Page:United States Statutes at Large Volume 12.djvu/521

 THIRTYZSEVENTH CONGRESS. Sess. II. Cx. 120. 1862. 491 opened at least thirty days previous to the day of meeting, and such subscribers as shall attend the meeting so called, either in person or by proxy, _ shall then and there elect by ballot not less than thirteen directors for said D¤'°°*°¤· corporation; and in such election each share of said capital shall entitle the owner thereof to one vote. The president and secretary of the board Votes. of commissioners shall act as inspectors of said election, and shall certify under their hands the names of the directors elected at said meeting; and the said commissioners, treasurer, and secretary shall then deliver over to said directors all the properties, subscription books and other books in their possession, and thereupon the duties of said commissioners and the officers previously appointed by them shall cease and determine forever, and thereafter the stockholders shall constitute said body politic S¤<>¢kl}<>ld¤r¤ and corporate. At the time of the first and each triennial election of di- {;);€’;?;;:;;t3‘° rectors by the stockholders two additional directors shall be appointed by Directors on the President of the United States, who shall act with the body of direc- *1*** Pm °ft*b° mrs, and to be denominated directors on the part of the government; any gowmmm ' vacancy happening in the government directors at any time may be filled by the President of the United States. The directors to be appointed by the President shall not be stockholders in the Union Pacific Railroad _Presids¤t, Company. The directors so chosen shall, as soon as may be after their Q;;£;§;"}$‘;· election, elect from their own number a president and vice-president, and smemyi shall also elect a treasurer and secretary. No person shall be a director in _Who may be said company unless he shall be a. bona tide owner of at least five shares d“”°°°°’°· of stock in the said company, except the two directors to be appointed by the President as aforesaid. Said company, at any regular meeting of the stockholders called for that purpose, shall have power to make by-laws, BY·l¤W¤· rules, and regulations as they shall deem needful and proper, touching the disposition of the stock, property, estate, and effects of the company, not inconsistent herewith, the transfer of shares, the term of office, duties, and conduct of their officers and servants, and all matters whatsoever which may appertaiu to the concerns of said company; and the said board of directors shall have power to appoint such engineers, agents, and sub- Directors may ordinates as may from time to time be necessary to carry into eH'ect the ;Q§l‘Q“:g;g§;`&c_ object of this act, and to do all acts and things touching the location and’ construction of said road and telegraph. Said directors may require pay- ment of subscriptions to the capital stock, after due notice, at such times and in such proportions as they shall deem necessary to complete the railroad and telegraph within the time in this act prescribed. Said president, fT¢¤‘¤?dvf' 00396 vice-president, and directors shall hold their ciiice for three years, and gecgfflggh " until their successors are duly elected and qualified, or for such less time ’ _ as the by-laws of the corporation may prescribe ; and a majority of said ragsgum of dl` directors shall constitute a, quorum for the transaction of business. The Bong, of Sem,. secretary and treasurer shall give such bonds, with such security, as the tary and treassaid board shall from time to time require, and shall hold their offices at “'§¥ém of 0mm_ the will and pleasure of the directors. Annual meetings of the stock- Aww mm. holders of the said corporation, for the choice of onicers (when they are i¤S¤· to be chosen) and for the transaction of annual business, shall be hclden at such time and place and upon such notice as may be prescribed in the by-laws. _ Sm. 2. And be it funlm mama, That the right of way through the ‘___£g;¤;;>£d~u;i*c_ public lands be, and the same is hereby, granted to said company for the graph construction of said railroad and telegraph line ; and the right, power, and authority is hereby given to said company to take from the public lands adjacent to the line of said road, earth, stone, timber, and other ma- Materials for f€!'i8·lS for the construction thereof ; said right of way is granted to said °°““""°¤°°' railroad to the extent of two hundred feet in width on each side of said raih·0ad where it may pass over the public lands, including all necessary grounds for stations, buildings, workshops, and depots, machine shops, switches, side tracks, turntables, and water stations. The United States