No. 47. An Act To incorporate the Hazleton Coal Company. SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That Samuel Moore, Jacob Drumheller, Jacob Corporators. Souder, Matthew C. Jenkins, and P. A. Reading, and their associates, successors and assigns, be, and they are hereby constituted a body politic and corporate, by the name and style of "The Hazleton Coal company," for the purpose of Name and mining of coal, and for transacting the usual business of style. companies engaged in the mining, transporting to market, and selling of coal and the other products of coal mines; and the said corporation, by the said name, is hereby de- Powers. clared and made capable in law to sue and be sued, to plead and be impleaded, to have a common seal, and the same to Seal. alter and renew at pleasure, to make rules and by-laws for the regulation and management of said corporation, consistent with the laws of the United States and of this commonwealth, and generally to do and execute for the well being of the said company, whatever shall lawfully pertain to such bodies politic: Provided, That nothing herein con- Proviso. tained shall be considered as in any way giving to said company banking or railroad privileges, but they shall be exclusively confined to the operations pertaining to the business aforesaid, accor g to the true intent and meaning of this act: And provided, That each stockholder shall be liable 2d Proviso. in his individual capacity, for the debts and performance of all contracts entered into by the said company, to the amount liable. of the balance unpaid on the stock of said stockholder, so Whole capthat the whole capital stock of the company, whether paid ital stock in or not, shall be liable for said debts and contracts. SECTION 2. The said company shall have the right to hold, Right to hold either by purchase or lease, not exceeding two thousand two thousand acres of land at any one time, in Sugarloaf township, in the acres land. county of Luzerne, and Lausanne township, in the county of Northampton, in the commonwealth of Pennsylvania, and in no other county or township, and the same or any part thereof, to sell or otherwise dispose of, as the interest of the company may require: Provided, That the said two thou- Provisó. sand acres of land shall be in not more than two separate and distinct bodies: Provided however, That the company 24 Proviso. may hold as above, such lot or lots of land not exceeding three acres in any one place, as may be found convenient, 50 dollars. as places of deposit, in the transportation and sale of the products of their mines. Capital stock SECTION 3. The capital stock of said company shall con150,000 dolls. sist of one hundred and fifty thousand dollars, and shall be Each share, divided into three thousand shares, of fifty dollars each, which capital shall only be employed in the purchasing and holding the lands aforesaid, with the improvements, if any thereon, and in constructing such other improvements, buildings, cars, boats, engines and machinery, as may be necessary or useful for the mining, transportation and sale of coal, and in the payment of such salaries, wages, and other expenditures, as shall be requisite for the aforesaid purposes of the Stock trans company, and said stock shall be assignable and transferrable, according to such rules as the board of directors shall establish. ferrable. Letters patent. SECTION 4. When the above named Samuel Moore, Jacob Drumheller, Jacob Souder, Matthew C. Jenkins, and P. A. Reading, and their associates, shall have subscribed the whole number of shares aforesaid, and actually paid and expended not less than fifteen per cent. of the capital aforesaid, in purchasing land, and in such other investments as are authorized by this act, for the use of said company, the Governor, on due evidence thereof, shall, by letters patent, under his hand and the seal of the state, create and erect the said Samuel Moore, Jacob Drumheller, Jacob Souder, Matthew C. Jenkins, and P. A. Roading, and their associates, successors and assigns, into one body corporate, by the rame, style and title of "The Hazleton Coal company." SECTION 5. The affairs of the company shall be managed Five direct by five directors, to be chosen annually from the stockholdors to be cho- ers; the first election shall be held in the city of Philadelphia, sen annually within thirty days after letters patent aforesaid shall have been issued, of which election, public notice shall be given by three or more of the corporators named in the first section of this act, at least two weeks previously thereto, in two or more daily newspapers printed in Philadelphia, and the subsequent elections shall be held annually, at such convenient time and place as the directors shall determine, of which, thirty days previous notice shall in like manner be given by the president of the company, or by any three of the directors: Provided, That in the event of a failure to hold such election, the former directors may continue in office for a period not exceeding six months, or until such election shall be held. Notice. Proviso. Ratio of votes. SECTION 6. The election for directors shall be held by ballot, and each stockholder shall be entitled to vote according to the number of shares held by said s ockholder, in the proportion following, that is to say: for each share and not exceeding two shares, one vote; for every two shares above two and not exceeding ten shares, one vote; for every four shares above ten and not exceeding thirty, one vote; for every ten shares above thirty and not exceeding one hundred, one vote; for every twenty shares above one hundred, one vote; no share shall confer a right of voting, Right of which shall have been transferred within three callendar voting. months prior to the day of election, nor unless it be bona fide held or owned by the person in whose name it appears, in his own right or that of his wife, or for his or her sole use and benefit, or as executor or administrator, trustee or guardian, or in the right, or for the use and benefit of some co-partnership, society or corporation, of which he or she may be a member, and all votes by proxy shall be on such terms Proxies. and conditions as are prescribed by the act passed on the twenty-eighth day of March, one thousand eight hundred and twenty, entitled An act to regulate proxies." officers. SECTION 7. The directors shall, as soon as convenient President after their election, choose one of their number as president, and other to serve for one year, they shall also have power to appoint, as occasion may require, all other officers and agents of the company, and to supply vacancies in the board arising from Vacancies. death, resignation or otherwise, until the next annual election; at all meetings of the board, three directors shall form a quorum to transact business. Notice to ments. SECTION 8. The directors may, from time to time, call in, on thirty days notice thereof, in at least two daily papers printed in Philadelphia, and in at least one paper printed in pay instaleither of the counties of Luzerne or Northampton, such instalments on the stock of the company as they may judge best, not exceeding twenty per cent. thereof at any one time; and if any stockholder shall neglect to pay at the time and place appointed, any instalment on his stock so called in, for the space of thirty days after the period so designated for the payment thereof, the said stock, and the amount previously Forfeiture for paid thereon, may be declared by the directors forfeited to neglect. the compary, and disposed of as they shall prescribe. SECTION 9. Dividends of so much of the profits of the Dividends. company as shall appear to the directors advisable, shall be declared twice a year, and paid to the stockholders, or their legal representatives, on demand, at any time after the expiration of ten days after having been declared; but said dividends shall in no case exceed the amount of the nett profits actually acquired by the company, so that the capital stock shall never thereby be impaired, and if any dividend shall be declared which shall impair the capital stock of said company, the directors consenting thereto, shall be lia-Liability of ble in their individual capacities to the said company, for the directors, amount of the stock so divided, and each director present when such dividend shall be declared, shall to be adjudged Proviso. Time of con⚫ the act. consenting thereto, unless he shall forthwith give public notice to the stockholders of the declaring of such dividend: Provided, That whenever the dividend shall exceed eight per cent. per annum, the said company shall pay a tax of eight per cent. on all such dividends into the treasury of the state, for purposes of education. SECTION 10. This act shall continue and be in force until tinuance of the thirty-first day of December, in the year of our Lord one thousand eight hundred and fifty-five, but it shall and may be lawful for the legislature at any time to amend or repeal any of the foregoing provisions, and to rescind the powers hereby granted. Legal pro cess, Capital stock may be in creased. Proviso. SECTION 11. Any legal process served on any agent or manager of said company, is hereby declared to be, to all intents and purposes, as valid as the same would have been if served on the president and directors thereof. SECTION 12. The company hereby incorporated, shall have power to construct a rail-road, with one or more tracks. from any points on their lands, near the head waters of Cranberry and Hazle creeks, to intersect the Beaver Meadow railroad, at such place as they may deem most convenient, and for that purpose they may increase their capital stock, or borrow one hundred thousand dollars; and the said company shall have the same powers and immunities, and be subject to the same terms and conditions, that are provided in the act to incorporate the Beaver Meadow railroad and coal company, and the supplements thereto: Provided, That the said railroad shall be commenced within one year, and completed within three years after the passing of this act. NER MIDDLESWARTH, Speaker of the House of Representatives. THOMAS S. CUNNINGHAM, Speaker of the Senate. APPROVED-The eighteenth day of March, A. D. eighteen hundred and thirty-six. JOS: RITNER. No. 48. An Act Supplementary to an act entitled "An act to incorporate the Girard increased. SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That if the Girard Bank in the city of Philadelphia shall accept the provisions of this act, and advise the Governor of the same, under their corporate seal, within Charter exsixty days after the passage of this act, then the charter of tended and the said bank shall be, and it is hereby continued and ex-continued tended twenty years from the passage of this act, and the twenty years capital stock of the said bank may be increased so as to Capital stock consist of one hundred thousand shares, of fifty dollars each, and no more: Provided, The said Girard Bank in the city of Proviso. Philadelphia shall pay into the treasury of the commonwealth, within one year after the passage of this act, one hundred and twenty-five thousand dollars, and within two years after its passage, one hundred and twenty-five thousand dollars, as a bonus for the privileges granted by this act: And provided, The said bank shall be subject to the operation of the twenty-fourth article of the act passed the twenty-fifth of March, one thousand eight hundred and twenty-four, entitled, "An act to re-charter certain banks." NER MIDDLESWARTH, Speaker of the House of Representatives. THOMAS S. CUNNINGHAM, Speaker of the Senate. Bonus. 2d Proviso. I do hereby certify, that the bill entitled An act supple- Certificate of mentary to an act entitled "An act to incorporate the Girard passage by Bank in the city of Philadelphia," passed on the third day two thirds of of April, Auno Domini one thousand eight hundred and the H. R. thirty-two, which has been disapproved by the Governor, and returned with his objections, to the House of Representatives, in which it originated, was agreed to by two-thirds of the House of Representatives, on the nineteenth day of March, one thousand eight hundred and thirty-six, and that the foregoing is the act so agreed to by the said House. NER MIDDLES WARTH, ATTEST-SAMUEL SHOCH, Clerk of the House of Representatives.. |