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Style of com. pany.

AND WHEREAS, they associated themselves with divers other persons by articles of association, dated the 8th September, A. D. 1835, for the purpose of effecting the said object, under the style of the Fox river hydraulic company: now, therefore,

SECTION 1. Be it enacted by the council and house of representatives of the territory of Wisconsin, That the said William Dickinson, John P. Arndt and Charles Fuller, and their associates, be and they are hereby declared to be a body corporate, under the name and style of the "Fox river hydraulic company," and by that name shall be capable of suing and being sued, Privileges and of pleading and being impleaded, of defending and be

and duties.

ing defended, in all courts and places, whatsoever, and may have a common seal and change the same at pleasure; the stock of said company shall consist of one hundred and sixty shares of one hundred dollars each, of which no individual can be owner of more shares, at $100 than forty shares, unless by a vote of two-thirds of the stockholders.

Stock 160

each.

Five directors.

How meetings called, and votes given.

Make by-laws, &c.

SECTION 2. The business of the company shall be managed and conducted by five directors, one of whom shall be appointed president by the directors, who shall be chosen annually on the first Monday in November, and shall hold their offices for one year, unless sooner removed, and until others are appointed in their places.

SECTION 3. Whenever it shall be necessary to hold a meeting of the stockholders for elections, or for other purposes, the same shall be called by a notice signed by the president, or by stockholders to the amount of one-third of the whole capital stock, which said notice shall be for three successive weeks published in a newspaper printed in the county of Brown, if any there be; if not, then by posting up notices in three of the most public places in said county previous to such meeting; and at all such meetings each share shall entitle the helder thereof to one vote, and a majority of votes shall be necessary to determine any question.

SECTION 4. The directors shall have power to transact all business of the company, unless otherwise determined by the stockholders, who shall have power to make such by-laws, rules and regulations, for the government of the company, as they may deem proper; but no stockholder shall be held to answer

debts or obligations of the company beyond the amount

subscribed in stock.

how transfer

SECTION 5. The stock of said company shall be Property, and personal property, and shall be transferable and as- able. signable, in such manner as the directors may prescribe, and no transfer shall be valid, until the same shall be entered upon the books of the company.

and convey real

SECTION 6. The company shall be capable of pur- May acquire chasing, holding and conveying real estate, and all estate. deeds executed by the treasurer, in the name of the company, shall be sufficient in law to convey the title of the company to the lands therein described: pro- Proviso. vided, that not more than one-fourth of the capital stock of said corporation be invested in lands, in addition to the lands now owned, and by the company heretofore chartered to build a dam across Fox river, used for hydraulic purposes.

SECTION 7. The directors. of the company shall Treasurer. have power to appoint a treasurer, to hold his office during their pleasure, and all such subordinate officers as they may deem expedient: the duties and compensation of all such officers shall be determined by the board of directors.

SECTION 8. The capital stock of said company May increase may be increased to any amount not exceeding one stock. hundred thousand dollars, at any meeting of stockholders called for that purpose, twenty days' notice to be given thereof, two-thirds of the whole number of votes being given in favor thereof: provided, that it shall be optional for any stockholder to take or not any additional shares of stock, and if he shall neglect or refuse within ten days after the vote of increase, to take the shares to which he would be entitled in such increased stock, the same shall be sold at public auction by the directors, for the benefit of the company.

SECTION 9. The said company shall, within eight Work complete years from the passage of this act, complete the dam in eight years. and locks, so as to permit boats to pass through the said dam, and a failure in this shall be a forfeiture of Penalty. the privileges of this charter.

charter dissolv.

ed.

SECTION 10. This company shall never be dissolv- How and when ed unless by a forfeiture of their charter, or a vote of the stockholders in which three-fourths of all concerned are present; nor shall any stockholder at have leave to withdraw his fund unless by unanimous

any

time

consent, and any stockholder who may have paid any
portion of the money due on his shares, shall forfeit
all such payments unless he shall comply with the
calls at any time made of the money remaining due
thereon.
P. H. ENGLE,

Speaker of the house of representatives.
HENRY S. BAIRD,

President of the council.
H. DODGE.

Approved, Dec. 3, 1836.

Bank of Milwaukee.

No. 15.

AN ACT to incorporate the stockholders of the bank of Mil

waukee.

SECTION 1. Be it enacted by the council and house of representatives of the territory of Wisconsin, That a bank shall be established in the town of Milwaukee, the Capital stock, capital stock whereof shall be two hundred thousand dollars, to be divided into two thousand shares, each share being one hundred dollars; and the books for receiving subscriptions for said stock, shall, on the 2.000 shares, at first Monday of June next, be opened at Milwaukee,

$200,000.

$100 each.

Duty of first directors.

Opening of

books for subscriptions.

under the superintendance of Rufus Parkes, Horace Chase, James Sanderson, Giles Brisban, Sylvester W. Dunbar, Geo. Bowman, Jesse Rhodes, Cyrus Hawley and Solomon Juneau, who are hereby appointed commissioners to receive the subscriptions to the said capital stock, who shall be the first directors, and are authorized to elect their president from their own number, and to conduct every operation of the institution, until the first election for directors and president shall take place; and they shall give at least thirty days notice of the time and place of opening said subscriptions in one or more newspapers printed in the county of Milwaukee, and the books for receiving the subscriptions aforesaid, shall continue open for six days, and until the whole number of shares are subscribed; and if the subscriptions to the said capital stock shall, within six days after the same are opened, exceed the

amount authorized by this section, it shall be the duty of the directors to deduct such excess in a proportional manner, from the largest number of shares subscribed, in such a manner that each person subscribing, who is a citizen of this territory, shall be entitled to at least five shares, if he subscribe so many.

stalment.

SECTION 2. That one tenth of the amount of each Payment of inshare shall be paid to the directors in specie, at the time of subscribing, and the balance shall be paid in such instalments and at such times as the directors for the time being may require: provided, that whenever the payment of an instalment is required by the directors, they shall give at least sixty days notice thereof, in some newspaper published in the county of Milwaukee; but no one instalment shall exceed ten dollars on each share, and in case any stockholder shall fail to pay in any, or either instalment at the time when the same shall be so called for and directed to be paid, the share or shares upon which such instalment Penalty on nonshall be so called for and unpaid, at the end of the payment. said sixty days, and the whole amount previously paid thereon, shall be absolutely forfeited to the other stockholders of said bank.

SECTION 3. That all such persons as shall become Corporate stockholders of said bank, shall be, and they are here. name. by ordained, constituted and declared to be, until the first day of May, which will be in the year of our Lord, one thousand eight hundred and fifty-seven, a body corporate and politic, in fact and in name, by the name of the president, directors and company of the bank of Milwaukee, and by that name they and their successors shall and may have continual succession during the time aforesaid, and shall be persons in law Powers and capable of suing and being sued, pleading and being duties. impleaded, answering and being answered unto, defending and being defended in all courts and places whatever, and in all manner of actions, suits, complaints, matters and causes whatsoever, and that they and their successors may have a common seal, and may change and alter the same at their pleasure; and they and their successors, by the name of the presi dent, directors and company of the bank of Milwaukee, shall be in law capable of purchasing, holding and conveying any estate, real or personal, for the use of the said corporation: provided, it shall not be law

estate to hold.

How much real ful for said corporation to hold real estate for an amount exceeding one tenth part of the capital stock actually paid in, excepting, however, the banking house and lot necessarily appertaining thereto.

Seven directors.

How and by

SECTION 4. That the stock, property, affairs and concerns of the said corporation, shall be managed and conducted by seven directors; the said directors shall be residents and citizens of this territory, one of whom shall be president, who shall hold their offices for one year, and until others are chosen and be stockholders, whom elected. and shall be elected on the first Monday of July annually, at the banking house of said stockholders; and public notice shall be given in some newspaper printed in the county of Milwaukee, at least sixty days previous to the day of holding such election; and the said election shall he held and made by such of the stockholders of the said bank as shall attend for that purpose, either by person or proxy, which proxies shall always be stockholders, and the plurality of votes shall be sufficient for a choice; and if it should happen at any election, that two or more persons shall have an equal number of votes, then the directors in office at the time of such election, or a majority of them, shall proceed to ballot, and by a plurality of votes, determine which of the said persons so having an equal number of votes, shall be the director or directors, so as to complete the whole number of seven; and the said directors chosen at such elections, as soon as may be thereafter, shall proceed in like manner to elect one of their number to be president. And if any director shall cease to be a stockholder, his office shall be considered vacant, and whenever any vacancy shall happen among the directors, by death, resignation, removal or otherwise, such vacancy shall be filled for the remainder of the year in which the same shall happen, by such person or persons as the remainder of the directors, for the time being, or a majority of them, shall appoint.

Vacancies,

when and how filled.

Election not

done.

SECTION 5. That in case it shall happen that an had, what to be election of directors shall not be made on any day when pursuant to this act it ought to have been done, the said corporation shall not for that cause be deemed to be dissolved, but it shall and may be lawful on any other day, to hold and make an election of directors,

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