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stockholder shall be entitled to vote at elections or otherwise, on any stock, unless he, she or they shall have held the said stock, on which he, she or they offer to vote, at least sixty days previous to such election or time of voting.
VII J. And be it further enacted, That a majority m„u , of the directors for the time being, shall form a board Ston""" or quorum for transacting all the business of the said *»uonimcorporation, and shall have power to make and pre. scribe such bye-laws, rules and regulations, not repugnant to the constitution and laws of the United States or of this state, as to them shall appear needful and proper, touching the management and disposition of the stock, property, estate and effects of the said corporation, the duties and conduct of the officers, clerks and servants employed therein; the election of directors, and all such other matters as appertain in any wise to the concerns or affairs of the said corporation ; and shall also have power to appoint so many officers, clerks and servants, for carrying on the said business, and with such salaries and allowances as to them shall seem meet: Provided, That no director, other than the president, shall be entitled to any emolument for his services, but that the president shall receive such salary or compensation for his services, as shall be agreed upon by a majority of the board of directors. L
IX. And be it further enacted, That no transfer of stock shall be valid and effectual, until such transfer
shall be entered or registered in a book or books to be reBirteredkept for that purpose by the directors.
X. And be it further enacted, That the total amount, of debts which the said corporation shall at any time owe, whether by bond, bill, note or other contract, shall not exceed three times, nor the bills issued be more than the sum of the capital stock actually subscribed and paid into the said bank; and in case of such excess, the directors under whose administration it shall happen, shall be liable for the same in their separate and private capacities; but this shall not be construed to exempt the said corporation, or any estate, real or personal, which they/may hold as a body
corporate, from also being liable and chargeable
XL And be it further enacted. That the bills obligatory and of credit, under the seal of the said corSng Sld poration, which shall be made to any person what*ewuuf">,ever, shali be assignable by endorsement thereupon, under the hand of such person or his assignee, so as absolutely to transfer and vest the property thereof in such assignee, and to enable such assignee to bring and maintain an action thereupon in his own name, and all bills or .notes which may be issued by order of the said corporation, for the payment of money to any person whatever, or his order, or to bearer, though not under the seal of the said corporation, shall be binding and obligatory upon the said corporation, in like manner, and with like force and effect, as upon any private person, if made by him, and shall be assignable and negotiable in like manner as if made by such private person. Theorem* XII. And beit further exacted, That the corporato the itattf tion hereby created shall pay to the treasurer of this •00,009 doit. state tnc sum Qf four hundred thousand dollars, in
four equal annual payments, and the first payment to be made in one year from the passing of this act; and the further sum of one hundred thousand dollars in ten years, and the further sum of one hundred thousand dollars in nineteen years from the passing of this act: JSfSIliS" *°ur hundred thousand dollars, part thereof, to be applischooi.. ej for the use and encouragement of common schools within this state; and one hundred thousand dollars lb?ro?di0Jia thereof to be applied for the purpose of opening and Navigation, improving roads and navigation; and one hundred 100ooodoiu. thousand dollars for the encouragement of literature twira^'ment within this state, in such manner as the legislature « tcrature. provide by law; and if default shall be made at any time in any of the said payments for the space of sixty days after the same shall become due, the corpo. ration hereby created shall be and hereby is declared to be dissolved.
XIII. And be it further enacted, That the COrpOra- The corpora* tion hereby created shall loan to the people of this !oaVu>iL state, for and during the continuance of this act, such oMAaTai sum or sums of money as may be required, not ex- '*"^ ceeding the sum of one million of dollars, at a rate of interest not exceeding five per cent, per annum, the said interest to be paid annually, and the principal sum which may be so borrowed, to be repaid at such time or times, during the continuance of this act, as shall be provided for by law: And further, That the said Am 1,000,. corp ration shall also loan to the people of this state, H'touS* when required, a further sum, not exceeding one million of dollars, at a rate of interest not exceeding six per cent, per annum, the said interest to be paid annually, and the principal sum which may be so borrowed by the state as last mentioned, to be repaid at such time or times, during the continuance of this act, as shall be provided for by law.
XIV. And be it further enacted, That the said cor- Rateonme. poration shall not demand any greater interest for any TmeidYiUr loan or discount, than at the rate of six per cent, per annum.
XV. And be it further enacted, That if the said cor- 5J£SS£ poration shall be dissolved by limitation of time or ^S^' otherwise, it shall be lawful for. the president and directors thereof for the time being, to sue and be sued,
in any court or place, by their corporate name, for and upon any cause, matter or thing, arising previous to such dissolution, in like manner as they might have done if the same had not taken place; and also to sell their property, real or personal, and to divide the proceeds, and all their capital, among the several stockholders, rateably according to their several interests in the same.
XVI. And be it further enacted, That this act be, Tw.actto and the same is hereby declared to be a public act, «*pubUc and that the same be construed in all courts and places benignly and favorably for all beneficial purposes therein intended.
An ACT to incorporate the Ogdensburgh Turnpih
Passed June 8, 1812. D«yw p«rish ^ *' enacted by the people of the state of JVew
fci.T^S<L -t) TorA-, represented in Senate and Assembly, Thai David Parish, Nathan Ford, Louis Hasbrouck, Joseph Rosseel, Charles Hill, Ebenezer Legro, and all other persons as shall associate for the purpose of I king a good and sufficient turnpike road, to begin or near where the St. Lawrence turnpike road crosse^ Indian river, in the town of Le Ray, in the county Jefferson, and from thence on the best and most route to the village of Ogdensburgh, in the town of Oswegatchie, and their successors be, and they are Th .r ( hereby created a body corporate and politic, bp the SttSES name °f "tne president, directors and company of the Ogdensburgh turnpike road," and they are hereby ordained, constituted and declared to be a body corporate and politic, in fact and in name, and by that name they and their successors shall and may have continual succession, and be persons in law capable of suing and being sued, pleading and being impleaded, answering and being answered unto, defending and being defended, in all courts whatsoever, in all manner of aetions and complaints, matters and causes, and by the same name and style shall be in law capable of purchasing, holding and conveying any estate, real and personal, for the use of the said corporation: Provided, That such estate, as well real and personal, so to be purchased and held, shall be necessary to fulfil the end and intent of said corporation, and for no other purpose whatsoever.
II. And be it further enacted, That the stock of said company hereby incorporated, shall consist of one thousand shares, of fifty dollars each, and that David Parish, Louis Hasbrouck, David Ford, Henry Lewis and John Jenison be, and they are hereby appointed commissioners to receive subscriptions for the said stock, in the manner directed in and by the act, entitled "an act relative to turnpike companies," passed the thirteenth day of March, in the year of our Lord one thousand eight hundred and seven.
III. And be it further enacted, That the said corainy hereby incorporated, shall be entitled to ask and R,t*'6f Klu rceive at each of the gates or turnpikes to be erected n said road, for any number of miles not less than ten 1 length, of the said road, the following sums of mo;y, and so in proportion for any greater or less dismce, from all persons travelling or using the ime: for every cart or waggon drawn by one horse, mlc or ox, six cents ; for every cart or waggon drawn y two horses, mules or oxen, twelve and a half cents; id for every additional horse, mules or ox, the further rice of three cents; for every stage waggon, chariot, oach, coachee, phaeton, curricle or other pleasure-cariage drawn by two horses, twenty-five cents; and for very additional horse, six cents; for every chair, ulkey or chaise with one horse, twelve an a half ents; and in like proportion for every additional orse; for every horse rode, six cents; for every horse :d or driven, four cents; for every sleigh or sled irawn by two horses, oxen or mules, six cents; and ;)r every additional horse, ox or mule, three cents; or every sleigh or sled drawn by one horse, ox or nule, six cents: for every score of cattle, horses or nuks, twenty cents; for every score of hogs or sheep, ight cents: Provided, That nothing in this act con- r»»», &o -uned, shall be construed to entitle the said corporaion hereby created, to demand or receive toll at any !;ate, of or from any person passing to or from pubiic worship, or a funeral, to or from a grist-mill for the . grinding of grain for his family's use, or to or from a blacksmith's shop to which he usually resorts, or from Mw person residing within one mile of said gate, or from any person or persons who are entitled to vote, when going to or returning from any town meeting or election for the purpose of giving a vote, or from any person going for a physician or midwife or returning, or from a juror or witness going to or returning from court, having been legally summoned or subpoenaed, or from any troops in the service of this state or of the United States, or from any person going to or returning from any training where by the laws of this s^te they are required to attend: And provided also,