Page:United States Statutes at Large Volume 20.djvu/161

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136 FORTY-FIFTH CONGRESS. Sess. II. Ch. 214. 1878. Fred. B. McGuire, Marshall Brown, D. C. Forney, William H. Phillip, Richard Smith, I. N. Burritt, A. C. Buell, S. L. Phelps, J. F. Ennis, J. G. Berret, E. F. Riggs, T. L. Hume, J. M. Mason, T. E. Roessle, L. B. Cutler, W. B. Todd, H. H. Blackburn, R. K. Elliott, R. W. Tyler, Levi Woodbury, J. W. Botcler, William G. Moore, Thomas O. Hills, J. L. Barbour, S. II. Kauffman, Thomas Russell, J. W. Thompson, William Thompson, H. W. Hamilton, W. B. Reed, W. H. Clagett, W. R. Smith, A. Middleton, S. C. McDowell, L. G. Hine, L. A. Gobright, C. M. Alexander, and their associates and assigns, be, and they are hereby, created a body corporate under the name of the National Fair May hold real Grounds Association, with authority to purchase and hold in fee-simple ¤¤¢M¤- not exceeding two hundred acres of land anywhere in the District of Columbia, without the limits of the cities of Washington and Georgetown, and to erect suitable buildings and make suitable improvements thereon, for the care, preservation, improvement, and exhibition of products of the soil, of domestic animals, and of the products of mechanical, scientific, and artistic skill, ingenuity, and invention. Capital stock. Sec. 2. That the capital stock of said corporation shall be not less than twenty-tive thousand dollars nor more than two hundred thousand dollars, divided into shares of one hundred dollars each. Subscriptionsfcr Sec. 3. The persons hereinbetore named, or a majority of them, shall, °*°°k· within ten days alter the approval of this act, open books and receive subscriptions for such capital stock at such time or times and place or places as they shall deem proper; and may appoint persons to superintend the receiving of subscriptions and to receive money payable thereon; Proceedings to may call a meeting of subscribers at such time and place and with such °¤’E¤¤¤·°· notice as they shall deem proper, after the minimum amount of capital aforesaid shall be subscribed ; and may do all other acts necessary and proper to constitute and organize the said corporation until the first board of directors shall be elected, including the power in person, or through persons appointed by them, or a majority of them, to superintend, conduct, and certify that election. _Fir¤t board of Sec. 4. That at the meeting of subscribers to be called as aforesaid, d“°°°°”· or at any meeting called by adjournment thereof from time to time, there shall be elected a board of five directors; and from the time of such election the said corporation shall be completely organized and consti- Cgrpgrgtg pow. tuted, with all the faculties, rights, and privileges which lawfully belong ers,ete. to corporations generally, so lar as the same shall be necessary for the purposes of its incorporation, including perpetual succession; the right to have and use a common seal, and to change the same at pleasurethe power to purchase, receive, acquire, hold, lease, dispose of, and manage real estate in the District ot Columbia outside the limits of the cities of Washington and Georgetown not exceeding two hundred acres, and personal propert-y not exceeding two hundred thousand dollars in value; the right to sue and be sued, and to transact its business in the said corporate name; the power to appoint officers, agents, and servants; the power to make contracts, and to make all by-laws, rules, and regulations which may be deemed expedient and not contrary to law; and to prescribe the sources from which revenue may be derived, not incon- Tcm of an-wg. sistent with law. The board of directors shall hold their offices for one crs. year and until their successors shall be elected by the stockholders in Quorum. general meeting. A majority of said board shall be a quorum, and all 0g1cm_ shall be stockholders of the corporation. They shall elect one of their number president and another vice president, and a secretary, whose St,,,,],;,,,],;,,,.,: terms of office shall be the same as the board of directors. The board meetings. may call a general meeting of the stockholders at any time, or the same may be done by persons holding one-third of the stock of the corpora- Removal of Om, tion, and any officer of the corporation may be removed ou vote of a. cers. majority of the stock thereof represented at such meeting, and his successor elected to till his place. One week’s notice in some new paper of general circulation in said District shall be required to call said meeting.