Democratic enquirer. [volume] (M'arthur, Vinton County, Ohio) 1867-1873, 1871-12-06
RAILROAD MATTERS.
6ftIoE or THE 4lLLIPoLis. MoARflitR !
And C6LUMBUs n. X. Co.,
GALLIPOLIS. Nov. "a, 1871.
ro tfte EdItot Uf ths MoArthur EnaOIretI

tor the eiectlOH OF lIlTectors
and the transaction of other
Business, is near at hand, | have
thought it advisablej through
the columns of your paper, to
call the attention of subscribe
erS to the capital stock of said
Company to q few sections of
the railroad law Of Ohio, and
to the bylaws Of said II. r.
! Company, of which ! herewith
send you a copy:
Yours, respectfully
w. II. LANGLEY.
In an act passed May LIST, 1887
to create and regulate railroad conn
panies in the State Of Ohio, may be
found tire following sections, viz:
"SEtrioN 6. All instalmeht of
five dollars on each share Of stock
shall be psyablS AZ the tlitie of max :
ing the subscription, and the resi-
due thereof shall be paid in such
instalments, and at Stch times and
places; and to such rs may be re.
qaired By the directors ofsuch c0h-
pany."
(NoTE. In Henry and others vs.
the Vcrmillion and Ashland Rail
road Company, II Ohio Reports,
1877, it was held that q bill in chan
Gerry in the form of = creditors bill,
would lie against q stockholdcr Of
an incorporated company to sub
ject unpaid subscriptions of stock !
and that the stotkR6lder might be
proceeded against in this way,
TuotGu THEY oMMITTED TO PAY AT
THE TIMES OF SUBSCRIPTION TfE FIVE
PEN CENT, Required BY THE CHAP.
TER.
ct will be noticed that the law
does not say that the five dollars
per share shall be PAID at the time
of making the subscription, bat
that il shall be payable at thst time,
thus making tho amount due and
payable when tho company calls for
|it)
SEQ. 0, That the persons named
III said Certificate of Interpretation,
or any three Of them, shall bo au-
thoriEcd to order books to be open.
ed tof tSGeiSing subscriptions to the
CAPITAL stock of said company, at
such time or times ard at such place
or places as they may deem e&pedi.
ent, after having given at least
thirty days' notieei in newspaper
published or generally circulated in
one or moro Counties Whore books
are to be- openedI Of tho timo and
place of opeH'hg books, and so soon
as ten (l0y per centum on the capi.
tai stock shall bo subscribed, they
may give like notice for the stock u.
holders to meet at such time and
place as they may designate, orthe
purpose of choosing seven directors.
who shall continue in Office until
the time fixed for the annaaT eIct.
ton, and until their Successors are
chosen aud qualified, at the time
and place appointed, directors shall
DO chosen BY ballot, by such Of the
stockholders as shall attend for Chat
purpose, either in person or by law
full proxies-eaeh share shall entitle
the owner to one vote, and "A plu.
rality of votes shall be necessary
for a choice, but after the FIRST eHcc-
tion Of directors no person shall vote
on any share on which any install
ment is due and unpaid. The per.
sons named in such certificate Shall
be inspector of such election, and
shall certify what persons are elect
ed directors, and appoint the time
and place for holding their first
meeting, majority Of said directors
shall form = board, make bylaws,
and transact all business of the cor.
poration; Il new election shall be
annually held for directors, at such
time and place as the stockholders,
at their FIRST meeting, shall deter-
mine, or as the by-laws Of the cor
poration may rcfGiFe, and tho di-
rectors chosen at any election, shall,
so soon thereafter as may be con-
venient, choose one of their num-
ber to bo president, and shall ap-
point q secretary and treasurer OF
the corporation. The directors,
before entering on their duties, shall
each take an oath or affirmation
faithfully to discharge his duties,and
they shall from timo to time, make
such dividends of tho profits of said
company, as they may think
proper"
aalliFtiis, Macarthur and Columbus
Railroad 90. BYLAWS
L. The principal Office of
the Company shall be kept in
the city of !Gallipolis, GalIia
county, Ohio, until otherwise
ordered.
2. The Directors shall meet,
until otherwise ordered, at the
principal Office of the Company,