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

Article ll.-Said Board of Directors
shall employ a suitable person as Secreta-
ry to keep full and correct account of all
affairs and proceedings of the company,
which shall at all times be subject to the
inspection of any stakeholder and gen.
orally to perform the duties usually
may olso employ such other clerks,
managers and agents as they may deem
essential for the good Of the company.
article l2.-Betore entering upon the
duties of his office, the Treasurer shall
give bond and security to tho satisfaction
of the Board of Directors for the safe
keeping of all monies subject to the order
Of said Board, and for the faithful per-
Torrance 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 orders signed
by the manager, and countersigncd by the
President.
article l3.-The private property OF the
stockholders shall not in Gny event be
subject to the debts of the company.
article l4.--Certiiicates 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 as the Board may adopt.
article l5.-All bonds for loans and
certificates of stock shall be signed by the
President and countersi sned by the Sec
retarv.
1rtic1e 16.-Tkis corporation shall
commence on the Oath day of March, 1869,
and continue for fifty years, and be renew
ed Or dissolved as provided by law.
article l7.-These articles may be
amended at any meeting of the stockhol-
ders, after thirty days notice, specifying
the proposed amendment, and published
in the business paper of the company,
provided that two-thirds Of all the stock
subscribed shall favor said amendments.
The articles may also be amended by the
unanimous vote Of the Directors.
article lS.-Article l3 shall never, under
any circumstances, be amended.
Article l9.-No person shall be elected
a Director of this incorporation, who is
not a stockholCer.
Article 2O.-The Board of Directors
shall have power to borrow money neces'
sary for the work herein contemplated,
and pay such rate of interest therefor as
may be agreed upon; such amounts, how
ever, together with the other debts of the
company, shall not exceed. at any one
time, two thirds of the capital stock. which
two-thirds shall.be the highest amount of
Indebtedness or liability, to which this
Company at any time may be subject. All
dee ds, bonds and mortgages, shall be
signed by the President or Vice President
and Secretary of the Company.
Article 2l.-The Board of Directors,
upon report Of the Secretary, shall every
year, at the annual meeting, Gx the
amount Of dividends and order the Treas
urer of the Company, to pay out such
dividends TO the stockholders.
article 90 The affairs of this company
to the time of the first regular meeting of
the stockholders shall be conducted by the
foil owing corporate Directors, until others
shall be elected in their place as provided
herein, viz
New YoHK--Jamcs Buell..
Dies MONIES w. ii. Lcas, T. NJ. Mills
and j. N. Dewey.
MAEsHALrowN-G. NJ. Woodbury., John
Turner and G. i. Rhodes.
WATEELoo-G.W Couch and P.McIsaac.
FAYETTE COUNTY - John Webb and
Aaron Brown.
McGnEGoR-J. II. Merrill, Douglas LEI.
fngwell and IL. W. Burlingame.
GRUMPY CoUNTY--J. NJ. Comstock.
Approved, adopted and subscribed to,
at Waterloo, Blackhawk county, Iowa,
this Oath day of March, 1869.
The report was taken up ad seridtin'
and adopted.
The committee on Resolutions asked
leave for further time in o, der that the adj.
dress of Col. Bauscnwein might be prepar.
Ted and published with the memorial OF the
committee.
+ On motion, the newspapers of tho coun,
ties through which the road passes were
requested to publish the proceedings Of
this convention.
Q r w II oil