« PreviousContinue »
and where the said Commissioners will next receive subscriptions shall be given in at least one newspaper printed in the said city; and it shall be lawful for any person, body politic or corporate, to subscribe for as many shares, not exceeding one hundred in one day, as he, she Payment to or they shall choose: Provided always, That subscribing. every person offering to subscribe as aforesaid, in his own name, or any other name, shall previously pay to the attending Commissioner one dollar for every share to be subscribed, out of which shall be defrayed the expenses attending taking such subscriptions, and other incidental charges, and the remainder shall be paid over to the Treasurer of the Corporation, as soon as the same shall be organized, and the officers chosen, as is herein after mentioned; but the said Com- Appropriamissioners shall reserve three thousand shares, am"un^,he which shall be appropriated by the President and Directors, and used, if the same be found requisite, for the purposes herein after mentioned, of vesting therein the monies to be applied for a sinking fund, to free the bridge, and - to enable the President, Directors and Company to purchase therewith, if the same can be done, a scite or place for erecting the bridge; such of the said reserved shares as are not used for these purposes to be open for further subscription or sale, as the President and Directors shall according to circumstances deem proper.
Sec II. And be it further enacted by the an- proceedings thority aforesaid. That when one hundred per-ratemthe1mbsons or more shall have subscribed five thousand,cnben" *—1
shares in the said stock, the said Commissioners respectively shall certify, under their hands and ^ seals, the names of the subscribers, and the
number of shares subscribed by or apportioned to each subscriber, to the Governor of this commonwealth; and thereupon it shall and may be lawful for the Governor, by letters patent, under his hand and seal of the state, to create and erect the subscribers, and if the said subscription be not full at the time, those also who shall afterwards subscribe to the number aforesaid, into one body politic and corporate, in deed and in law, by the name, style and title of style of the« The President, Directors and Company for erecting a permanent bridge over the river Schuylkill, at or near the city of Philadelphia;" and by the said name the said subscribers shall their powenhave perpetual succession, and all privileges jW#pn,e" and franchises incident to a corporation, and shall be capable of taking and holding their said capital stock, and the increase and profits thereof, and of enlarging the same from time to time by new subscriptions, in such manner and form as they shall think proper, if such enlargement shall be found necessary to fulfil the intent of this act, and of taking, purchasing and holding to them and their successors, in fee simple, or for any less estate, all such lands, tenements, hereditaments and estate, real and personal, as shall be necessary and convenient to them in the prosecution of their works, and the same to sell and dispose of at their pleasure, and of suing and being sued, and of doing all and every other matter and thing, which a corporation or body politic may lawfully do.
Seo. III. Jlnd be it further enacted by the au thority aforesaid, That the six persons first Proceeding. named in the letters patent shall, as soon as .thecTpo'r^ conveniently may be after sealing the same, 'on* give notice in two or more of the public newspapers in Philadelphia, one whereof shall be in the German language, of a time and place by them to be appointed, not less than thirty days from the time of issuing the first notice, at which time and place the said subscribers shall proceed to organize the said corporation, and shall choose, by a majority of votes of the said subscribers, by ballot, to be delivered in person, or by proxy duly authorized, one President,f^^1''twelve Directors, one Treasurer, and such ^"osct.'" other officers, as they shall think necessary to conduct the business of the said company for one year, and until other officers shall be chosen; and may make such by-laws, rules, orders and regulations, not inconsistent with the laws of this commonwealth, as shall be necessary for the well ordering the affairs of the said company: Provided always, That no personLimitation8| shall have more than fifty votes at any election, *evot"°mber or in determining any question arising at such meetings, whatever number of shares he or she may be entitled to, and that each person shall be entitled to one vote to every share by him or her held, under the said number.
Sec. IV. Jlnd be it further enacted by the authority aforesaid, That the said stockholders Meeting! of shall meet on the first Monday in January in holders. every succeeding year, at such place as shall be fixed by the rules and orders of the said com
pany, to be made as aforesaid, for the purpose of choosing such officers as aforesaid for the ensuing year.
Sec. V. And be it further enacted by the authority aforesaid, That the President and Dicertificatwofrectors first to be chosen, as aforesaid, shall
shares to be .«
iuued: procure certificates to be written or printed for all the shares of stock of the said company, and shall deliver one such certificate, signed by the President, and countersigned by the Treasurer, and sealed with the seal of the Corporation, to each person, for every share by him or her subscribed or held, upon payment to the Treasurer, in part of the sum due thereon, the sum of one
which shall dollar for each share, which certificate shall be
be tramftra- , . . . . ,
bk. transterable at such person's pleasure, in person
or by attorney, in the presence of the President or Treasurer, subject however to the payments due and that may grow due thereupon; and the assignee holding any certificate, having first caused the assignment to be entered in a book of the company to be kept for that purpose, shall be a member of the Corporation, and for every certificate so heldshall be entitled to one share of the capital stock, and of all the estates and emoluments of the company, and to vote as aforesaid at the meetings thereof.
Sec. VI. And be it further enacted by the authority aforesaid, That the said President and How the Directors, on their being chosen in the first inereeting the stance, shall call a meeting of the stockholders.
be fixed, and and that meeting may appoint five of their num
tho property , • . , ,. 'J
therein pur- ber to examine and report the most eligible place or places for building the bridge, and to treat with any body or bodies politic or corporate, or individuals, for the purchase of their respective rights, or any of them, to the place or places deemed eligible; and when the said place or places, and terms on which it or they can be purchased, are so reported, the said stockholders, or a majority of those met, may fix on the place and terms, or the said stockholders or a majority of them, may at any time agree to leave the determination, both on place and terms, to the President and Directors.
Sec. VII. And be it further enacted by the authority aforesaid, That the said President and 2jJ£Jf0"uthe Directors shall meet at such times and places, and ^epr"f'd°^t be convened in such manner, as shall be agreed on "nd Dire0for transacting their business at such meetings; five members shall be a quorum, who, in the absence of the President, may choose a Chairman, and shall keep minutes of all their transactions They shall fairly entered in a book; and a quorum being eep met, they shall have full power and authority to Their power agree with and appoint such engineers, superin- and pay°y tendents, artists, and other officers, as they wodtmen. shall think necessary to carry on the said bridge, and to fix their salaries and other wages, to ascertain the times, manner and proportions, in which the stockholders shall pay the money due on their respective shares, in order to carry on their work, to draw orders on the Treasury for all money to pay the salaries or wages of persons by them employed, and for the materials and labour done and provided, which shall be signed by the President, or, in his absence, by a majority of a quorum, and to do and transact all other such acts, matters and things, as