The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-01-15

Q. Whenever one thousand shares Of
the capital stock Of the company shall
have been subscribed Tor and ten per
cent of each subscription actually paid.
q general meeting Of the stockhoden
shall be held in the city Of Wheeling
and said company may b. organized
by the election Of nine directors, ten
days notice of such meeting having
been given in some newspaper printed
in the city Of Wheeling.
10. The business and affairs OF aid
pany shall be under the control and
management OF Q Board OF Directofs. Q
majority Of whom shall consttuts Q
quorum for the transaction OF businesa
The said Board shall consist OF nine
directors, to be annually elected and to
hold their offices until their successoes
are elected.
The said directors shall elect .
president from their own number.
II. The city OF Wheeling or a1y
stockholder shall have the right 10 pre-
vent violations OF this charter, and 90.
force its provisions by injunction or
other appropriate remedy
l2. The said company 10 hereby
empowered and authorized to borrow
money for the purpose Of constructing
its road, branches, bridges, shops, etc.
upon such terms, times and rates OF
interest as said company may deem
proper, and to issue its bonds under its
seal therefor, and for the purpose Of
securing the payment OF the principal
and interest Of its bonds 90 Issued &C.
cordipg to their tenor and effect, u
may execute and acknowledge for
record proper deed of trust upon oil
its property, including this charter.
Said bonds may, by resolution OF the
Board OF Directors Of said company, Be
made convertible into the stock OF tho
company.
Is. The Council OF the city OF Wheel.
ing may subscribe in the name and on
behalf Of the said city 70 the capita,
OF said company. 10 an amount not ex.
.ceeding Eve huadred Thousand ilollars,
and may pay for its subscuptios q the
bonds OF said city, OF otherwise. Pro
vided. that beioss any such subsciptioa
shall be made, the maEimso srsssat
thereof shall be propossd, aAA he
questiou whether such sahscFiplios
shallbs usdseg not shall u sab9ists1
under suitable regulations lDsbs -
scribed BY the Couscil cf ssid sityt = 3
vote OF the persops snthorissd . voss
for members OF the Council OF ed city.
aud unless At least . majority Of tks
votes cast shall be In favor OF nskisg
snch subscription, the sasne shall .aes
be made. s.A,;ss5t
IA. The county Of 0hioa = hssby
authorized and empowered tessbscribs
10 the capital stock .of Mn 6oA,sny 10
~ amount pokE &xcesdihg fhrte hun.
dred thousand doallrs and to pay for
its subscription 10 its bonds or
otherwise. Provided, that no such
subscription shall be made for or on
behalf oi said company until the mar.
imum amount thereof shall be proposed
and the question whether such sub
scriplion shall be made or not. shall be
submitted under suitable regulations 10
be prescribed by the Board OF Super.
yisors Of said county, (or such officers
or board OF officers as shall then have
the management OF the affairs oil said
county, toI vote Of the persons
qualified to vote in said county for
members Of the Legislature Of this
State, and unless majority Of the
votes cast shall be in favor OF Q sub.
scription the same shall not be made.
Is. 1.-THE said city OF Wheeling sad
the said county Of Ohio or either OF
them, shall make any such subscrip.
tion, the said city and county are here.
by severaly authorized and EN- powered
10 issue coupon bonds 10 an amount
sufficient TO pay for its subscription.
payable at such time and place, and q
such rate OF interest not exceeding
seven per cent, as the Council Of said
city or the proper officers of said county
shall direct and TO secure the payment
Of the principal and interest ofthe bonds
issued, the said city or county may
cause to be executed in iu name and
on its sehalfs proper deed OF trust %
its respective stock in said company.
lG. Any and ell persons and copors.
tions may subscribe for, own, hold and
convey stock in said company. which
shall be held as personal estate, trans.
ferable on the books OF the company
at its general office OF business. hereby
established in the city Of Wheeling.
The property OF the said company
shall be exempt from TAXATION until its
net earnings exceed ten per cent.
The Legislature reserves the night 10
alter or amend this act, bat such alter.
alton or amendment shall not effect or
impair the right Of the creditors TO have
the property and assets thereof applied
in the discharge ol their respective
claims, or OF the stockholders 70 have
the surplus which may rrmsin after
providing for the debts and liabilities OF
the corporation distributed among the
stockholders according 70 their respeot.
i've interests.
CONDENSE EI,E9RlMS.