Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1900-04-18
ARTICLES OF INooRpoRAr1oN OF TUE rue
MANCHESTER AND ONEIDA RAIL-
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We, the undersigned citizens OF Della
ware county, Iowa, hereby associate
ourselves and form and constitute q
corporation under the laws of the state
of Iowa for the purpose stated and pro-
vided in the following articles of incor-
poration, which we adopt, and by which
we hereby agree to be governed in the
management and business hereof.
ARTICLE 1.
The name of this corporation shall be
the MANCHESTER AND ONEIDA
RAILWAY co.
ARTICLE II.
The principal place of business of
this corporation shall be at the City of
Manchester, Iowa.
ARTICLE III.
The general nature of the business
of this corporation shall be the con-
struction, operation, owning, leasing,
buying, or controlling, in whole or in
part, of railway to be built or con-
structed to, from, or through the said
City of Manchester to Oneida, Della
ware county, Iowa, and such extensions
of said line as may be deemed advis-
able. Also the buying, owning, and
selling Of real estate for railroad pur-
poses.
ARTICLE ".
The affairs and business of this COR
poration shall be managed and con-
trolled by board of fifteen (15) direc-
tors, who shall be stockholders. The
provisional board shall consist of the
following named persons: EN-. Carr,
Albert Hollister, b. w. Jewell, a, IS.
Blair, 5. A. Steadman, j.. w. Miles, w.
A. Abbott, w. d. Hogan, Joseph
Hutchinson, w. L. Drew, 9. j. Seeds,
w. N. Wolcott, @. A. Peterson, e. III.
Hoyt, and William Hockaday, who
shall hold their offices until the first
Tuesday of April, A. D., 1901, and un-
til their successors are elected. On, the
said first Tuesday of April, 1901, and
annually thereafter, the stockholders
shall elect board of directors of whom
five shall hold their office for one ~
year, five for two ~ years, and five for
three (3) years. The term of the re-
spective members of said board to be
determined by lot. The said first Tues
day of April being fixed as the time of
annual meeting of the stockholders of
this association.
ARTICLE v.
This corporation shall commence
business as soon as the secretary of
the state of Iowa issues to it a certifi-
cate of incorporation in accordance
with the provisions of Sections 1910
and 1914 of the Code, and continue for
twenty (20) years thereafter with right
of renewal.
ARTICLE vi.
n,to m ,skoI steal, at,
shall be seventy-five thousand ($75,-
10000 dollars in shares of ten $4,000
dollars each, payable as the same may
be called for by the board Of directors;
and shall be forever non-assessable, and
transferable only on the books of the
corporation in accordance with the con-
ditfons established in the bylaws as
adopted in pursuance of the articles of
incorporation.
ARTICLE VII.
The private property of stockholders
shall be exempt from liability for the
debts of this corporation.
ARTICLE VIII.
The indebtedness of this association
shall not exceed two-thirds ~ of the
capital stock.
ARTICLE TX.
The directors shall elect from their
own number,a president, vice.president,
secretary, notwithstanding, treasurer,
auditor and superintendent, whose
duties may be regulated and defined by
the by laws adopted by the board Of
directors, but in the absence of spe-
cific regulation, the duties of said officers
shall be the same as are usual for like
officers in railroad corporations.