Page:United States Statutes at Large Volume 18 Part 2a.djvu/73

 68 DISTRICT OF COLUMBIA. perati ns a ed in such certificate but shall not mortgage such estate gr give? any lien thereon, except in pursuance of a vote of the stock? holders of the company. Trustees. Sec. 555. The stock, property, and concerns of such company shall be managed by not less than three or morethan nine trustees, who shall, s 4 v is p atrespectively, be stockholders, and n majority citizen of the District, '` ’ l and shall,except the first year, be annually elected by the stockholders, at such time and place as shall be determined by the by·laws of the company, Mode of election. Sec. 556. Public notice of glie timle anddpluce of hold1ntg1suctl;elect;gri `“*°"""` shall be published not ess an irty ays previous _ ere in e gg]§£iiLO3`,,,, d newspaper printed nearest to the place where the operations of the com- W. T. P. Co. va. pany shall be carried on, and the election shall be made by such of the Vim N°¤°·2C"“°1‘» stockholders as shall attend for that purpose, either in person or by c‘C‘* M9' proxy. All the elections shall be by ballot, and each stockllaolder shall b titled to as many votes as he owns shares of stock in thecompany agdmthe persons receivinlg greatest numbiir otfivoges shtalvieltrlxsgefsé a d when an vacancy s appen among e us ees 1 s a e fd; the remaihder of the ear in such manner as may 7be provided by e - laws o e company. th b l f th y ` Non-election of Sag 557. In case it shall happen at any time that an election of trustr¤¤t¤•¤¤ ¤•>t¤>di¤· tees shall not be made on the day designated by the by-laws of said °°“’° °°""P‘“‘Y· company, when it ought to have been made, the company for that rea- Ibid. son shall not_be dissolved, but it shall be_ lawful on any other day to hold an election for trustees, in such manner as shall be provided by the by-laws, and all acts of trustees shall} his lyaliil and binding as against said company until their successors s al e e ecte. Officers. Sec. 558. There shall be a president of the company, who shall be -—-§—-——-— designated from the trustees, and also such subordinate officers, who 1 ma be elected or appointed, and required to 've security for the faith- Y El ful performance of the duties of their office, us the company by its by- laws may require. · By-laws. Sec. 559. The trustees shallahhave power to make such prudential by; ·—+—- laws as they deem proper for e management and disposal of the stoc md' and business affairs of such company, not inconsistent with the laws of the District and the Constitution of the United States, and prescribing the duties of ofilcers, artiflcers, and servants that may be employed, for the appointugent of all officers, and for carrying on all kinds of business within the o jects an purposes o such company. Ferreiture for Sec. 560. It shall be lawful for the trustees to call in and demand non-payment of from the stockholders all such sums of money by them subscribed, at °-"°°°°“‘°“*’“- such times and in such installments as the trustees shall deem proper, Ibid. under the penalty of fcgfeifling the ihares of stock subscribed for and all previous payments ma e thereon i payment shall not be made by the stockholder within sixty daysafter a personal demand or a notice requiring such paymtelpt grail have been published for six successive weeks in a newspaper in e istrict. Stock, persermi Sec. 561. The stock of such company shall be deemed personal estate, estate ; transfers- and shall be transferable in such manner as shall be prescribed by the "Ib",d_ by-laws of the company; but no shares shall be transferable until all SZOf10g1g icalll_s_::3rteon shall have been fully paid in, or shall have been ec ar o Ol or non-payment. Liability of Sec. 562. All the stockholders of every company incorporated under stockholders- this chapter shsllhbe lseverally mdividuully liable to the creditors of the n,·d_ company in w ie they are stockholders to an amount equal to the 1 amountof stock held by them respectively,fdr all debts and contracts made by such company, until the whole amount ofcapital stock fixed and limited by such company shall have been paid in and a certificate thereof shall have been made and recorded, as prescribed in the following section. Certificate of SEO. 563. The president and a. majority of tho trustees, within thirty ppyqriont of capital days after the payment of the last_ installment of the capital stock so j__ fixed and limited, shall make a certificate stating the amount of the cup- Ibid. 1tal so fixed and paid in, which certincate shall be signed and sworn to