning one
share or more Of stock, shall be considered
member Of this Incorporation, and shall
at all regular meetings of the stockholders
be entitled to one vote for every share of
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,
to be paid in on all shares, as they may
deem necessary for the speedy construc-
ton of the road, but no installment shall
exceed ten per centum at any one time,
and shall not be ordered oftcner than once
in three months. Notice Of each Install
ment required shall he inserted in some
newspaper published at the place of busi-
ness of the company.
article G.-The company shall have a
lien upon all the stock subscribed for all
unpaid installments, and the directors may
declare all such previous payments there's
on forfeited, if the installments levied
are not pail within sixty days after they
become due.
Article For the payments of debts
or to aid in the construction Of said rail
road, the directors may issue preferred
stock, bearing interest at the rate of six
per ceDtum.
article S.-Thc officers of this corpora
ton shall consist of Board of fifteen
Directors, a majority of whom shall con-
stitute quorum. The Directors shall be
elected annually by the Stockholders, on
the first Wednesday in June, after 1869,
and said Directors shall continue in Office
until theii successors arc elected. They
shall elect from their own number the
President, Vice President and Treasurer,
Of the company, whose duties shall be
such as generally pertain to such officers
and shall fill all vacancies in said Board.
article 9.-The affairs of the company
shall be conducted by said Directors, and
they are, as Board, hereby invested with
all the powers and authority necessary to
carry out the objects of this corporation,
as limited by these articles.
article l0.-The Board shall appoint
from their own number an executive
committee, composed of the President,
Vice President, and one member-whose
duty it shall be, under the general direc.
ton of the Board, and between the meet
ings thereof, to manage the affairs of the
company. A majority of the number
shall constitute quorum to do business.
All proceedings of the committee and any
Of its meetings shall be recorded in the
book of minutes, by the Secretary, if pre-
sent. If the Secretary is not present, the
minu ties shall be signed by the committee
and filed with the Secretary, who shall
enter the same on his books,