Page:United States Statutes at Large Volume 14.djvu/328

 298 THIRTY—NINTH CONGRESS. Suss. I. Ch. 278. 1866. Rates uffnre, tary of the Interior, and they shall, from time to time, fix, determine, President and Sec. 14. And be it further enacted, That the directors chosen in purvi¤¤-P¤=¤id°·¤°· suance of the first section of this act shall, so soon as may be after their 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 , Treasurer and after their election, choose a treasurer and secretary, who shall hold their ’°°"°°"y‘ offices at the will and pleasure of the board of directors. The treasurer Bonds. and secretary shall give such bonds, with such security as the said board Secretary to from time to time may require. The secretary shall, before entering up- °° “‘”°“" on his duty, be sworn to the faithful discharge thereof, and said oath shall Wh9 muy not be made a matter of record upon the books of said corporation. No per- °° °' d"°"*°" son shall be s. director of said company unless he shall be 2. stockholder, and qualified to vote for directors at the election at which he shall be chosen. Term of <>f¤<>¤ Sec. 15. And be it further enacted, That the president, vice-president, Qfcmxigghh and directors shall hold their offices for the period indicated in the by- and directors. laws of said company, not exceeding three years, respectively, and until {gd;,-mor, um others are chosen in their place, and qualified. In case it shall so happen not ¢i<=<=w§i ¤¤ that an election of directors shall not be made on any day appointed by g;*L;Y1Q‘Q,:F°d the by·1aws of said company, the corporation shall not for that excuse be deemed to be dissolved, but such election may be holder; on any day powm of which shall be appointed by the directors. The directors, of whom seven, di*¤<>'¤¤’·· including the president, shall be a quorum for the transaction of business. g;,?};`:,:': shall have full power to make and prescribe such by-laws, rules, and regulations 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 Vacancies- the said board of directors may have full power to fill any vacancy or va.- cancies that may occur from any cause or causes from time to time in their Engineem, said board. And the said board of directors shall have power to appoint ¤$¤¤*-¤»&<>· such engineers, agents, and subordinates as may from time to time be necessary to carry into effect the object of the company, and to do all acts and things touching the location and construction of said road. Ten pc; cent Sicc. 16. And be z': further enacted, That it shall be lawful for the di- c,l,,h_ P cash assessment upon all subscriptions received of all subscribers, and the Balance, when balance thereof at such times and in such proportions and on such condi- M b¤ Pm- tions as they shall deem to be necessary to complete the said road and tel- Nocice when cgrnph lines within the time in this act prescribed. Sixty days’ previous §¤>;¤¤¤¤¤S m notice shall be given of the payments required, aud of the time and place “"' of payment, by publishing a notice once a week in one daily newspaper in each of the cities of Boston, New York, Cincinnati, Saint Louis, Mem- Ifswckbomm phis, and Nashville, and in case any stockholder shall neglect or refuse to
 * 1]*: 8*- and regulate the fares, tolls, and charges to be received and paid for transportaxiou of persons and property on said road, or any part thereofl
 * f;;b’*;€:iP;;l°”” rectors of said company to require payment of the sum of ten per centum
 * £;°:n*g P3] pay,'in pursuance of such notice, tho stock held by such person shall be

vim, paygcuts forfexted absolutely to the use of the company, and also any payment or forfeited. payments that shall have been made on account thereof) subject to the Redemption_ condition that the board of directors may allow the redemption on such terms as they may prescribe. Company may Sec. 17. And be it further enacted, That the said company is author- °·°°°P* mdlgggd ized to accept to its own use any grant, donation, loan, power, franchise, Lz t' ’ aid, or assistance which may be granted to or conferred on said company by the Congress of the United States, by the legislature of any State, or by any corporation, person, or persons, or by any Indian tribe or nation through whose reservation tho mhd herein provided for may pass; and said corporation is authorized to hold and enjoy any such grant, donation,