Year: 1859

directors at the annual meeting, they shall
hold special meeting at some subsequent
time for that purpose, by giving thirty days
notice thereof In some newspaper in general
circulation in the county where the princi.
pal office OF such company is situated. The
directors shall hold their Office until their
successors are chosen and qualified, and
shall have power to fill all vacancies in their
body; but no person shall be director after
ceasing to be a stockholder. Immediately
after the election of directors, they shall
elect one Of their number president of the
corporation, and may appoint such other off.
GERS and agents as they may deem proper to
transact their business, and may prescribe
the amount of compensation to be allowed
for their services; and such officers and q.
gents, when required by the bylaws, rules
and regulations, shall give bond to the sat
isfactipH of the directors for the faithful DIS
charge of the trust committed to them
Said directors shall have.sB1Yer and are
hereby authorized to make such rules, regu-
tIations and. laws as may be necessary for
their regulation, not inconsistent with the
constitution and laws of this state they shall
have the general ,managemes~o ~of the affairs
of the company. and maYtsHpse of the res.
idue OF ali c9sisPl stock u my time remain
ing unsubscri6ed, in such manner as the
stockholders for the tjl4eI being may pre-.
scribe, and shall employ the capital and
means OF the company as they shall
deem best for carrying oHthe business for
which it was organized, subject always 10 the
control of the stockholdefs; they shall cause
a record to be kept of al stock subscribed
or transferred, and OF business transac.
tons, and their books aid records shall at
all reasonable times be open to the inspec.
| ton of any and every stockholder; they shall
also when required, present to the stock.
holders reports in writing of the situation
and amount of business of the company, and
declare and make such dividends of the prof.
its of the company, not reducing the ca pital
stock while they have outstanding liabilities,
as they shall deem expedient.


Sec. 6. The persons named in said Ger.
| tiicate of incorporation, or a majority oil
them, shall be commissioners to open books
for subscription to the capital stock OF sal d
company, at such times and places as they
shall deem proper, and said company are
authorized to commence operations upon the
subscription of eighty per cent. of said stock
An installment of thirty per cent. on each
share of stock shall be made in cash at the
time of making the subscription, and the
residue thereof shall be paid in such in
stallments, at such times and places, and tc
such persons as may be required by the di
rectors Of such company. Ii any person o.
persons subscribing to the capitol stock o
such company shall fail to make paymen
of such subscription, or any part thereof, a
the time or times prescribed by the direct
ors, the said company shall have power t
proceed by suit to collect the same in any
court of comp etent jurisdiction.


Sec. 7. Each stockholder shall be ndi
vidually liable for all the debts of the com
pany in an amount equal to the amount o
his subscription thereon in addition thereto.
Sec. 8. This act shall be in force from
and after ts passage.


WILLIAM B. WOODS,


Speaker of the House of Representatives


MARTIN WELKER,


President of the Senate.


April 2, 1859.