Page:1862 Territory of Dakota Session Laws.pdf/253

236 year, and the names of the town and county in which the operations of said corporation are to be carried on.

. 2. Such certificate shall be filed in the office of register of deeds of the county in which the business of the corporation shall be carried on, and a duplicate thereof shall be filed in the office of the secretary of the territory.

. 3. When such certificate shall have been filed as aforesaid, the persons who shall have signed and acknowledged the same, and their successors, shall be a body politic and corporate, by the name stated in such certificate, and by that name may have succession, and shall be capable of suing and being sued, and they may have a common seal, and may alter the same at pleasure; and they shall, by their corporate name, be capable of purchasing, holding, and conveying any real and personal estate whatever, which may be necessary to enable the said corporation to carry on the business named in such certificate, but shall not mortgage the same, or give any lien thereon: Provided, That the amount of real estate so owned and held shall not at any time exceed forty acres to each stockholder in such corporation, unless it shall be an agricultural corporation.

. 4. The stock, property, and concerns of such corporation shall be managed by not less than three nor more than nine trustees, who shall respectively be stockholders in such corporation, and who shall, except the first year, be annually elected by the stockholders, at such time and place as shall be directed by the by-laws of the corporation.

. 5. Public notice of the time and place of holding such election shall be given, not less than ten days previous thereto, by publication in the newspaper printed nearest the place where the business of the corporation shall be carried on, or in such other manner as shall be prescribed by the by-laws of the corporation; and the election shall be made by such of the stockholders as shall attend for that purpose, either in person or by proxy.

. 6. All elections shall be by ballot, and each stockholder shall be entitled to one vote in said corporation, and the persons receiving a majority of the votes shall be trustees; and when any vacancy shall happen among the trustees, by death, resignation, or otherwise, it shall be filled for the