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Powers of di

directors.

SECTION 5. A majority of the board of directors Majority to conshall constitute a quorum for the transaction of busi. stitate quorum. ness The board of directors may pass and enact by. laws for the transaction of business, not inconsistent with the provisions of this act, and may alter and amend the same. Said board shall have power to fill rectors. any vacancy that may occur in their number from death, resignation, or any other cause. They shall bave power to elect a president, vice-president, secre. iary and treasurer of the corporation, each of whom shall be a member of the board, and they may elect or appoint such other officers or agents of the corporation as they think proper and necessary, and fix the compensation to be paid to any officer or agent of said corporation, and such officers and agents shall have and exercise such power and authority as may be conferred on them by the board of directors.

SECTION 6. Sereno T. Merrill, Judd M. Cobb, Wil. First board of liam E. Hale and Lucius G. Fisher shall constitute the frst board of directors of said company, and they shall boll their office until the first day of January, 1869, and until their successors are elected. The first First meeting. meeting of the board shall be held at the office of the Rock river paper manufacturing company in the city of Beloit, within one month after the organization of said company, under the provisions of this act, at such time as may be designated in a call signed by a majority of said board of directors; and thereafter, tbey may meet on their own adjournment of said first meeting, or any other meeting of said board, which may be thereafter beld. Special meetings of said board Special meetmay be called at any time by the president or by a majority of the board, upon notice thereof given in the manner provided by the by-laws, and no meeting of said board shall be deemed illegal for want of sufficient notice, or by reason of any informality or irregularity in calling ihe same, if a majority of said board are present at such meeting, and take part in the business done by the board at such meeting.

SECTION 7. The said company may carry on the Business of the business of manufacturing paper of any and every de. company. scription or kind, or any goods, wares and merchandize composed in whole or in part of paper, or any other manufactaring business should it be deemed for the best interest of the company to do so, and for that purpose may

ings.

purchase, hold and improve any real estate, water pow er or water rights, or lease the same; and may gran, barguin, sell, assign or otherwise dispose of the sam

or any part thereof, as the board of directors may thin: May establish proper or necessary. The said company may establis'i agencies. agencies in this state or in any other state for dealin

in paper or in any goods or merchandise made frori
paper, in whole or in part; or in any tools, machiner
or articles used or proper to be used in the manufai -
ture of paper or goods made therefrom in whole or iz
part; and for the purpose of carrying on said business
may lease or purchase such real estate or personal proj-
erty in this state or elsewhere, and may convey or dir-
pose of the same, or any part thereof as the board of

directors may think proper and necessary. The sai 1 stock in other company may also purchase and hold and may sell or companies.

otherwise dispose of as the board of directors may think proper, stock in any telegraph, transportation or expres company, and stock in any manufacturing company or water power company, which is organized under the laws of this state or any other state, and dispose of the same; and generally the said company shall have ard exercise such other powers as inay

be necessary

fortle proper and full exercise of the powers specially named

in this act. May make ad SECTION 8. The said company may make advanc is property stored upon property stored by them for any person, firm or by them. corporation, and receive interest upon such advances at

a rate not exceeding ten per cent. per annum; and may hold such property as a pledge for the payment of such advances and interest, and all other charges for storage thereon, or commissions relating to said property; and in case the owner thereof shall neglect or refuse to pay the charges and demands of the company for which the said property is held in pledge, the same may be sold by the company, in the manner and upon notice of such sale provided for in the next section of this act.

SECTION 9. It shall be the duty of the company 10 ers of property use all reasonable diligence and care in the keeping

property deposited with them, but they shall not le deemed insurers thereof against loss by fire, or fro n

any other cause except the negligence of said company, Shall give no- its officers or agents; and in case any property depositticato recentemen ed with said company upon which any advances shall of property in bave been made by them, shall, before the maturity (f

Shall not be deemed insur

in store.

store.

the contract, become depreciated from the price originally fixed, said company may give notice to the owner of said property or his agent, requiring such owner or agent, within fifteen days after such notice, to perfirm the conditions of the contract or to make good the deficiency caused by such depreciation in value; and in default thereof may sell and dispose of such property at public sale; and out of the proceeds there. of the said company may retain the amount due upon such contract, together with all commissions, costs, coarge and expenses : provided, however, that such sale shall be made in the town or city where said property was stored by them, and that notice of such sale shall be given by publishing the same in some news. paper printed in the city or town where such sale is to be made, at least six days prior to the day of sale; and in case there sball be any daily paper printed and published in said town or city, such notice shall be pub. lished daily in some daily newspaper for five successive days next preceding the day of sale. The notice of sałe shall state the time and place of sale, and the character and amount of property to be sold.

SECTION 10. The president and secretary of the President and company may make, execute, acknowledge and deliver convey props any deed, mortage or other conveyance of any real erty. property belonging to the company, with or without covenants, and may affix the corporate seal of the company thereto when authorized to do so by the board of directors at any meeting thereof, and all conveyances so made pursuant to such authority, shall be binding apon the company, and shall pass to and vest in the graatee therein named, the title and interest in the real property therein described, and thereby intended to be conveyed.

SECTION 11. The president or other officer of the May execute company, when authorized by the board of directors, may make and execute any bond, note or other con. tract or agreement for the company, and when so executed the same shall be valid and binding upon the compos; and such contracts whether in writing or parol shall bave the same effect as contracts between private persons. Personal property of the company may be sold and disposed of by the president of the company or any other officer or agent authorized for

contracte.

that purpose.

Stock-how transferable.

SECTION 12. The stock of said company shall be transferable only on the books of the company; and at all meetings of the stockholders each share of stock

sball be entitled to one vote. The principal office of Principal office said company shall be kept in the city of Beloit, in the

county of Rock, and all meetings of stockholders for the election of directors shall be held at such office.

SECTION 13. This act shall take effect and be in force from and after its passage and publication, and the same shall be deemed a public act.

Approved January 23, 1868.

CHAPTER 13.

[Published March 18, 1868.]

AN ACT to empower the city of Madison to borrow money to pay

off its unfunded indebtedness.

The people of the state of Wisconsin, represented in senate

and assembly, do enact as follows :

May loan money.

Special tax to be levied to pay loan.

SECTION 1. The common council of the city of Madison shall have the power and are hereby authorized to contract a loan and borrow sufficient money to pay off the unfunded debt of the said city of Madison, existing at the time of the passage of this act. SECTION 2. The said common council sball

provide for the levying upon the assessment roll of said city for the year 1868, a special tax for the purpose, and sufficient to pay off such loan, which tax shall be collected at the same time and in the same manner as the general taxes for the year 1868 shall be collected.

SECTION 3. This act shall take effect and be in force from and after its passsage.

Approved January 25, 1868.

CHAPTER 14.

[Published January 29, 1868.]

AN ACT to provide for the payment of moneys by the agents of

insurance companies in the city of Racine for the support of the fire department, to the treasurer of said city.

The people of the state of Wisconsin, represented in senate

and assembly, do enact as follows:
SECTION 1. There shall hereafter and on the first Insurance

agents shall pay day of February in each year be paid to the treasurer two per cent of of the city of Racine for the use and benefit of the fire city treasurer. department, by every person who shall act in said city as agent for or in bebalf of any individual or association, or associations of individuals, not incorporated by the laws of this state to effect insurances against losses or injury by fire, although such individuals or associations may be incorporated for that purpose by any other state or country, the sum of two dollars upon

the hundred dollars, and at that rate, upon the amount of all premiums which during the year or part of a year ending on the next preceding first day of January, shall have been received by such agent or person, or received by any other person for him, or shall have been agreed to be paid for any insurance eftected or agreed to be effected, or promised by him as such agent, or otherwise, against loss or injury by fire, in said city, which said moneys shall be subject to the order and disposition of the city council for the purpose of maintaining and supporting the fire department in said city, purccasing fire engines and defraying the expenses of equipping and managing the same, and which said sum of two dollars upon the hundred dollars, and at that rate, upon the amount of all premiums which during the year ending on the first day of January, 1868, shall have been received by such agent or person, shall be paid to said city treasurer on the first day of February, 1868.

SECTION 2. No person shall in said city, as agent Agents toʻozeor otherwise for any individual, individuals or associ. ation, effect or agree to effect any insurance upon which the duty above mentioned is required to be paid, or as agent or otherwise promise such insurance to be

city.

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