Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1870-04-30

sionsrs, 10 be appointed By any
court Of record OF the county in
which the land lies, aud ia case pf
dissatisfaction, either party may
appeal 10 q jury Of twelve men,
whose verdict shall be final. The
party appealing from the Fret de-
Cision giving bOuds for the cost,
but the tendency Of such proceed
lBgs shall not retard the progress
Of b work.
SEC. 8. And be Il further enacted, |
That the said corporation shall COM
mence the work herein prescribed
within two years from the approval
Of this act by the President, and
shall complete not less than twenty
miles per year thereafter aud shall
complete and equip the whole levee
aud railroad between Memphis,
Tennessee, and Vicksburg, Missis.
sippi, within Ave years from the
approval Of this act.
SEC. 8. And be II further enacted,
That the acceptance Of the provIs-
ions Of this act be signifled In writ
ing, under the seal OF the company,
TO the Secretary Of the Interior,
within two years from the passage
Of the act. The directors shall an
nually publish q full and correct
report Of proceedings aud expendl-
lures and revenues of the company,
verified as such Ivy the president
aud secretary Of the company, un-
der oath, aud q copy shall be fur
nished the secretary Of the interior
aud each shareholder. All officers
of the company shall be removable
at the pleasure Of the board Of III
rectors, or may be removed on the
written demand of 4 majority Of
shareholders and all officers may
be required to give such bonds as
may be defined by the boards Of
directors, and no one shall be an
officer who 10 not q shaTeholder.-
Each officer shall hOld his place for
one year, and until his successor Is
chosen aud qualified, aud no failure
TO hold an election OF officers shall
work 9 dissolution Of the corpora.
; ton. Seven directors, or q major.
ity Of them shall constitute o quo
, rum, and may at any time order an
election, aud otherwise manage and
direct the affairs Of the corporation,
: They shall also have full power 10
supply vacancies that may occur
In the board, and may appoint
!. any sub-agents or employees whose
services are wanted by the com
r pany. The said directors shall also
, call for the payment Of stock sub
scriptiOns as tho necessities Of the
corporation require, giving sixty
!, days previous notice Of the TINT
! and place Of payment, and no in
stallment thus required to be paid
Y shall exceed ten per centum Of thI
whole subscription. In case any
: shareholder fail or refuse to pay
c the said directors may dispose o
d the stock held or claimed by sucl
shareholder, as they may deem bes
for the benefit of the company, an
II all former payments made are for
feited TO the company, to be re
deemed on such terms as the boar
Of directors may impose.
SEC. 10. And be 1t further en-
acted, hat said corporation ma.
own, use, grant, sell, loan, OF mort
gage any property, real or persOna
0 or any franchise It may hold froT
y the United States, or from an
- State, or from any person or col
u pOratiOn on such terms or in sue
u manner rs its board of director
., may decide, and under no circuH
y stances shall any stOckhOlder b
?, liable for the debts or losses Of III
company beyond the amount Of hi
y subscription to the capital stock O
. the company remaining due an,
!, unpaid.
u SEC. IL. And be it further Ell
!. acted, That the trackway Of III
/. railroad herein provided to be cor
. structed, shall be of uniform gauQ
4 with that Of the Memphis and KaI
4 sas City Railroad, and Of the Unio
and Pacific Railroad.