Page:United States Statutes at Large Volume 16.djvu/137

 FORTY—FIRST CONGRESS. Sess. II. Ch. 80. 1870. 103 of holding such election shall be published not less than thirty days previ— M¤¤m`¤°¤¤fl¤B· ons thereto, in the newspaper printed nearest to the place where the 0pera— &°'°°rP°”"°"" tions of the said company shall be carried on, and the election shall be N . . made by such. of the stockholders as shall attend for that purpose, either nuailliigztiguinl m person or ny proxy. All the elections shall be by ballot, and each V<{*¢¤ wd stockholder shall be entitled to as many votes as he owns shares of stock Pr°xl°" in said company, and the persons receiving the greatest number of votes shall .be trustees ; and when any vacancy shall happen among the trustees, vacancies_ by death, resignation, or otherwise, it shall be filled for the remainder of the year in such manner as may be provided for by the by-laws of the said company. In case it shall happen at any time that an election of trustees shall Dgfgctivg mcnot be made on the day designated by the by-laws of said company, ¢i<>¤¤ ¢>*` ¤¤¤*°<=S» when it ought to have been made, the company for that reason shall not g;¥dt° b° mlm be dissolved, but it. shall be lawful, on any other day, to hold an election Acts of trusfor trustees, in such manner as shall be provided for by the said by-laws, l"? bl"dl“8 and all acts of trustees shall be valid and binding as against said company ;§,aI:ti1°(§,¥,?a— until their successors shall be elected. i There shall be a president of the company who shall be designated President and from the number of the trustees, and also such subordinate officers as the ’“b°““”°‘° °m‘ company, by its by-laws, may designate, who may be elected or appointed, cm' and required to give such security for the faithl"ul performance of the Bond. duties of their office as the company by its by-laws may require. It shall be lawful for the trustees to call in and demand from the stock~ $¤l>S¤¤'lP*¤l°¤¤ holders, respectively, all such sums of money by them subscribed, at such gglzxgj Mw times and in such payments or instalments as the trustees shall deem proper, under the penalty of forfeiting the shares of stock subscribed for Stock and and all previous payments made thereon, if payment shall not be made £§Y‘“:£;‘;°¤;$"`°‘ by the stockholder within sixty days after a personal demand or a notice hcl`, {0,-yen0d_ requiring such payment shall have been published for six successive _ weeks in a newspaper in the District of Columbia as aforesaid. ’1`he trustees of such company shall have power to make such pruden- By-laws. tial by-laws as they shall deem proper for the management and disposition of the stock and business affairs of such company, not inconsistent with the laws of the District of Columbia and Constitution of the United Appointment States, and prescribing the duties of officers, artificers, and servants that g£8;“:;r‘ff may be employed, for the appointment of all officers, and lor carrying on wm, {ZW, all kinds of business within the objects and purposes of such company. The stock of such company shall be deemed personal estate, and shall Stock to be be transferable in such manner as shall be prescribed by the by-laws of g:Qs‘;f‘,$;n“f:é°• said company; but no shares shall be transferable until all previous calls how mmsrm,. thereon shall have been fully paid in, or shall have been declared for- WE feited for the nonpayment of calls thereon; and it shall not be lawful for mt such company to use any of their funds in the purchase of any stock in any other- corpoany other corporation. ""'°"‘ The copy of any certificate of incorporation filed in pursuance of this {_Ccrt§igcd copy act, certilied by the register of the District. of Columbia to be a true copy fncgfggrkxlggzb and of the whole of such certificate, shall be received in all courts and bspresunigttvs places as presumptive legal evidence of the facts therein stated. I gyggggg '°· m All the stockholders of every company incorporated under this act ' shall be severally, individually, liable to the creditors of the company in Stockholders which they are stockholders, to an amount equal to the amount of stock ;l;‘§;(Q]?dl;‘;Hy held by them respectively, for all debts and contracts made by such com- “,m°_ pany, until the whole amount of capital stoeh fixed and limited by such company shall have been paid in and a certificate thereof shall have been made and recorded, as is prescribed in the follovving section. •And the (g,,!,;;,}; gock capital stock so fixed and limited_ shall be paid in, one halt within one :>il¤h<;'p¤£icl¤m_ year, and the other half thereof vvithm two years from the incorporation cmporémn my of said company, or such corporation shall be dissolved. solved.