Page:United States Statutes at Large Volume 16.djvu/38

 4 FORTY·—FIRST CONGRESS. SESS• I. Ch. 5. 1869. S20. 4. And be it further enacted, That it shall be lawful for the said Ocmpemymvy National Junction Railway Company, if deemed necessary, to borrow b°Q"?"’ ’"°Q°ydS from time to time sums of money not exceeding five hundredithousand gsculggudyggm dollars, and to issue bonds therefor, bearing interest not exceeding seven 8*5% &°- per eentum, payable semiannual1y, and to mortgage as security therefor all the corporate rights, franchises, property, real and personal, of whatever kind soever, belonging to said company. Sec. 5. And be it further enacted, That the persons herein named as Books for sub- corporators, or u majority of them, shall, within ninety days. after the
 * §£j’f‘°" °f passage and approval of this act, meet in the city of Waslixugton for

` the purpose of prescribing regulations for opening books of suhscrnption to said capital stock, at such times and place as they may designate, by public notice of at least ten days in two daily papers in the city ot Washington; and said books shall be kept open until two hundred thousand dollars of said stock shall be subscribed, and twenty per centum on all subscriptions shall be paid in lawful money at the time of subscribing, to the person or persons authorized by the corporators to receive the same; and whenever that amount shall have been subscribed, and twenty per centum of the same paid in as above described, it shall be the duty of the above-named corporators  majority of them First meeting shall constitute a quorum for the transaction of business) to call a meet- £}'cf§‘;cQflf;l‘°“ ing of the stockholders, at the city of Washington, for the purpose of electing directors of the said corporation, and each share of said stock on which the said twenty per centum has been paid as liereinbefore provided shall entitle the owner to one vote. The corporators herein Inspectors of named shall designate a majority of their number to act us inspectors of °l°°l"°““‘ elections; which majority of inspectors so designated shall certify, under their names, the directors thus duly elected, and shall notify them of their election and the time and place of the first meeting of the said d6g$e*¥°t;°§?r*:c§° board of directors. At such meeting the above corporators shall deliver ms Subscription to the said directors the books of subscription to the stock of said National books, &c. Junction Railway Company, together with the amount paid thereon, with a full report of their proceedings under this act, and thereupon the duties of the corporators hereinbefore named shall cease and determine Di¥¢¤*°f¤¤¤¤l forever; and thereafter the said directors, with their successors or 2E32x_;?::;, assigns, shall constitute the said body politic and corporate. The direccorporation; tors thus chosen shall hold their office for one year and until others are 0a,:c:{"l°”m °f elected and qualified to fill their places. A majority of said directors (85mm_ shall constitute a quorum for the transaction of business. T¤¢¤=h Sec. 6. And be it further enacted, That the said directors shall, at their g?;;},;;';'} tg? first meeting, elect from their own number a president and vice—presicorporation. dent. They may also, from time to time, elect a treasurer, a secretary, chief engineer, and a general superintendent, together with such other officers, agents, and employees as they may deem necessary, each of whom shall hold office or position during the pleasure of said board of Vacancies. directors. The directors shall have power to fill all vacancies in the board which may be caused by death or resignation, except as hereinbe- B°¤‘l¤· fore provided for. The treasurer and.se<:retary shall give bonds with in *:”:;.*:lw:;;°** Security, as the board shall from time to time require. Meetings of the the transaction of business, shall be holden annually, and at such other Payment of glnes and upon such notice asoniay be prescribed by the by-laws. The capital gmk_ _ xrectors of the sand corporation may require the subscribers to the capital stock to pay the amount by them subscribed, respectively, at such times, in such manner, and in such instalments as they may deem proper; and if any stockholder shall refuse or neglect to pay any instalment, as Fmmum for requirechby a resolution of the board of directors, the said board may 2,,,,_p,,ym,mt, forfeit said stock for nompayment, and all previous payments shall revert c. in law and in equity to the sand corporation under such regulations, or
 * ,O*ldm_ stockholders of the said corporation for the election of directors, and for