Page:United States Statutes at Large Volume 13.djvu/70

 42 THIBTY-EIGHTH CONGRESS. Sess. I. Ch. 49. 1864. bfi<>w tr¤¤¤f¤r- be transferable in such manner as the bylaws of said company may ' °‘ direct. gubscripuon Sm. 3. And be it further enacted, That within six days after this act bo:>ks to be is approved by the President of the United States, the corporamrs named °P°¤‘*d- in the first section, or a majority of them,_0r, if any refuse or neglect fg act, then a majority.\0f the others, shall cause -books of subscription to the capital stock of said company to be opened and kept open in some convenient place in the city of Washington, from nine o’clr>ck in the forenoon till three o’clock in the afternoon, for a period of not less than three days, and as much longer as the said corporators shall prescribe, and the said corporators shall give public notice of the time and place of opening said books of subscription, by advertisement thereof in the daily papers published in the city of Washington, and subscribers to the capital stock of said company shall be held to be stockholders: Provided, That every Payment at subscriber shall pay at the time of subscribing twenty-five per centum of mm' the said corporators to receive the same, or his subscription shall be null and void. Sec. 4. And be it further enacted, That when the minimum amount First meeting. of the capital stock of said company, as prescribed in the second section, shall have been subscribed, and twenty-five per centum thereof paid as aforesaid, the said corporators, or a majority of them, and in case any refuse to act, then a majority of the others, shall, within fifzeen days thereafter, call the first meeting of the stockholders of said company, to _ be held at some convenient place in the city of Washington, for the elec- N°“°°· tion of directors, of the time and place whereof notice shall be given for at least five days in at least two daily newspapers published in the city of Washington, or by written notice thereof; signed by one or more of said corporators, and personally served on each stockholder; and in all meet· V°H¤8· ings of the stockholders each share shall entitle the holder to one vote, to be given either in person or by proxy. _ Sec. 5. And be it further enacted, That the government and direction dj;?;:g°¤t and of the affairs of the company shall be vested in the board of directors, ` composed of seven members, who shall be stockholders, and who shall hold their office for the term of one year, and until others are `duly elected and qualified to take their places as directors; and the said directors shall elect one of their number to be president of the board, who shall also be president of the company, and a majority of the board shall constitute a Quorum. quorum to do business; and they shall choose a treasurer, who shall give Treasurer. bond with sufficient surety to said company, in such sum as the said directors may require, for the faithful discharge of his trust. In case of vacancies, a vacancy in the board of directors by death, resignation, removal, refusal to act, or otherwise, the vacancy occasioned thereby shall be filled by the other directors. _ Annual meet- Sec. 6. And be it further enacted, That there shall be an annual ¤¤8· meeting of the stockholders, for the election of directors, to be held at such time and place, and under such rules and regulations as the said company in their by·laws 'shall prescribe, and the directors shall make an annual report in writing of their proceedings to the stockholders. Sec. 7. And be it further enacted, That the directors shall have full By-laws. power to make all such by-laws as they shall deem necessary for the regulation, management, and disposition of the stock, effects, and property of the said company, and for the proper execution of the business of the company, so as the same shall not be eonnrary to this charter, to the laws of the United States, or to the ordinances of the city of Washingt0n. b1::qe¤,€¤d¤.,n¤t Sec. 8. And be 1It_fm·¢lm· enacted, That nothing in this act shall br mm;;;? ““ so oonstrued as to authorize the said company to issue any note, token, devnce, scnp, or other evidence of debt, to be used as a currency. Sec. 9. And be, it further enactc¢L That if any person or persons shall
 * ?‘“° °f S“b*°'i¥’° the amount subscribed by him to the treasurer, who shall be appointed by