Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1879-01-23

shall BE- chosen. In the election ofdlrectoI
each s%tockholder shall be entitled to or
vote. either In person or BY proxy. for ever,
share OF stock owned by him for thirty day!
next proceeding such election. Vacanciei
shall be filled in the manner prescribed BY
the bylaws. Inspectors of the first cleo
ton of directors shall be appointed by the
board of directors. named in the articles Of
organization, and thereafter as provided by
the bylaws. No person shall be adirector u n
less he shall be a stakeholder, owning stock
absolutely in his own name, or as trustee or
personal representative, and qualified to
vote at the election at which he shall be
chosen and at every election of directors
the books and papers of such corporation
shall be exhibited to the meeting if q ma
Ijority of the stockholders present shall re-
Iquire it. If for any reason the election Of
directors shall not have been held at the
time fixed therefor by law, the same may be
held at any time thereafter on a notice of
twenty days. Such election may be called
by a majority of the directors, or by the
stockholders holding a majority of the
stock but at any meeting at which all the
stockholders shall be present, or be rep
resented by attorney or proxy, it shall be
lawful to waive notice and proceed to an
election of directors.
Sec. 4. The directors shall appoint one Of
their number president; they may also ap-
point a vice president, secretary and treas
urer, and such other officers and agents as
shall be prescribed by the bylaws Of such
corporation.
Sec. s. The directors may require any
mounts unpaid upon the capital stock to be
paid in such manner and in such INSTALL
ments as they deem proper. If any stock
holder shall neglect to pay any installment
as required by a resolution of the board, and
the board shall have caused a notice in
writing to be served on him personally, or
by depositing the same in the postoffice,
postage paid, properly directed to him at the
postotfice nearest his usual place of residence,
at least sixty days. previous to the day on
which such payment is required 10 be made,
stating that he is required to make such pay
ment at the time and place in such notice
specified, and that if he fails so to do his
stock and all previous : payments thereon
will be forfeited for the use Of the corpora
ton T; such hoard may declare such stock
and previous payments forfeited, and they
shall be forfeited accordingly to the use of
the corporation. Or such board may in any
case enforce payment by a%ctionat law.
Sec. 6. The stock of every such corpora
ton shall be deemed personal estate, and
shall be transferable in the manner pre-
scrlbed in its bylaws, but no shares shall
be transferable until all previous calls there
on shall have been fully paid in.
Sec. Z. The capitaraloek of any such cor.
poralion may be increased to such amounts
as may by its stockholders be deemed ne.
cessary for the construction or operation oi
its road, by a vote of the owners of at leas,
two-thirds of all its stock, in person or by
proxy, at any annual meeting, or at any
meeting called by its directors for that pur
pose, by q notice in writing to each stock
holder, or to be served on him personally
or by deposi,ing the same in the postotfice
postage paid, properly directed to him a
the postofice nearest his usual place of resi-
dence at least twenty days prior to suct
meeting. Such notice shall state the time
and place of such meeting, its object, anc
the amount to which it is proposed to in
crease such capital stock. No vote in favol
Of such increase shall take effect until tn,
proceedings of such meetings showing thu
names of all the stockholders voting there
for, and the amount of stock owned by each
shall be entered upon the records of such
corporation.
Sec. 8. No person holding stock in any
such corporation, as executor, administrator,
guardian or trustee, and no person holding
such stock as collateral security, shall be
personally subject to any liability as stock
holders of such corporation, for any calls or
installments on any past paid stock thereof
but the person pledging such stock shall be
considered as holding the same, and shall
be liable as a stakeholder accordingly; and
the estates and funds in the hands Of such
executor, administrator, guardian or trustee,
shall be liable in like manner, and to the
same extent, as the testator or intestate, ward
or person Interested would have been if he
had been living, or competent to act, and
held the same stock in his own name.
Sec. 9. Every corporation formed under
this chapter shall be a body corporate by
the name designated in its Articles, shall
have perpetual succession, shall have the
right to sue and be sued, may have a COM
mon seal and alter the same at pleasure, and
shall also have the power:
l. 10 cause such examination and sur
veys for its proposed railroad to be made,
as may be necessary, to the selection of the
most advantageous route, and for such pur-
pose by its officers or agents and servants to
ShISA uPOA "a AoduS VI WdlSEb VI ally per-
son, but subject to responsibility for ali dam
age which shall be done thereto.
2. To take and hold any such voluntary
grants of real estate and other property as
may. be made to it, to aid in the construc-
ton, maintenance and accommodation of its
railroad; but the real estate received by
voluntary grant shall be held and used for
The purposes of such grant only.
8. To acquire under the provisions of
his chapter, or by purchase, all such real
estate and other property as may be neces-
'ary for the construction, maintenance and
operation Of its railroad, and the stations,
lepot grounds and other accommodations
reasonably necessary to accomplish the OBJ
ects OF It's incorporation; to hold and use the
anne, to lease or otherwise dispose of any
part or parcel thereof or to cell the same
not required for railroad uses and
10 longer necessary to its use.
4. To lay out its road not exceeding one
hundred feet in width and to construct the
anne ; and for the purpose of cuttings and
and of obtaining gravel or
lher material, to take as much land as may
re necessary for the proper construction,