Page:United States Statutes at Large Volume 10.djvu/862

 822 THIRTY-THIRD CONGRESS. Sess. I. Ch. 243. 1854. Capital stock. pcrty already contributed by the parties hereby incorporated, and their associates, shall be divided into shares of one hundred dollars each, to be distributed amongst tho said parties and their associates, in proportion to their respective interests; and the capital stock of the corporation may be increased from time to time in such manner as the stockholders in general meeting may direct, so that the entire capital stock at any one time shall not exceed two hundred thousand dollars; and the said shares shall be deemed and taken as personal estate, and shall be transferable only on the books of the corporation, and in such manner as may be prescribed by the by-laws thereof; and the owner of one or more such shares shall, in virtue thereof, be entitled at all elections, and in all meetings of vom. the stockholders, to one vote for each and every share which may be owned by him, which said vote may be given in person or by proxy, in such mapncr as the by-laws may direct. Mmiugement Sec. 3. And be it further enacted, That the management of the business °f b“*m°“· and concerns of said corporation, subject, nevertheless, to such restraint and qualifications as may be prescribed by the by-laws or other votcséof the stockholders adopted in general meeting, shall be vested in zi board Djyggtorg, &c_ to consist of za, president and six directors, who shall be elected by ballot, and shall be stockholders at the time of their election ; and they, or a majority of them, shall be a quorum for the transaction of business: that the first board shall be elected within six months after the passage of this act; and the subsequent elections shall be made annually thereafter, on the first Monday in May, at a. general meeting of the stockholders, to be convened for the purpose at such time mid place; and after such notice as may be fixed by the by-laws of the corporation, or by the president and directors in conformity therewith; but if zm election shall riot be made on the day appointed for the purpose, it may be made at any time thereafter ; and the president and directors, for the time being, shall hold and exercise their offices until za. new election shall bc made; and iu_ case of an vacancy in the officc of president or director, the remaining members of the board shall choose a president or director, as the case may be, to serve until the next annual election. Szc. 4. And be it further enacted, That a. general meeting of the Stqck¤o1dci·s’ stockholders shall be culled by the president and directors as often as m°°°"“g”‘ they may dccm expedient, or os the stockholders by their by-laws 01* other votes may direct, and may likewise be called by any number of stockholders owning not less than one—fourth part of the capital stock; and at least five days notice of the time and place of such meeting shall be given to each stockholder personally, or by advertisement, to be inserted in sn. newspaper published daily in the City of Washington ; and in any meeting of stockholders for the transaction of any business, the owners of the major part of the capital stock present, by person or by proxy, shall form zt quorum ; and every such meeting shall have full power and authority to provide by ordinary by-laws, or by other vote, for transacting the business of the corporation, which by-laws or vote whilst in force, shall be binding on the president and directors. Banking WM, Sec. 5. And be it further enacted, That nothing herein contained shall. logos not con- be construed to confer banking privil'cges on the said corporation, or the f°L`:?}8 Gamble power of issuing bank notes, or notes in the nature of bank notes, or paper Pintended to circulate as bank notes or currency : Provided, That nothing in this act. contained, shall be so construed as to prevent the Congress of the United States from altering or repealing the same whenever the Corgorators public good requires it. And provided further, That the stockholders, liable for debts. individually and collectively, shall be responsible for all the acts done, and obligations incurred by the corporation created by this act. APPROVED, August 4, 1854.