or profit of the incorporators, directors or members thereof. SECTION 6. It is hereby declared that in the judg ment of the legislature, the objects of this corporation cannot be obtained by or under general laws. SECTION 7. This act shall take effect and be in force from and after its passage, and is hereby declared to be a public act. Approved February 29, 1868. CHAPTER 161. [Published April 3, 1868.] Amended. AN ACT to amend section 3 of chapter 400 of the private and local laws of 1866, entitled "an act to provide for constructing a bridge across the Menomonee river, and to appropriate certain drainage lands in the town of Marinette therefor." The people of the state of Wisconsin, represented in senate and assembly, do enact as follows: SECTION 1. Section 3 of chapter 400 of the private and local laws of 1866, entitled "an act to provide for constructing a bridge across the Menomonee river, and to appropriate certain drainage lands in the town of Marinette therefor," is hereby amended by striking out the proviso thereof and inserting in lieu thereof the following: provided, that such list shall be delivered on or before the first day of July, 1868; and no grant of such lands shall be made unless said list be so delivered within the time aforesaid, SECTION 2. This act shall take effect and be in force from and after its passage. Approved February 29, 1868. CHAPTER 162. AN ACT to extend the time for the collection of taxes in the town of Sparta, Monroe county. The people of the state of Wisconsin, represented in senate and assembly, do enact as follows: SECTION 1. The time for the collection and return Time extended. of the state, county and town taxes, together with the collection of licenses for keeping dogs in the town of Sparta, Monroe county for the year 1867, is hereby extended until the 14th day of March, A. D. 1868; and the tax warrant now in the hands of the town treasurer shall be in full force until the said 14th day of March, A. D. 1868, for all the purposes of collecting, levying, distress and sale and returning of said taxes: provided, that nothing in this act shall be construed to extend the time for the payment of the state tax to the county treasurer, as now provided by law. SECTION 2. This act shall take effect and be in force from and after its passage. Approved February 29, 1868. CHAPTER 163. AN ACT to incorporate the N. Ludington company. The people of the state of Wisconsin, represented in senate and assembly, do enact as follows: SECTION 1. Nelson Ludington, Daniel Wells, jr., Corporators. Isaac Stephenson and A. C. Brown and such other persons as shall become associated with them for that Capital stock. Board of directors. matters and causes whatsoever; may have a common seal and alter the same at pleasure, and in and by the same name shall be capable of purchasing, holding and conveying any and all such real and personal estate as they shall find to be necessary or convenient for the use of such corporation; and they may also receive or exchange property in payment or satisfaction of debts. SECTION 2. The capital stock of said company shall be three hundred thousand dollars ($300,000), and the same may from time to time be enlarged by resolution. of the board of directors to any amount not exceeding seven hundred thousand dollars ($700,000), and shall be divided into shares of one hundred dollars each; and such shares shall be transferable upon the books of the company only in such manner as the by-laws of the company shall direct. SECTION 3. The property, business and affairs of said company shall be managed and conducted by a board of not less than three nor more than seven directors Nelson Ludington, Daniel Wells, jr, Isaac Stephenson, and A. C. Brown shall be the first board of directors. The precise number of directors after the first board, shall be determined by the stockholders and may be by them changed at any meeting for the elecTerm of office. tion of directors. The directors shall be stockholders and shall be elected annually, or at such times as the by-laws shall provide, and shall severally hold their offices for one year, unless an election shall be sooner provided for by the by-laws, or ordered by a majority in interest by the stockholders of said company, and until their successors are elected and qualified. When a vacancy in the board of directors shall occur from any cause, the same may be filled by a majority of the remaining directors. If from any neglect or other cause directors shall not be elected annually, or at such time as the by-laws may direct, such failing to elect shall not affect or make void any of the provisions herein contained; but the then directors shall remain such until others are duly elected and qualified as aforesaid. Each board of directors at its first meeting or so soon thereafter as shall be convenient shall elect one of their number president, who shall preside at all the meetings of the stockholders and directors, and in the absence of the president, a president pro tempore may be chosen to preside at such meetings. The board How vacancies filled. Officers of the board. shall also have power to prescribe what officers and agents others than directors and president shall be elected or appointed and the mode and manner of their election or appointment; to fix their salaries or compensation and to prescribe their powers and duties, and the mode of their removal. At all elections of directors each share of stock shall be entitled to one vote which may be cast by the holder either in person or by proxy duly authorized, and a plurality of votes shall elect. where located. SECTION 4. The first meeting of the board of direc- First meeting. tors shall be held at such time and place as a majority of the board shall fix. All subsequent meetings of the directors or of the stockholders shall be held at the principal business office of the company which shall be at the village of Marinette in the county of Oconto in Business office, the state of Wisconsin, or at such other place as shall be determined on by the directors, within this state, and at such times as shall be fixed in the by-laws or by resolution of the board. A majority of the board of directors shall constitute a quorum for the transaction of business. The board of directors shall have power to make all convenient by-laws, rules and regulations respecting the management of the property, concerns, business and stock of the company not inconsistent with the constitution or laws of this state or of the United States, and may alter amend or repeal said bylaws, rules and regulations at pleasure, and especially to determine the time and manner of calling and notifying meetings of stockholders and of directors. books of sub SECTION 5. The said board of directors shall have May open power at any time and from time to time to open books scription. of subscription to the capital stock of the said compa ny; to fix the regulations under which the subscriptions shall be made; to decide the time, manner and proportions in which the amount of the subscriptions shall be called and paid; to accept payment thereof in money or in property at a valuation to be fixed by them, which shall be as near the true value as may be, and to make such rules respecting the forfeiture of stocks and shares as they may deem advisable. So soon as one hundred thousand dollars of the capital When to hold stock shall have been subscribed and paid in, it shall election of dibe lawful for the stockholders or subscribers, at a meeting properly called and notified, to elect a board meeting for rectors. Business of corporation. May deal in real and personal estate. of directors to succeed those herein named as such. No election of directors or other business shall be transacted at any stockholders' meeting unless there be a majority of all the stock represented thereat. SECTION 6. The said corporation shall have full power to maintain and carry on a general lumbering, manufacturing and mercantile business, anywhere within or without the state of Wisconsin, particularly to purchase, manufacture and sell logs, timber, lumber, shingles, lath, palings and all other things connected with or used in and about the aforesaid business; to purchase, make and sell all suitable tools, implements, furniture and machinery suitable to be had and used in and about the said business, and also any patent right, which they may deem useful in the promotion of their business; to purchase, hold and convey any estate real or personal, and especially any lands and water powers in this state which they may deem necessary or convenient in or about their said business, and from time to time improve and use the same as they shall deem advisable; to purchase, erect, maintain, and use all suitable buildings and machinery, including steam mills and other structures of whatever kind on lands owned or leased by them, which they shall deem advisable in and about their said business, and to do any and all other things necessary or convenient to be done in or in connection with their said general business, including the rafting, running, and transporting of lumber and other personal property to market, and selling the same, especially to buy, build, own and run steam boats, ships, vessels, boats, flats and other craft for the transportation of freight and passengers, with suitable docks, wharves, warehouses and other things to be used in connection therewith, alone and independently of others, or in connection with other boats and crafts; and to transact any and all business necessary or convenient in or about the transportation of freight or passengers; also to sell or exchange any property they may have; to make and give or to receive and enforce contracts, notes, bonds and obligations, mortgages and other securities, and releases and discharges of such kinds and in such forms as the board of directors or any officer or agent properly authorized by the board shall deem expedient, and generally to do any and all other acts and things necessary or proper to be done in and about the business aforesaid. |