Page:1862 Territory of Dakota Session Laws.pdf/254

CHAP. XI.] remainder of the year in such manter as shall be provided for by the by-laws of the corporation.

. 7. In case it shall happen at any time that an election of trustees shall not be made on the day fixed for such election by the by-laws of said corporation, the corporation for that reason shall not be dissolved; but it shall be lawful on any other day to hold an election for trustees, as shall be provided for by the said by-laws; and all acts of the trustees shall be valid and binding as against such corporation, until their successors shall be elected.

. 8. The trustees shall have power to make and prescribe such by-laws, rules, and regulations respecting the management, control, and disposition of the stock, property, and business of such corporation, as they may deem expedient and proper, not inconsistent with the constitution of the United States, or the organic act of this territory, and shall have power to appoint and employ officers, clerks, and servants, for conducting and carrying on the business, of such corporation, and determine their duties, and the salaries and wages to be paid them.

. 9. It shall be lawful for the trustees to call in and demand from the stockholders respectively, all such sums of money by them subscribed, at such times and in such payments or instalments as the trustees shall deem proper; and, if any stockholder shall fail to pay the amounts so required to be paid, at the times required for such payments, the stock of such delinquent stockholder, or such portions thereof as may be required to meet such payments, may be sold by the trustees, at public auction, after giving public notice of the time and place of such sale, at least twenty days previous thereto, by publication of such notice in the newspaper printed nearest the place of business of such corporation, or by giving such notice in such other manner as shall be prescribed by the by-laws of such corporation; and the surplus, if any arising from the sale of such stock, over and above the amount due thereon, shall be paid by the trustees to such delinquent stockholder: and a transfer of stock so sold, made by the trustees, in the name of the holder of the stock, shall vest a good and valid title thereto in the purchaser; or the said corporation may commence and prosecute, in any court of competent jurisdiction, an action against any sub-