The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1880-12-15
Last Nights Dispatches.
The Nioaraguan.Cana1 Bill.

Representative Morton for the incorpora
, ton of the NicaraguaG canal company.
; WHEREAS, The republic of Niearagu
! has granted to certain citizens of th
!, United States and their associates, forming
a provisional Inter Oceanic Canal Society
certain powers, rights and privileges ii
respect to the construction OF q ship cana
} across its territory, with accessory railway
and lines Of telegraph, and Eas given ful
AID exclusive rights to the canal company
to be organized by said society, to do al
things necessary and management of suef
canal: and
WHEREAS, Application has been made
by said society for charter from the
government of the United States, author
lzing the organization Of the canal com
pany for the purpose of carrying inte
execution the provisions OF said cana
concessions; and
WHEREAS, The United States has
entered into certain treaty stipulations
with the republic of Nicaragua for the
protection of thesship canal constructed
within its territory: therefore
Be it enacted. etc.. That U. S. Grant
Z. D Morgan. H.J. .Jewett, HowardP Potter,
VIM r. Garrison. Frederick Billings.
George W. Riggs, Solon Humphreys'
Frederick Butterfeld. j. Thomas De
Frances, E. f. Bates, Wm. Dennison,
and all those who are or may be asso,
ciated with them and their successors,
are hereby created a body corporate
under the name and style of the Mari
time Canal Company of Nicaragua" by
which name said company may sue and
| be sued, may defeud and be defended
| in &ll courts of law and equity within the
! United States; may have common zeal
and generally may have and possess the
rishts and privileges usually possessed by
similar companies. and may purchase, hold
and convey suoh 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 enjoy
ment OF the powers, privileges, rights,
benefits and grants contained in the canal
cession made by the republic of Nicara-
qua to the Provisional Inter Oceanic Canal
Society, and confirmed May IS. 1880.
Sec. ,. That the capital stock of said
company shall consist Of not less than
100000 nor more than 100000 shares
OF $l00 each, which shall in all respects be
dsemed personal property, aud shall be
transferable In such manueT as by law the
said corporation may provide, and the
board of directors OF said company issue
bonds in such form aud amount not ex
ceedirg one half the capital stock as the
board may determine. Ter per cent OF
subscriptions shai! be payable ct 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, Sixty days previous notice
shall be given of payments required. and OF
the time and place of payment, by tue
publication in one daily newspaper in New
| York city. San Francisco, L)adou.
L j q - -,
stockholders shall neglect or refuse TO pay
il. pursuance Of such notice, the stock held
ty them shall be forfeited absolutely to
the use of the company, and also all pay
msnts made on account thereof. but the
board of directors may allow the reds0Ip
tion of said stock aud on such terms as
they may prescribe.
| Sec 3 That the affairs of said com
pany shall be msnaged by board of di-
| rectcrs, eleven in number, to hold cffice
for such terms as the bylaws Of said board
may provide, and until thsA successors
are duly chosen aud qualified; but at least
five Of said directors shall be-chosen every
three years. Said board shall elect from
| its number President and Vice Pres
| dent OF the company, who shall hold office
| for such terms as the bylaws of said
| board may provide and until their success
|
of said directors shall be appointed by the
| government tot.Nlcaraugua, as PROVIDED IN
such concessions.
Sec That for the manage ment and
dl.penegtion of the stock, property, estates
and effects of said company the board OF
directors may make such rules and regu
lations as may CONFORM to the authority
granted in such canal concessions and not
inconsistent with the act or the laws OF the
United States on the existing treaty stip-
ulations with the government OF Nicara
qua for tho protection of ship canal with
in the territory of Nicaragua, and may fix
the time of the election of directors, and IN
case of vacancy in said board, caused By
death, resignation, or otherwise. may I'LL
the same. No person except the directors
appointed by the government of Nicara~
qua shall be director who is not q stock
holder, and any one ceaslug to be stock
holder shall cease to be q director.
Sec. 5. That the eincorporators disig-
mated in the first section of this act, or q
majority OF them, may call 4 meeting of
the stock bolders whenever not less than
100 900 shares of the capital stock OF said
| company shall have been subscribed for
the purpose Of organizing said company, at
such time aud place as they may deter
mined upon after advertising the time
and place of meeting for ut least thirty
days, in two of the daily newspapers CT
| New I ork city, one in London, England,
aud one in Paris. France, and at such
meeting and at all future meetings of tie
stock holders every share of tho stock
shall entitle tbs holders to one vote to be
given in person or by proxy. An annual
meeting of the stock holders of said COR
porstion shall De held for the choice of
officers, when they are to be chosen. and
the place and notice of each meeting to
the prescribed in the bylaws. But a
failure to elect directors On the day
appointed in said by laws shall not be
deemed to dissolve said company, but such
elections may be holden any day appointed
by the directors. The directors, of
whom seven, including the President. shall
be quorum. shall have full powers touch
ing the election of all ofieers Of the
company and the bonds 20 be required OF
them for the faithful performances If their
duty. and said officers shall hold Office
al tie will and pleasure OF said board.
Said directors shall make an anauai re-.
port to the stock holders of their proceed
Jugs and expenditures, verified by afr
dayits Of ths President and at least by
s;x directors.
sec. g. Congress may at any time
having due regard tor the rights Of said
eomegpy alter or amend .his act
Ths following app0iu D nts were made