Page:United States Statutes at Large Volume 6.djvu/236

 136 · THIRTEENTH CONGRESS. Ssss.I1. Ch.55. 1814. town Water Company, and by that name shall have perpetual succes- May Sue and sion, and shall be capable in law to sue and be sued, plead and be imbe Sued, &¢· pleaded, answer and be answered, defend and be defended, in all courts of judicature or elsewhere, and to make use of one common seal, and the same to alter or renew at their pleasure, and generally to do and perform all things relative to the object of the institution which now is or shall be lawful for any individual or body politic or corporate to do, Dirgcmpsmbe Sec. 6. And be it further enacted, That as soon as three thousand °h°¤¤¤· shares shall be subscribed, the commissioners hereby authorized to receive subscriptions, may call a meeting of the stockholders after giving not less than four weeks’ notice in two newspapers published in the District of Columbia; and the stockholders who shall so assemble in consequence of such notice, or appear by proxy, shall choose by ballot from among the stockholders, by a plurality of votes, twelve directors, Thai, who shall continue in office until the first Monday in April, one thoupowers,. . . Gee. sand eight hundred and fifteen, which day every succeeding year thereafter an election shall be held for twelve directors as aforesaid, who shall continue in office for one year from the time of their election, and until others be chosen in their stead; and the said directors, at their first meeting, shall choose from amongst the stockholders a president, and allow him a reasonable compensation for his services, who shall also continue in office for one year from the time of his election, and until another be chosen in his stead; and in case of death, removal, resignation, or disqualification in any way of the president or any of the directors, the board may elect others to supply their place. Votesofstock- Sec. 7. And be it further enacted, That in choosing the directors, h°ld?*¤»dh¤W all persons or bodies politic, holding stock in the said company, shall mgu M ‘ vote agreeably to the number of shares they may hold, in the following proportion, that is to say: for one share and not exceeding five shares, one vote each; for every two shares above five and not exceeding twenty- five, one vote; for every five shares above twenty-five and not exceeding fifty, one vote; but no person shall be entitled to vote more than twenty votes. fresident and Sec. 8. And be it further enacted, That the said president and direcfaziséfs 'lgw tors shall have full power and authority to make all by-laws, rules and ,,,1,,, ,,,$,,,gi,[ regulations, for the well-ordering and conducting-of the business of the lations. company, and such by-laws, rules and regulations, to alter, change, and annnl, at their pleasure; but every such by-law, rule or regulation, may be altered or repealed by the stockholders at a general meeting, to Proviso. be called for that purpose by any ten or more stockholders : Provided, That there be present at such meeting, stockholders holding more than one half of the said stock, or their proxies, and that four weeks’ previous notice be given in two newspapers printed in the District of Columbia olf such meeting, and of the alteration or repeal intended to be proposed t creat. Powers of the Sec. 9. And be it further enacted, That the said president and direc- §f:‘s;‘3§;;* and tors shall have power to appoint and remove at their pleasure, all clerks, ‘ superintendents, agents, or other officers, necessary for carrying on the business of the said company, to dispose of its funds or property in the manner hereinafter directed, and out of the funds of·the said company to pay the compensation of all such agents, superintendents, clerks, or officers, to make such contracts, purchases, or agreements of all such matters and things, in behalf of the said company, and of all such privileges, permissions, rights, and advantages of every kind and nature whatever, as they shall judge necessary for completing in an effectual and proper manner the introduction, distribution, and supply of water to Georgetown, District of Columbia, with any individual companies, firms, orlcorporations, and to use and dispose of any surplus water to the best rnterest and advantage of the said company, and all other con-