Page:United States Statutes at Large Volume 15.djvu/119

 FORTIETH CONGRESS. Sess. II. Ch. 140. 1868. 87 three o’clock in the afternoon, for a period, to be fixed by said corporators, not less than two days, and said corporators shall give public notice by advertisement in the daily papers published in the city of Washington ot' the time when and the place where said books shall be opened ; and subscribers upon said books to the capital stock of the company shall be Subscribers held to be stockholders: Provided, That no one individual shall be al- t° be S°°°kh°ld’ lowed to subscribe for more than one hundred shares of said stock: mL1mi; to sub- Provided further, That every subscriber shall pay at the time of sub- ¤°*iP*i°¤· scribing twenty-five per centum of the amount by him subscribed to the treasurer appointed by the corporators, or his subscription shall be null paid in currency and void. If, at the end of two days, a larger amount than the capital M Sm? of ““b' stock of said company shall have been subscribed, the books shall be mipuom closed, and the said corporators named in the first section shall forthwith APP01'*i0¤- proceed to apportion said capital stock among the subscribers pro rata, ?,}°§,?fSt°°k’ and make public proclamation of the number of shares allotted to each, i which shall be done and completed on the same day the books are closed: Provided further, That nothing shall be received in payment of the twenty-five per centum at the time of subscribing except money. And when the books of subscription to the capital stock of said company shall be closed, the corporators named in the iirst section, or a majority of them, and in case any of them refuse or neglect to act, then a majority of the remainder, shall, within ten days thereafter, call the first meeting of the stockholders of said company, to meet within ten days thereafter for the First ¤¤°°¥i¤B choice of directors, of which public notice shall be given for five days in °f§§§;°;°ld°r°‘ two public newspapers published daily in the city of Washington, or by written or printed personal notice to each stockholder by the clerk of the corporation. And in all meetings of stockholders each share shall entitle Voting;proxy. the holder to one vote, to be given in person, or by proxy. Sec. 13. And be it further enacted, That the government and direc- Directors. tion of the affairs of the company shall be vested in a board of directors, yggbj; 2E5B_ seven in number, who shall be stockholders, and who shall hold their office for one year, and until others are duly elected and qualified to take their places as directors. And the said directors (a majority of whom, the Qu¤r¤m· president being one, shall be a quorum) shall elect one of their number President and to be president of the board, who shall also be president of the company; t"°““‘"°I" and they shall also choose a treasurer, who shall give bonds with surety to said company, in such sum as the said directors may require, for the faithful discharge of his trust. In case of a vacancy in the board of directors Vw1mm_ by the death, resignation, or otherwise, of any director, the vacancy occasioned thereby shall be filled by the remaining directors. Sec. 14. And be it further enacted, That the directors shall have full Power of dipower to make and prescribe such by-laws, rules, and regulations as they "*‘g°$w8 shall deem needfiil and proper, tending the disposition and management y ' ol` the stock, property, estate, and effects of the company, not contrary to the charter, or to the laws of the United States and the ordinances of the city and county of Washington: Provided, That the directors of said corporation shall have power to require the subscribers to the capital stock to pay the amount by them respectively subscribed at such time, V after the first instalment, in such manner and in such amounts as they t may deem proper; and if any stockholder shall refuse or neglect to pay _ Shares of deany instalments, as required by a resolution of the board of directors, {;‘;},‘;;;‘Q*,°;’gk' after reasonable notice of the same, the said board of directors may sell S01d_ t at public auction, to the highest bidder, so many shares of said stock as shall pay said instalments (and the highest bidder shall be taken to be the person who offers to purchase the least number of shares for the assessi ment due), under such general regulations as may be adopted in the by- § laws of said corporation, or may sue for or collect the same in any court of competent jurisdiction. { Sec. 15. And be it further enacted, That there shall be an annual iné\¤¤¤¤·lm¤¤t-