Page:United States Statutes at Large Volume 31.djvu/1337

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FIFTY-SIXTH CONGRESS. Sess. II. Ch. 85l. 1901. I285 acknowledge, before some officer competent to take the acknowledgment of deeds, and file in the officer of the recorder of deeds, a certificate in writ-ing. Sec. 606. In such certificate shall be stated- -e0¤¤ems ci. First. The corporate name of the company and the object for which it is formed. -. Second. The term of its existence, which inay be perpetual. Third. The amount of the capital stock of the company and the number of shares of which said stock shall consist. Fourth. The number of trustees who shall manage the concerns of the company for the first year and their names. Fifth. The name of the placein the District in which the operations of the company are to be carried on. Sec. 607. SIGNERS INGORPORATED.—lVhe11 the certificate shall have m§ig¤*”$ i¤°°*P°*”¤· been filed, in accordance with the provisions of the preceding section, ` the persons who shall have signed and acknowledged the same and their successors shall be a body politic and corporate in fact and in name, by the name stated in such certificate, and by that name have succession and be capable of suing and being sued in any court of law or equity in the District; and they and their successors may have a common seal and make and alter the same at pleasure, and they shall by their corporate name be capable in law of purchasing, holding, and conveying any real or personal estate whateveriwhich may be necessary to enable the company to carry on its operations named in such certificates, but shall not mortgage such estate or give any lien thereon, except in pursuance of a vote of the stockholders of the company. Sec. 608. TRUstrEEs.——The stock. property, and concerns of such Trusteescompany shall be managed by not less than three nor more than fifteen trustees, who shall, respectively, be stockholders, and a majority citizens of the District, and shall, except for the first year, be annually elected by the stockholders, at such time and place as shall be determined by the by-laws of the company. · Sec. 609. ELEcT1oNs.——Public notice of the time and lace of hold- El"°“°’”· ing such election shall be published not less than thirty gays previous thereto in some newspaper printed and published in the District, and the election shall be made by such of the stockholders as shall attend for that purpose, either in person or by proxy. All the elections shall be by ballot, and each stockholder shall be entitled to as many votes as he owns shares of stock in the company, and the ersons receiving the greatest number of votes shall be trustees; and wlilen any vacancy shall happen among the trustees it shall be filled for the remainder of the year in such manner as may be provided by the by-laws of the company. Sec. 610. In case it shall hap en at any time that an election of trus- dal;“(§g{;n;Q€‘§°§;,Qg tees shall not be made on the gay designated by the by-laws of said dissolve company. r company when it ought to have been made, the company shall not for that reason be dissolved, but it shall be lawful on any other day to hold an election for trustees, in such manner as shall be provided by the by—laws, and all acts of trustees shall be valid and binding as against said company until their successors shall be elected. Sec. 611. Orriomzs.-—There shall be a president of the company, memwho shall be designated from the trustees; and also such subordinat-e officers as may be elected or appointed, and who may be required to give security for the faithful performance of the duties of their office, as the company by its by-laws inay require. ' Sec. 612. BY—LAws.——The trustees shall have p0WQ1'. to make such B>’·l¤W¤· prudential by-laws as they deem proper for the management and disposal of the stock and business affairs of such company, not inconsistent with the laws of the District and the Constitution of the United States, and prescribing the duties of officers, artificers, and servants that may be employed, for the appointment of all officers, and for car-