to be binding. has not been fully paid for, but shall be passed to the credit of such stock as part pavment thereof. Sec. 7. All policies of insurance which shall be made or entered into by said company, shall be subscribed by the president or Policies how at president pro tempore or by such other officers as shall be designated tested and when for that purpose by its by-laws and attested by the secretary or clerk, and being so signed and attested, shall be binding and obligatory on said company. It shall be the duty of the Secretary at every annual election or other general meeting of the stockholders to lay before them a correct and particular statement [and] condition and affairs of said company. Duty of tar secro -Stock how transferrable. SEC. 8. The stock of said company shall be assignable and transferrable on the books of the same or otherwise according to such rules and by-laws and subject to such restrictions and limiTo be personal tations as may be established by the directors, and all such stock shall be held and considered as personal property. property. Books of subscription by whom to be opened. Thirty days no. scribed SEC. 9. The books for subscription to the capital stock of said company shall be opened under the direction of M. Detandelenatz, William J. Madden, John Plumb, Jr. Frederick Holman, James M. Kane, Joseph Wooley, James P. Cox or such other persons as any three of them may appoint, whose duty it shall be or any tice to be given. of them to give thirty day's notice of the time and place of opening said books for subscription in any one or more newspapers printed Stock how sub, in the Territory, and it shall be lawful for any individua!, company or corporation to subscribe for any number of shares and at the time of subscribing, pay to said commissioners one dollar on each share subscribed and nine dollars more to the directors before the company goes into operation; and it shall be the duty of said commissioners as soon as five hundred shares are subscribed to give thirty day's notice in one or more newspapers printed in this Territory of the time and place for the stockholders to meet and elect thirteen directors, and the board of directors thus elected Election of thir teen directors. shall continue in office until the next annual election. Payment thereof sioners when directors are elected. SEC. 10. As soon as the board of directors are elected, it shall Duty of commis be the duty of the commissioners to pay over to said board all moneys that may be in their hands belonging to said company and deliver over to them all books and papers belonging to the same, and it shall be the duty of the directors before they proceed to make any policies of insurance to demand and receive of each stockholder the residue of the amount of stock by them subscribed, which payment shall be paid in cash or secured to be made by giving real or personal security to the satisfaction of the directors and if any stockholder shall fail to make such payment or give Duty of directors to demand stock. feited. such security, within thirty days after the election for directors Stock when for such stockholder shall forfeit the amount paid on such stock at the time of subscribing. SEC. 11. When said company shall grant any policy or policies of insurance on any kind of property real or personal, against loss or damage by fire, or any other cause whether on land or on water, and whenever they may be on lives it shall be lawful to charge such premium as may be agreed upon by the parties. Premium. ance inay be assigned. SEC. 12. Whenever any property real or personal on which a policy may have been effected, shall be sold during the existence Policies of insurof the policy it shall be lawful for the vender, or venders, to assign such policy to the vender or venders of such property and such assignee or assignees shall have full benefit thereof provided, that before any loss happens, notice shall be given said company be given. of said assignment and provided, said company when so notified, shall be at liberty to retain a valuable proportion of the premium and thereupon be exonerated. Notice thereof to Loss and pay. SEC. 13. Whenever said corporation shall be notified of any loss sustained or incurred in any policy of insurance granted or is- ments thereof. sued by the same, it shall be the duty of said corporation to pay the amounts lost or incurred on such polity within sixty days after being so notified, provided there shall have been no violation of the condition of the policy on the part of the insured. SEC. 14. That the legislature shall at any time repeal, alter Powers reserved by the Legislaand amend this charter, notice being first given to some officer ture. of said company, Provided, however, that the said company or any of their agents shall have violated any of the provisions of this charter. This act to take effect from and after its passage. NO. 59. AN ACT to incorporate the Pekatonika Navigation Company. Be it enacted by the Council and House of Representatives of the Territory of Wisconsin, as follows, viz: SECTION 1. All such persons as shall become stockholders, agreeably to the provisions of this act, in the corporation hereby. created, shall be a body politic and corporate, by the name and Style and powers style of "the Pekatonika Navigation Company," and by that name of the corpora tion. Capital stock. Commissioners for receiving stock. Their duties. may nave succession, may sue and be sued, complain and defend in any court of law or equity, may purchase, hold and convey real, personal or mixed estate, may make and use a common seal, and alter the same at pleasure, may make by-laws, rules and regula.ions for the management of its property, the regulation of its affairs, and for the transfer of its stock, not inconsistent with the constitution and laws of the United States, and the laws of this Territory; and may moreover, appoint such subordinate agents, officers and servants, as the business of said corporation may require, and allow to them a suitable compensation, prescribe their duties, and require bonds for the faithful performance thereof, in such penal sum, and with such sureties as they may think proper, who shall hold their offices during the pleasure of a majority of said corporation. Affairs of corporation how managed. SEC. 2 The capital stock of said corporation shall be one hundred thousand dollars, which shall be deemed personal property, and shall be divided into shares of one hundred dollars each. SEC. 3. Russell Baldwin, George Beatty, Robert M. Carson, D. G. Fenton, William S. Hamilton, John W. Blackstone, James M. Kane, Moses M. Strong, and Charles Bracken, shall be commissioners for receiving subscriptions to the capital stock of said corporation, who shall give notice within twelve months after the passage of this act, of the time and place where books will be opened at Mineral Point in the County of Iowa, and such other places as they may deem necessary, in some public newspaper at least ten days previous to the opening of such books of subscription. A majority of said commissioners shall appoint one or more of their number who shall attend at the time and place appointed by such notice, for the opening of said books, and shall continue such subscriptions to the capital stock of the said corporation, from all persons who shall subscribe thereto, until at least one half of the capital stock shall have been subscribed: whereupon, said books may closed by the said commissioners and transferred to the board of directors, as hereinafter provided. Each subscriber at the time of subscribing, shall pay to the commissioners one dollar on each share of the stock by him subscribed; and the said commissioners shall, as soon as the directors are elected, deliver to them the whole amount of money received on the subscription of stock. be SEC. 4. The affairs of said corporation shall be managed by a board of nine directors, to be annually chosen by the stockholders from among themselves, a majority of whom shall always form a quorum. As soon as may be after one half of the capital stock shall have been subscribed, the commissioners shall give notice of the elected. tions when held. time and place at which a meeting of the stockholders will be held for the choice of directors, and at such time and place appointed for Directors how that purpose, the commissioners (or a majority of them) shall attend and act as inspectors of said election, and the stockholders present General elec shall proceed to elect their directors by ballot, and the commissioners present shall certify the result of such election under their hands, which certificate shall be recorded in the books of the corporation, and shall be sufficient evidence of the election of the directors therein named; all elections thereafter shall be held at the time, and in the manner, prescribed by the by-laws and regulations of said corporation. Each stockholder shall be allowed as many votes as he owns shares at the commencement of said election; and a plurality of votes shall determine the choice. The said directors shall hold their offices for one year and until their successors are elected, and they shall elect one of their number president of said board; and in case any vacancy shall happen in the board of directors by death, resignation or otherwise, it shall be filled. lawful for the remaining members of the board to fill such vacancy by the appointment of some other stockholder in the company or by calling a meeting of stockholders for that purpose. Who may vote. Vacancies how SEC. 5. A general meeting of the stockholders may be called whenever a majority of the directors or any number of stockhold- When general meeting may be ers holding one tenth of the capital stock, shall judge proper, of called. which at least three weeks notice shall be given in a newspaper published in the county of Iowa, or by six written or printed notices at several of the public places in said county, and it shall be lawful for any stockholder at any such meeting, and in case of the election for directors, to appoint any other stockholder to represent him or her, and to vote by proxy the number of votes to which such stockholder would be entitled if present in person. increased. SEC. 6. The capital stock of said corporation may at any time Capital stock hereafter be increased to a sum not exceeding two hundred and may be fifty thousand dollars, if the same shall be judged necessary to the completion of the work, and the same as well as any portion of the capital stock which shall not have been subscribed for and taken as hereinbefore provided shall be subscribed for and taken under the direction of the directors of said corporation whenever they shall direct one or more books to be opened for such purposes and Certain powers shall be subscribed and taken in such manner as the said directors of directors. for the purpose shall order and appoint. The said directors shall have power to collect under such regulations as they may deem proper, the amount subscribed by each stockholder, in instalments not exceeding ten dollars on each share, after giving thirty days 9 sale of stock for delinquency. notice in some public newspaper published at Mineral Point, or the seat of government of the Territory, of the time at which each Proceedings on instalment will be required, and in case any stockholder in said company shall refuse or neglect to pay any instalment which shall be ordered by the board of directors, at the time when the same shall be required to be paid, it shall be lawful for the directors or any person by them appointed for that purpose to offer at public sale any shares of stock on which such delinquency of instalment may occur, after having given at least thirty days public notice of the time when said shares will be offered for sale; and in case the said shares shall sell for a sum greater than the instalment then due, the overplus shall be paid to the person in whose name said shares were sold after deducting therefrom the cost of advertisement and sale; Provided however, that if said surplus shall be , more than sufficient to refund to the holder of said shares the amount which had been previously paid thereon, together with seven per centum per annum interest on such amount, the excess of such surplus shall belong to said company. Purchaser of SEC. 7. The purchaser of any share in the capital stock of said share, liable for company at any public sale as provided for in the foregoing section of this act, shall be liable for all instalments which may thereafter become due by requisition of the directors. instalments. May construct canal. be commenced. collected. SEC. 8. The said corporation shall have the right to construct, maintain and continue a navigable canal or slack water navigation from the point where the Illinois state line crosses said River, through or along the valley of the Pekatonika River to Mineral Point, or as near thereto as may by deemed practicable, and of such dimensions, and to terminate at such point as shall be determined on by said corporation. SEC. 9. That it shall be lawful for the said corporation to commence the construction of the improvement designed by this act at Work where to such points on any part of the aforesaid route, as in their judgment may appear expedient and proper; and so soon as any portion of said canal shall be completed, it shall be lawful for said corporaTolls when to be tion, to erect toll houses thereon and collect such tolls as shall from time to time be prescribed by the Legislature of this Territory or Corporation may future State. And said corporation is hereby authorised to borrow any sum of money which may in their discretion be deemed necessary for the prosecution of the works authorised by this act. SEC. 10. That it shall be lawful for the directors of said corporation, to make from time to time, such rules and regulations not in. consistent with the laws of the Territory and of the United States in respect to the size and structure of boats, rafts and other floats, borrow money. General powers of directors. |