The Portland daily press., 1869-01-20
Portland and Orden.burg Railroad.

Portland and Ogdensburg Railroad.
A meeting of the stockholders of the Port
land and Ogdensburg railroad took place at
Reception Hall yesterday morning at ten
O'CLOCK. On nomination. of Gen. S. J. Ander-
son, samuel E. Spring was elected Chairman.
MI. spring, on taking the chair, said he was
proud to be called to the position. That he
considered the Ogdensburg road the most i'm
portant movement that had been undertaken
in Portland. and that it would be benefit tn
everybody. He was glad to staue sAat the pri-
vate subscription amounted to $270, 600 in Port
land, anu h. had good grounds for asserting
they would be increased to 100000 He then
stated that the first business before the meet
ing was to elect Secretary. Mr.. M. N. Rich
was nominated, elected and took the oath to
faithfully perform his duties.
Gen. Anderson was then requested By the
Chairman to read the call for the meeting,
which was done. Before proceeding to furth-
er business the Chairman stated he saw
number of gentlemen present from towns on
the line of the road which had subscribed con-
ditionally to the stock, and requested them to
take part in the meeting and give their advice
and opinion on matters discussed, although as
the subscriptions of their towns were con-
ditional they were not entitled to vote.
Collector Washburne from the COM
mite appointed to see whether the
proper legal notices had been given
and the requisite amount of stock sub
scaibed reported that the proper legal notices
had been given in the Portland Daily Adver-
tiser and Biddeford Union and Journal. That
1882 800 had been subscribed of which sum
only 100000 was required by charter That
the whole number of subscribers was 100.
The bylaws were next in order. Mr.. An
dsrson said that at meeting of the Corpora
tors of the road, a committee consisting of Gen.
Shepley, Mr.. j. E. Donnel and himself had
been appointed to draw up bylaws. These
bylaws were then read by him. The Chair
man asked what disposition should be made of
the bylaws Collector Washburn thought
they had better be accepted in full instead of
in detail, as they were the usual ones adopted
by railroads. Mr.. George e. B. jackson
thought these bylaws had better be examined
separately, or committee chosen to examine
them and report at future meeting. Gen.
Anderson thought they had better be read in
detail, or the important points in each read for
unless bylaws were made and accepted the
meeting itself would have to be postponed
The bylaws were then examined in detail and
with some few alterations adopted.
The article in regard to the number Of Di-
rectors and their qualifications is as follows
and is the most important one and met with
some discussion.
1.-THE Board of Directors shall consist of nine
man nhor nf xuha 1ao -
the whole number shall always be resident cit
izsns of the State of Maine land not more than
| three new members shall be elected in any
one year after the first election except to fill
any vacancy that may occur by reason oil
death, resignation or removal from the State.
Each member Of the Board must be, at the
| time of his election shareholder in the capital
| stock of the company. Whenever any Director
| having been resident citizen Of Maine at
the time Of his election shall remove out of the
State, and when any director shall cease to be
sshareholder, his Office shall thereby become
vacant Whenever any vacancy shall hap
pen in the Board OF Directors. a Director shall
be appointed to fill the vacancy by the re-
naming Directors, who shall hold the office
till the next annual meeting OF the sharehold-
er.''
Mr.. jackson thought too much care could
net be exercised in regard to the article. That
ifthe new Directors elected yearly were to be
only three in number that the majority of the
Board, being permanent, might mismanage
the road, and then there was no way for the
Corporation to change Board of Directors.
Collector Washburn thought that unless this
article was adopted it left the road to be used
as great political machine, but as five mem.
bers constituted majority of the Board, two
old members would always be found in that
number, willing to express the wishes of the
stockholders, and with the three new members
would constitute majority.
The next business was the election of nine
Directors. Messrs. W. s, Dana, J. w. Per-
kins, John M. Brown, George E. B. jackson,
Ralph Butler and Henry Fox were appointed
to receive aud sort the votes. The Committee
made the following report: "a o.