New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-06-08

ssid road), the number OF shares OF which
said stock shall consist, the number Of
directors and their names, to many the
affairs of the company, the point or place
from which the proposed railroad Is TO be
constructed, and its length, as near as
NAV be, Each subscriber to such artcles
of association shall state his place OF resi-
dence. and the numbsr OF shares taken py
him in such company.
SEC g.. And be it further enacted, mat
articles of association formed In pursuance
of the provisions of the foregoing sectlon,
shall be fled in the clerks office OF the
register of deeds in the District OF Column
bia, and be recorded in book Kept Tor
that purpose, and thereupon the persons
| who shall have subscribed the same, and
all persons who shall from time to time
become stockholders in such company,
and their successors, shall be BODY
polite and corporate, in perpetulty, by
| the name stated in such articles OF asso-
citation, and shall be capable of suing and
be sued, and may have common seal
and may make and alter the same at plea
sure, and shall be capable in law Of pur-
chasing, holding, and conveying any real
or personal property whatever, necessary
for the construction OF such road, and for
the erection of all necessary buildings
and yards and appurtenances for the use
of the same. A copy [of] any articles Of
| association filed IN pursuance OF this act,
| and certified to be copy by the register
of deeds, shall, in all courts and places,
be prima facie evidence of the incorpora-
ton of such company and Of the facts
stated therein.
SEC. 9. And be it further enacted, That
the dix, 'ors named in the seventh section
OF this act shall open books for subscrip-
ton to the capital stock of the company at
such times and in such places as majority
of them may direct, thirty days notice OF
which shall be given by publication in
some daily paper published in said Dis
trict; and in case a greater amount of
stock shall be subscribed than the whole
capital stock required by such company,
the directors shall distribute such capital
stock so subscribed as equally as possible
among the subscribers; but no share
thereof shall be divided in making such
distribution, nor shall a greater number
Of shares be allotted to any one sub
scriber than by him subscribed for.
SEC. 10. And be it further enacted, That
there shall be an annual meeting of the
stockholders at the Office of the company
for the election of directors to serve for
the ensuing year, notice of which shall be
given by the directors chosen as provided
in the first section of this act, for the first
annual election, and afterward by their
successors in office, which notice shall be
published not less than twenty days pre-
vious thereto, in newspaper published
in the city of Washington. Three judges
OF election shall be chosen by the board of
directors previous to any animal meeting
OF the stockholders, who shall be stock
holders but not directors at the time Of
such election, whose duty it shall be to re-
ceive the votes of the stockholders
at such election for directors, and
who shall openly count the votes
and declare the result, and shall fur
n SD the directors elected at such
meeting of stockholders with a certii-s
cate of their election, which certificate
shall be evidence CT their authority to act
as such directors. No less than seven,
nor more than thirteen directors shall be
chosen at such meeting of stockholders
by ballot, and by a majority of the votes
of the stockholders being present, in per-
son or by proxy; and every such stock
holder being so present at any election of
directors shall be entitled to give one vote
for every share of stock which he may
have owned for ten days next preceding
such election; but no stakeholder shall
vote at any such election upon any stock
except such as be shall have owned TOR ten
days. No person shall be director un-
less he shall be a stakeholder and quail
fed to vote for directors at the election
at which he shall be chosen. The d.
rectors shall hold their offices for one year,
and until others are elected and qualified.
SEC. II. And be it further enacted,
That meetings of the stockholders may be
called at any time during the interval be-
tween the annual meetings, by the direct
ors, or by the stockholders owning not
less than one-fourth of the stock, by
giving thirty days public notice of the
time and place of the meeting; and when
any such meeting is called by the stock
holders, the particular object of such
meeting shall be Stated in such notice,
and if at any such meeting thus called, q
majority in value of the stockholders a. .
not represented in person or by proxy,
such meeting shall be adjourned from day
10 day, not exceeding three days, without
transacting any business, and if within
said three days stockholders having a ma
jority of the stock do not attend such
meeting, then the meeting shall be dis
solved.
SEC. IL. And be it further enacted,
That at regular meeting of the stock
holders Of any such corporation, it shall
be the duty OF the president and directors
in office for the preceding year, to exhibit
a clear and distinct statement of the
affairs of the SAID company, and at any
meeting of the stockholders majority Of
those present, in person or by proxy, may
require similar statements from the d.
rectors, whose duty it shall be to furnish
them when required; and at all general
meetings Of the stockholders, majority in
value of the stockholders in such COM
pany may remove any president or any
director, and elect others in their stead;
Provided, That notice of such intended
removal shall have been given as required
in the two last preceding sections.
SEC. 13 And be it further enacted, That
in case it shall happen at any time that
an election Of directors shall not be made
on the day designated by the bylaws of
the company when it ought to have been
made, the company for that reason shall
not be dissolved, if within ninety days
thereafter they shall hold an election for
directors In such manner as shall be prc,-
ylded by the bylaws of the company.
There shall be a president of the company
who shall be chosen by and from the
directors, and also such subordinate off,
GERS as the company bylaws may desig-
nate, who may be elected or appointed,
and required to give such security for the
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