Page:United States Statutes at Large Volume 21.djvu/109

 FOBTYSIXTH CONGRESS. Sess. H. Ch. 60. 1880. 79 Sec. 9. That the United States International Commission shall beFirst meeting called together by the Secretary of State of the United States in the °*m°db5’ Sscmiw city of New York as soon as convenient after the appointment of the °f Smm commissioners as herein directed, and it shall then be their duty to open books for subscription to the capital stock, as herein provided Subscription to giving public notice of the time and place, and the terms upon which '”°°k· subscriptions may be made, and such books shall be kept open during sixty days, at the end of which time the members of said commission shall be called together by public notice by the president and secretary pro tempore of the same, for the election of permanent officers of said Election or por. commission, to consist of a president, secretary treasurer, and such maucnt officcm. other officers as said commission may designate, from among the members thereof ; said election of officers to take place immediately after enc election of the members of the committee. of nuance herein provided . or. · Sec. 10. The first meeting of the shareholders shall be called at the Snnroiioidorii same time and in the same manner as provided for in the last section, m°°*i”§- and shall proceed to the election of twentynve from their number, or n·om the members of the commission who, when elected, shall, if not already so appointed, be ex officio members of said commission, and who, together with the executive officers of said commission, shall constitute a committee of nuance. In this election each subscriber shall be entitled C o in mit toe of to a vote for each share subscribed for, on which at least ten per centum li¤=l¤¤¢· in cash shall have been previously paid, under such regulations as may be prescribed by said commission. Upon the organization of said com- Organization or mittee of nuance, said commission shall transfer to it the stock-books °°¤1¤1iil>¤¤· and moneys collected, together with all papers and business pertaining to the receiving and collecting of subscriptions of stock, and shall furnish to said committee a full statement of all its nnancial transactions up to that date, and the commission may require good and suilieient security from all its collecting and disbursing agents, including those of the nuance committee. Sec. 11. It shall be the duty of the committee of nuance so elected to _ Coinini t too or select suitable depositories for the deposit of all moneys received for said h‘%»l]"géiwr, _ commission; to devise methods for raising funds for the commission with R,,{’S,,,g f,,‘,,‘:jB_ which to carry out the provisions of this act; to confer and advise with the commission as to all contracts to be made involving the expenditure of moneys; to carenilly audit all accounts; to recommend a system of Accounts. checks and safeguards, with a view of enforcing economy and efliciency Checks auusaroiu the financial administration of the said commission, and to make full SMFo6- reports to the commission at least once every three months. It shall Reports_ also be the duty of said committee of nuance, from time t0_ time, as occasion may require, to open the books for futher subscriptions to the rjn i-1 1. oi- sn 1,- capital stock, and take all measures that are needful to secure a collec— Scuptwns to stuck. tion of the same, using, if necessary, the name of the commission for the purpose, but the moneys so collected shall at all times be subject to control of the commission. Sec. 12. That the officers of said commission and the members of said Terms of office. committee of finance shall hold their respective positions for the term of U one year from the day of their election, before the_exp1ration_of which Elootion. time and for each year during which the commission shall exist a new election shall be held at such time and place as said commission shall designate by due public notice, and in the mode following, to wit: the members of the committee of nuance shall nrstbe elected by the shareholders, immediately after which the commission shall proceed to the election of its onicers. Any person elected as amemberof said committee of nuance or an officer of said commission shall be eligible to re—elec— _ tion. Said commission shall have power at any time to nll any vacancy V¤·¤¤¤¤1¤¤· occurring among the onicers, and said shareholders shall have like po wer to nll any vacancy occurring in the members of said committee of nuance, and said commission shall also have the power oi removing any officer for cause. Vacancies in the commission may be nlled in the same man-