Page:United States Statutes at Large Volume 25.djvu/892

 FIFTIETH 'CONGRESS. sm,. 11. cH. 875. 1889. 847 shall attend the meeting so called, either in person or by lawful Electiouof directors proxy, then and there shall elect by ballot seven directors for said corporation; and at such election each share of said capital stock sha l entitle the owner thereof to one vote. The president and the Secretary of the board of commissioners, and in the case of their absence or inability any_two of the officers of said board, shall act as inspectors of said election, and shall certify under their hands the names of the directors elected at said meeting; and the said commissioners, treasurer, and secretary shall then deliver over to said directors all the prolperties, subscription-books, and other books in their possession, an thereupon the duties of said commissioners shall cease, and thereafter the stockholders shall constitute said body politic and corporate, and said corporation shall be deemed to be czompletellly organized and constituted with all the faculties, rights, and priv' egps hereby (granted. Sec. 2. That the said corporation shall have all the powers, quali- G¢¤¤P¤ir¤W¢rS.¢*n>· ties, faculties, rights, and privileges which lawfully belong to corporations generally, so far as the same shall be necessary for the purposes of its incorporation. Sec. 3. That there shall be seven directors of said corporation, Bmmi of dimwrswho shall be a board to transact and manage all the aifairs of the corporation and exercise all its powers, subject to the control of the stockholders in general meeting. A majority of the board shall be a quorum. They shall be elected annually by the stockholders in general meeting, and shall hold their offices for one year and until successors shal be elected. They shall be stockholders of the corporation. They shall be elected under regulations and supervision ap the board of directors or stockholders shall prescribe after the first e ection. Sec. 4. That the board of directors shall elect one of their own Pr¤¤i<1<->¤¤· number as president of the corporation, and his term of office shall be the same as their own, and he shall exercise such powers as the board or stockholders shall prescribe. . Sec. 5. That a general meeting of the stockholders shall be held A¤¤¤¤1¤¤¤¤¤¤s- annually, at such time and place as the by-laws shall prescribe; and a general meeting may also be called at any time and place by the board of directors, at least ten days’ notice thereof being given by advertisement in one or more newspapers published in the city of VVashington. In all elections, and in the decision of all questions E1¤cri<>¤¤- each stockholder shall be entitled to one vote for every share of stock held by him or her. A number of stockholders holdinga majority of the shares subscribed, and being in person or represented by roxy, shall be a quorum of a meeting of the stockholders. Stockholders may vote in person or by proxy, and the form of proxies may be prescribed by the by-laws. Less than a quorum o the stockholders ma adjourn a meeting from time to time. Sec. 6. 'llhat the board of directors shall have the power to make Assessments. assessments from time to time on the capital stock until the same shall be paid up; and upon default in the payment of any sum assessed and due upon said stock, the stock may be forfeited and sold for the payment thereof, with interest and expenses, under such regulations as the by-laws shall prescribe, or the corporation may by suit recover the same from the holder of the stock at the time of the assessment thereof. _ SE1:. 7. That said corporation shall have authority to construct, Aumority. maintain, and work the railroad mentioned in the first section of this act, and such branches or lateral railroads from its main line as Congress may hereafter grant authority. _ Q. Sec. 8. That the said railroad may be constructed with double »c0¤m¤¤u¤¤. tracks or single tracks, as the said corporation shall deem proper, and said corporation may construct and maintain all bridges, and other