Vermont farmer. [volume] (Newport, Orleans County, Vt.) 1870-1877, 1874-12-04

the debts Of the estate he represents shall be valid
tracing 70 make such sale shall have given the corpora
on notice thereof IN writing stating the price Of
has been honestly contracted TO DO Sold and until the
other stockholderi who may take the same AZ the
wise shall have neglected refused TO take aud pay
for such stock AZ ad price and on said terms for thirty
days And devise Of the stock except 10 the legal
heirs Of the owner shall DO valid and binding said
corporation untl the deysee shall have had the value
Of the same determined notice In writing for that
purpose to said corporation by the Probate Court for
the district Of Caledonia, and until the other stock
value, pro rata otherwise, shall have neglected OF
refused TO take and pay for the same at such
tained value for thirty days amer said corporation
shall have been notified In writing by such devisee Of
the yalne placed upon said stock by said court.
eEc.6. Every certificate Of stock issued by said
corporation shall have plainly written or printed
upon II the foregoing section Of this act relating to the
sale aud devise Of the stock
sEc. 4 The stock, property and affairs Of said cor
pOfaion shall be managed by board 0f not less than
be chosen president ny them and all Of whom shall DO
stockholders, and shall be elected annually at such
said corporation shall prescribe and shall hold their
Offices for year and until others are elected.
majority Of said directors when met shall in all
constitute board Tor transactng business ald
a majority Of the stockholders present at any legally
notified meeting shall be capable of transaeting the
oWnor thereof to one vote which vote shall DO given
by the slockhodor In person by lawful proxy, but
stakeholder shall be entitled 20 cast more than
third the votes which might DO lawfully cast by the
stockholders OF said corporation. The first moatng Of
two Of the corporaOrs named In the first section Of this
act at such time aud on giving such notice ms IL pre-
scribod by the General Statute in relation to private
| corporations
sic s. The president and directors or majority of
them for the tno being shall have power t. III any
vacancy In their board which may happen by death,
resignation, or otherwise, for the thon current year
and 10 employ secretary, treasurer, and such other
officers, mechanics and lnborers, they may ldeeml
necessary for tho transacon Of tho business aud con-
Germs Of said corporation and may require said secre
bond otherwise for the faithful discharge OF their
trust and duty as such directors may think proper,
and also to make aud establish subject to the ratica-
tion Of the stockholders at their next regular meeting
such by laws rules and regulations they shall deem
expedient and proper for tho botter management of
the affairs Of said and the alter and
alprovided always SAID byaws rules and regulations
e not with the laws this state or of the
United states, and sud directors may and shall
often as the interests o. the stockholders shall require
aud disclose a dividend OF dyidends Of the profits on
each share which shall be paid by the treasurer Of said
sEc o. II tho annual election of directors shall not
be mhde on the day appointed by the bylaws Of sad
corporation, tho corporation shall not he deemed dis
solved for such cause but said election may be holden
on any subsequent day which shall be appointed by
SIC TO- The present members of tho firm of Il. & T.
Fairbanks Co, copartnership existing and doing
business under that name ana syle az 81 JonnsGuS
10 tho capital stock Of this corporation u amount
equal 10 their respective interests IN sad cIpartner
| ship, and their subscriptions may be paid by q con-
vsyancc release 10 said corporation Of their respect
i've interests in said property of such copartnorship,
tween the said coparlnors and said corpcraton and
such payment shall be good aud valid rs If paid IN
cash. aud stock certificates may DC issued for tho full
amount Of their stock by them subscribed and pa
for aforesaid and the corporation formed by this
act shall assume and pay all the liabilities aud debts
Of the said copartne. ship.
sEc ii. The books Of said corporation containing
their accounts shall ut all reasonable tunes ba open for
tho inspection Of any of the Stockholders Of said
poratCn, and annual statement OF the accounts OF
said corporation shall DO made by the order OF ana
under the direction Of the directors and the directors
may obtain at any time new subscription To- tue cap
;al stock until the same shall amount 10 the sum oil
ne miHioa dollars, always provided that before the
directors shall obtain subscriptions as aforesaid they
shall be A,horlGed 10 Do ny vOts Of the sockbod
Ors at meeting especially called for that purpose n-
crcasing the capital stock, and directing the directors
TO open subscriptions for the same and tho then stock
holders shall have the right to subscribe for su III in
crease pro rata.
due from said corporation the stockholders Thereof
shah not be responsible in their private capacity, but
only the property and estate of the corporation bu
nothing In this shall DO construed 10 authorize
empower said corporation to use its funds or property
for any banking purposes or transactions OF any Gus
ness inconsistent with the provisions OF section one
size IT, The directors may call 10 the subscription
to the capital stock by instruments M such proportion
and at such times and places they may deon prOLeI
giving such notice as the bylaws and regulations 9
said corporation shalt prescribe, and any sockhold
er shall neglect refuse 10 pay such instalncnt Q
instalments, within sixty days after the same shal
become due and payable, aud after said stockholde
shall have been notified thereof said corporation ma
through Its directors declare the stock Of such nesl
gent aud delinquent forfeit TO said corpS
ration and may proceed to sell the same at publ
auction after having given at least twelve daya NJ
n tce In some newspaper printed at St. Johnsouty,
caledonia County, OF such forfeiture ana SAFE, anu
The time and place Of SALE and after paying rom IN
ayails Of such sale the nstamen or instruments 50
arrears and unpaid, aud all reasonable expenses an
costs Of such sale shall refund the balance any To sue
delinquent stakeholder.
i Nothing in this section shall DO construed to TAX
away tho right Of said corporation TO collect such Il
" stament or instalments, OF such delinquent stock
holder Instead Of declaring his her stock forfeit
sed eo.Peration, and selling the same in the mann'
:, $40 n. The said corporation shall within tho peri
- cd Of one year next after the same shall become Oi
10 organized lodge certificate with tho Secretary q
state containing the amount Of capital stock actual
Q paid In and belonging to said corporation, which Gel
tihcao shall he signed by the president and secrcar
Of said corporation aud verified by their oaths, an
also like certificate of all subsequent instalmen
. paid In and now shares thereafter created shall |
W verified and lodged IN the same manner, and III
amount OF tho capital stock thus verified shall not
withdrawn 10 reduce the same below the am OUT
stated IN the certificate and u any part OF the capt
stock paid in and certified shall be withdrawn by div
dends OF otherwise without the consent OF the Gene
jointly and sevrrally liable traders In company,
Of tho insolvency OF said corporation at any per
cd afterwards, for all debts owing by said corporate
at tho time Of, or subsequently to, the reduction
x diminutiOn Of tho capital, aforesaid, and II sal
corporation shall be delinquent In filing with the BE
Rotary Of State the certificate, or certihcates pr
scTibed in this section, within the time herein pr
scTibed, the directors Of said corporation shall
p jointly and seyeray liable traders in company
delinquency Of said corporation shall continue. anu
the Indebtedness of such corporation shall at any tim
"A exceed ITS capital stock, the directors Of said cOrpoTi
ton shall 10 Jointly aud seyeraly liable for such o.
ly cess TO the creditors of said corporation,
SEC. IS. THIS act shall DO under the control OF Oh
II Legislature to alter amend or repeal, rs public goo
SEC IT, This act shall take oiTect from its passag
II. HENRY POWERS,
-. Speaker Of the House Of Reps
RI LYMAN @. HINCkLEY,
pres itpnI a La SRnnte,