The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1877-03-14

persons named in the first section of this Act
and such other persons as may associate them
selves with them, majority OF them, shall
open books to receive subscriptions to the cap
ital stock OF said company at such tunes ana
places as they may deem best. and shall receive
said subscr ptions under such regulations as
they may adopt.
SEC g. Be- al further enacted, That the
immediate government and direction of the
affairs of the company shall be vested in a
! board of twelve directors, who shall be chosen
i by the stockholders of said company in the
manner hereinafter provided, and shall hold
their offices until others are duly elected and
qualified: Pr0ctdsd, that no person shall be
Qualified to be a director who is not the owner
of a least five shares of the stock of the COM
pany; and the directors, majority OF whom
shall be quorum to do business, shall
elect one OF their number to be president OF
the board, who shall be president of the COM
pany they shall choose a secretary and treas
urer who shall be sworn to the faithful dis
charge of their duties, and the treasurer shall
give bond with sufficient security to said
company, in such sum said directors may re-
quire, for the faithful discharge of his duties.
SECT BE 1t further enacted, That any five
of the persons named in the first section hereof.
are hereby authorized to call the first meeting
of the stockholders of said company In such
way and manner, and at such times and places
as they appoint, for the choice OF directors OF
said company and in all meetings of the
stockholders each share shall entitle the holder
thereof to one vote, which vote may be given
by said stakeholder in person or by proxy, and
the annual meeting of the stockholders of said
company shall be holden at such place and at
such time as said company in their bylaws
NAV prescribe and in case it shall so happen
that an election of directors shall not be made
on any day appointed by the bylaws of said
company, said company shall not for that
cause, be deemed dissolved, but directors and |
officers shall continue in office until their sue
cessors are elected and qualified.
SEC s. Be 1t .further enacted, That the di-
rectOrs shall have full power to make and pre-
scribe such bylaws, rules and regulations, as
they deem needul and proper, touching the
disposition OF the property and effects of said
company, not contrary to this charter or the |
laws of this State or the United States And
said company is hereby empowered to pur- |
chase, receive and hold such real estate as
may be necessary in accomplishing the OBJ
jects for which this company is organized or in
corporated.
SEC g. Be 1t further enacted, That when
ever it shall be necessary for the construction
of their railroad or way to intercept cross
any stream of water or any highway, it shall be |
lawful for said company to construct said road
or way across or upon the same, but the com
restore the highway to its former
usefulness.
SEC. 10. Be 1t further enacted, That it
shall be lawful for the company hereby incor-
pora ed, from time to time, to fix, regulate and
receive the tolls and charges by them, to be re-
ceived for the transportation of persons or
upon the road hereby authorized to
be built, upon any part thereof
SEC. II. Be itfatrther enacted, That this Act
shall take effect and be in force from and after
its passage.
APPROVED, January 81, 1877.