The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-12-15
DARIEN DITCHEs.
INCORPORATION OF THE NICARA.
GUAM CANAL COMPANY.
An Organization In which Gen. Grant
is Interested, Proposes TO Construct
n ship Canal Across the 18th.
mus OF Panama by the
NIearaguas Route.

WASHINGTON. OeCeuDet 4f.-1ue lVl
lowing is the bill introduced in the Houst
to-day by Representative Morton for th'
incorporation OF the Eicsraguan Cana
Company.
WHEREAS, The republic Of Nicaragu'
has granted to certain citizens Of the
United States and their associates, form
ing provisional Inter.ocesnic Canal So
ciety, certain powers, rights and privileges
in respect to the construction Of ship
canal across its territory, with accessory
canals, railroads and lines Of telegraph
and has given full and exclusive rights ts
the Canal Company to be organized by
said society, and to do all things necessa'
ry to the construction, completion and
management OF said canal. and
WHEREAS, an application has been
made by said society for charter from
the Government oi the United States,
authorizing the organization Of canal
company for the purpose OF carrying into
effect the provisions OF said canal conces.
sions; and
wHgREAs, That the United States has
entered into certain treaty stipulation
with the Republic Of Nicaragua for the
protection OF q ship canal constructed
within its territory,
Therefore, be il enacted, &c, That U. s..
Grant, E. D. Morgan, II. ]. Jewell,
Howard Potter, VIM. r. Garrison, Fred.
erick Billings, Geo. ". Riggs, solon
Humphreys, Frederick Butterield, j.
Thomas DeFrance, E. F. Beale,
William Dsnnison and all those
who are or may be associated
with them and their successors are hereby
created to-day, corporated under the name
aud dstyle OF the Maritime Canal Company
OF Nicaragua" by which name and COM
and be defended in all courts Of law and
equity within the United States; may
have common sea, and generally may
have and possess the rights and privileges
usually possessed by similar companies,
and may purchase, hold and convey
such real estate and personal estate
as may be necessary to carry into effect
the purpose Of this act, and may do all
lawful things to secure the full enjoyment
Of the powers, privileges, rights, benefits
and grants contained In the canal conces-
sion made by the Republic Of Nicaragua TO
the provisional linter-oceanic canal society,
and conferred May 49, 1850.
SIC. 2. That the capital stock OF
said company shall consist Of not less
than 100000 nor more than 1000 900
shares Of 500 each, which shall in all re.
spects be deemed personal property, and
shall be transferable in such q manner ss
the by laws OF said corporation may pro.
vide, and the Board OF Directors OF said
company may issue bonds In such form
and amount not exceeding one.half
Of the capital stock as said board may
determine. Ten per cent Of all the sub
scriptions shall be payable at the time
they are made, and atNtuture payments
shall be made at such times and in
such amounts as said Board OF Directors
may determine; sixty days previous no.
tice shall be given OF the payments re.
quired and OF tho time and place Of the
payment BY publication in one daily news.
paper 10 New York City, San francisco.
London, England and PARIS, France,
aud in case the stockholders shall
neglect or refuse to pay in pursuance OF
such notice the stock held by them shall
be forfeited absolutely to the company,
aud also all payments made on account
thereof; but the Board oI Directors may
allow the redemption Of said stock on such
terms as they may prescribe.
SEC, 8, That the affairs OF said company
shall be managed by board Of directors
eleven in npmbsF-to hold office for
such lerms as the bylaws OF said board
may provide, and until their successors
are duly chosen and qualified. But at
least five OF said directors shRll be chosen
every three years. Said board ahsll elect
from its number a President aud Vice
President OF the company who shall hold
Office Tor such term as the bylaws OF said
board may provide, and lntil their sue.
cessors are duly elected and qualified;
One OF said directors shall be appointed
BY tnv GoTernpent OF Nicaragua, as pro.
yided in said concession.
SIC. I. That for the management and
disposition Of the stock, property, estate
and effects oil said compapP, the Board Of
Direetors may make such bylaws, rules and
regulations as may conform 10 the au.
thority granted In said canal concession
and not Inconsistent with this act or laws
Of the United States, or existing treaty
stipuiatiqns With the Government Of Mica:
ragua for the protection OF the Ship canal
within the territory of Nicaragua, and
NAV fR the time for the election
OF directors and in Gasp Of vacancy
liu said board caused by death or resigps.
tioa, or Otherwise, may fill the same. No
person except directors appointed by tbs
Government OF Nicaragua shall be 2 di.
rector, who Ia mot Q stoCkhoIder, and any
one ceasing to be q stoekholder shall cease
10 he director.
SEC. ). That the incorporstors designa.
ted in the first section OF this act, or ma
jority Of them, may call q meeting OF the
stockholders, whenever not less than one
hundred thousand shares OF capital stock
Of said company shall haye been sphscrib'
ed for and ten per cent paid thereon ior
the purpose OF Organizing said com.
pany, at such tipe and PLACE as
they may determine on after ad
yertising the time and place oi
meeting for at least thirty days In two ol
the daily newspapers OF New York City,
one in Ljndon, England, and one in Paris
and at such meeting and at all future
meetings OF the stockholders every share
shall eniitle the holder 10 one vote, to be
given in person or By proxy. The an
nuaI meeting OF thJ stockholders
OF said corporation shall be held
for the choice Of officers (Wheu
they be chosen) aud the place and notice
OF such meeting to.bs prescribed in the
bylaws. bat the failure TO elect Directors
on the day appointed ll Sald bylaw
shall not deem to dissolve said comprny
but such election may be held on any day
appointed by the Directors. The Director
OF wh6msoever, including the President
shall be quorum, shall have full powel
: touching the election OF oil officers Of tht
company, and bonds 70 he required g
them for the fsithfui performance Of thei
, duty and said officers shall holI
Office at the will and pleasure
in said board. Said directors shall max,
.. annual report TO the stockholders Of thel
proceedings and expenditures, verified b!
The aftidSvits Of the President and at leGs
ak directors.
SIC. 0. Congress may at any time, hos
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