Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-12-15
GRANT AND MORGAN.
a NICARAGUA MARITIME CANAL
COMPANY PROPOSED.

| COMPANY PROPOSED.
Full Text of the Bill for Charter, Intro
duced In Congress Yesterday-.Genera
Grant, e. d. MOrgen and Others Named
as IncorpOrators, to Take Possession O
tho Nicaraguan Concession to American
| Capitalists.
| WASHINGTON, D. O., Dec. t4,-The followin.
is the bill introduced in ths House to-day by
Representative Morton for incorporation of th
| Nicaraguan canal company.
| WHEREAS, The republic of Nicaragua ha
granted to certain citizenso of the United State
and their associates, forming provisional in.
teroceanio canal society, certain powers, right,
and privileges in respect to the construction of
q ship canal across its territory, with accessory
canals, railways and lines Of telegraph and has
given full and exclusive rights to the cana
company to be organized by said society to do
all things necessary tc the construction, com
| pletion, maintenance and management of such
| canal; and
| WHEREAS, Application has been made bv
! said society for a charter from the government,
| of the United States authorizing the organiza
tion of a canal company for the purpose Of
carrying into effect the provisions of said cana
| concessions. And,
| WHEREAS, The United States has entered in.
| to certain treaty stipulations with the Repub
| lie of Nicaragua, for protection Of ship canal
constructed within it's territory. Therefore.
'Bs it Enacted, etc. That o. 8. Grant, e. D.
Morgan, b. j. Jewett. Howard Potter, Wm.
R. Garrison, Frederick Billings, George w.
Riggs. Solon Humphreys, Frederick Butter
| field, ]. Thomas, D. 3. Franco, e. T. Bale,
VIM. Deunison and ell those who are or NAV
be associated with them, and their SUCCESSORS,
| are hereby created a body corporate under the
name and style of "the Maritime Canal oopa.
pany. of Nicaragua" by which name said
company may sue and be sued, and may de-
fend and be defended in all courts of
law and equity within the United States. 1t
may have common seal and generally NAV
have and possess the rights and privileges
possessed by similar companies; and may pur-
chase, hold and convey such real estate and
personal estate "a 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 cession made bv
the republic of Nicaragua to the provisional
inter-oceanic canal society and confirmed MAY
18, 1880.
SEC. 3. That the capital stock of said COM
pany shall consist of not less than 500, 600,
nor more than 100000 shares of 500 each.
which shall in all respects be deemed personal
property, and shall be transferable in such
manrer as the bylaws of said corporation NAV
provide; and the beard of directors of said
company may issue bonds in such form and
amount not exceeding one-half the capital
stock, as said board may determine. Ten per
cent. of all subscriptions shall be payable
at the time they are made, and all
future payments shall be made at such
times and in such amounts as
said board of directors may determine. Sixtv
1ox hall ho
required, and of the time and place of pay
ment by publication in one daily newspaper
in New York city, San Francisco, London, Eng
land, and Paris, France, and in case stock
holders shall neglect or refuse to pay in pur-
suance or such notice, the stock held by them
shall be forfeited absolutely to the use of the
company. and also all payments made on &C.
count thereof. But the board of directors
may allow redemption of said stock on such
terms as they may prescribe.
Sec. 3. That the officers of said company
shall be managed by q bard of directors,
eleven in number, to hold Office for such terms
as the bylaws of said board may provide
and until their successors are duly chosen
and qualified; but ut least five of said direc-
tors shall be chosen every three years. Said
board shall elect from lis number president
and vice president of the company, who shall
hold Office for such terms as the bylaws of
said board may provide and until their success
sors are duly elected and qualified. One of
said directors shall be appointed by the gov
ernment of Nicaragua, as provided in such
concession.
Sec. 4. That for the management and dis
position of the stock, property, estate and
effects of said company, the board of directors
may make such bylaws, rules and regulations
as may conform to the authority granted in
such canal concession and not inconsistent
with this act or the laws of the United States,
fraa stir Lott <lo
ment of Nicaragua, for protection of the ship
canal within the territory Of Nicaragua.
and may fix the time of election
of directors ana in case of q vacaEcy in said
board, caused by death, resignation or other
wise, may fill the same. No person, except
the directors appointed by the government of
Nicaragua, shall be a director who is not q
stockholder, and anyone oeasing to be stock
holder shall cease to be director.
Sec. 5. That the in:orporators designated
IN the first section of this act, or O majority of
them, may call a meeting OF stockholders when
ever not less than 100. 600 shares Of the capital
stock of said company shall have been SUBJ
the purpose of organizing said company, at
such time and place as they may determine
upon. after advertising the time and place of
meeting for at least thirty days in two Of the
daily newspapers of New York
city, one in London, England. and one in
PRrls, france, and at such meeting and
ut all future meetings of the stockholders
every share of stock shall entitle the holder to
one vote, to be given in person or by proxy.
Annual meetings of stockholders of said COR
po,ation shall be held for the choice of officers
(when they are to be chosen y and the place
and notice of such meeting to be prescribed in
the bylaws; but failure to elect directors On
the day appointed in said bylaws, shall not be
deemed to dissolve said company. but such
election may be holden any day appointed
by the directors. The directors, of
whom seven, including the president,
shall be a quorum, shall have full
powers touching the election of all officers of
the company, and the bonds to be required of
them for the faithful performance of their
duty; and said officers shall hold Office at the
will and pleasure of said board. Said directors
shall make annual reports to the stockholders
of their proceedings and expenditures, verified
by the affdavits of the president and at least
six directors.
Sec. 6. Congress may at any time, having
due regard for the rights of said company,
alter or amend this act.
A Chicago Lawyer In Limbo
CHICAGO, Dec. 14.-Chas. 81. Reed, well
known attorney, was committed to Jail this