Page:United States Statutes at Large Volume 13.djvu/399

 THIRTY—EIGHTH CONGRESS.- Sess. I. Ch. 217. 1864. 371 said company, duly executed pursuant to the direction of its board of directors first had and obtained, which acceptance shall be made within two years after the passage of this act, and not afterwards, and shall be served on the President of the United States. Sec. 13. And be it further enacted, That the directors of said company Annual report shall make an annual report of their proceedings and expenditures, veri· °f d*°°*°”· fied by the athdavits of the president and at least six of the directors, and they shall, from time to time, fix, determine, and regulate the fares, tolls, and charges to be received and paid for transportation of persons and property on said road, or any part thereotl Sec. 14. And be it further enacted, That the directors chosen in pur- President and suance of the iirst section of this act shall, so soon as may be after their °*b°" °m°“”· election, elect from their own number a president and vice-president; and said board of directors shall, from time to time, and so soon as may be after their election, choose a treasurer and secretary, who shall hold their offices at the will and pleasure of the board of directors. The treasurer and secretary shall give such bonds, with such security as the said board from time to time may require. -The secretary shall, before entering upon his duty, be sworn to the faithful discharge thereof, and said oath shall be made a matter of record upon the books of said corporation. No person shall be a director of said company unless he shall be a stockholder, and qualified to vote for directors at the election at which he shall be chosen. Sec. 15. And be it further enacted, That the president, vice-president, Term ofomeo and directors shall hold their offices for the period indicated in the by-laws g€,£;°$)‘,E{li‘;‘;:s““d of said company, not exceeding three years, respectively, and until others ° are chosen in their place, and qualified. In case it shall- so happen that ' an election of directors shall not be made on any day appointed by the by·laws of said company, the corporation shall not for that excuse be deemed to be dissolved, but such election may be holden on any day which shall be appointed by the directors. The directors, of whom seven, including the president, shall be a quorum for the transaction of business, Quorum. shall have full power to make and prescribe such by—laws, rules, and regu- By-laws. lations as they shall deem needful and proper touching the disposition and management of the stock, property, estate, and effects of the company, the transfer'of shares, the duties and conduct of their officers and servants touching the election and meeting of the directors, and all matters whatsoever which may appertain to the concerns of said company; and the said board of directors may have full power to till any vacancy or vacancies that may occur from any cause or causes from time to time in their said board. And the said board of directors shall have power to appoint Power or direcsuch engineers, agents, and subordinates as may from time to time be imnecessary to carry into effect the object of the company, and to do all acts and things touching the location and construction of said road. Sec. 16. And be it farther enacted, That it shall be lawful for the directors of said company to require payment of the sum of ten per £Ym°§ °; L centum cash assessmentupon all subscriptions received of all subscribers, ° °`°°° m B and the balance thereof at such times and in such proportions and on such conditions as they shall deem to be necessary to complete the said road and telegraph line within the time in this act prescribed. Sixty days' previous notice shall be given of the payments required, and of the time Notice. and place of payment, by publishing a notice once a week in one daily newspaper in each of the cities of Boston, New York, Philadelphia, and Chicago; and in case any stockholder shall neglect or refuse to pay, in pursuance of such notice, the stock held by such person shall be forfeited Stock to be absolutely to the use of the company, and also any payment or payments f°'f°**°d• &°· that shall have been made on account thereof subject to the condition that the board of directors may allow the redemption on such terms as they may prescribe.