Page images




Mojority sors shall be elected. At any such election, a majority of the sufficient to elect.

votes cast shall be sufficient to elect. Whenever a vacancy shall happen in the board of directors, such vacancy shall be filled by the remaining directors, such appointee to hold office until the next annual meeting, at which meeting there shall be

elected by the stockholders a director to fill the unexpired Vacancies. term. If any director shall cease to own any stock of said Majority a

corporation, he shall cease to be a director. A majority of the

directors shall be a quorum for the transaction of business. Directors to SEC. 10. The board of directors shall have the management have manage and control of the stock, business, finances, rights and inter

ests, buildings and all property, real and personal, of the corporation, and shall have jurisdiction over the lands of the corporation and all streets, alleys and highways passing through and over the same, or which said corporation may

cause to be constructed, laid out or maintained therein, and Limit of ex- the water within and in front of said lands and premises. The penditure.

board of directors shall in no case in any one year, authorize any expenditure or incur any liability on behalf of such corporation to exceed one thousand dollars, unless authorized by a majority of all of the shares of stock by said corporation in a

meeting duly assembled. President, SEC. 11. The directors shall choose from their number, by secretary and

ballot or otherwise, a president, secretary, and treasurer, and the latter two offices may be held by the same person, and shall have power to appoint and employ such other subordinate officers, agents, servants or employés as the by-laws of the corporation shall designate, or such as shall be necessary to the proper accomplishment of the purposes of the corporation, and such board of directors shall have the power to remove

such president or other officer of such corporation, or agents or Term of office. employés, for cause, and appoint others in their places; such

officers shall be elected annually and shall hold their offices for

one year, and until their successors shall be elected. Stockholders SEC. 12. The stockholders shall have the power to make by-laws. such reasonable by-laws not inconsistent with the laws of

this State, or of the United States, as they shall deem proper for the management, control and disposition of the property,

affairs and concerns of said corporation and may by such by. Water to be laws provide that the water within and in front of the lands kept in good sanitary and premises of such corporation shall be kept in a good sanicondition.

tary condition, and by such by-laws, empower the board of License necee- directors of such corporation to prohibit any persons from sary to carry carrying on the business of carrying goods, baggage or passen. and baggage gers on the lands of the association or the highways, streets on grounds.

or alleys thereof without a license from said board of directors Protection first being had; to provide for the protection of the property of from fire.

such corporation and occupants of its lands and premises from Contagious loss or damage by fire; to protect the occupants of its grounds diseases.

from contagious diseases and to remove therefrom any and all

to make


erection of

persons afflicted with any such disease; to prevent and pro- Prevent vice

and selling of hibit on its grounds vice and immorality, and the selling of any iiquors. spirituous or fermented liquors; to prohibit and abate all nuisances; to compel persons occupying any part of its said Regulate lands and premises to keep the same in good sanitary condition buildings. and to regulate the erection of buildings on the lots assigned and leased to the stockholders, and may provide that the capital stock of such corporation shall not be transferred without the consent of the board of directors first being had; and Rules for

hotel or club may provide rules and regulations for the management, con- house. trol and maintenance of any hotel, club house or other buildings for entertainment, comfort or convenience of said corporation and its stockholders, and may regulate and determine the persons and number thereof which may be entertaiped or cared for at such hotel, club house or other building. All such by-laws, rules and regulations may be altered or By-laws may

bé amended. amended by the stockholders in a meeting assembled at their will and pleasure.

SEC. 13. It shall be the duty of the directors of any such Books of corcorporation to cause proper books to be kept by the secretary be open to inand treasurer, containing the names of all persons who are stockholders. stockholders, together with their places of residence, and wherein shall be entered all matters and things pertaining to the affairs and business of said corporation, and just and true books of account; and the books of said corporation containing their business aocounts shall at all reasonable times be open for the inspection of any of the stockholders: And provided, Proviso. that no transfer of the certificate of the stock of such corpo. ration shall be valid without the name being duly entered of the person to whom transferred on the books of the corporation, and the rules and by-laws of such corporation relating thereto being complied with. Sec. 14. The stock of every such corporation shall be Stock deemed

personal deemed personal property, and may be transferred as shall be prescribed by this act and by the by-laws of the corporation, and such corporation shall at all times have a lien upon all the Corporation to stock or property of its members invested therein, for all debts stock for due from them to such corporation, which lien may be enforced debts due. by a sale of such stock under the provisions of section fifteen of this act. The directors of any such company may from time Directors may to time receive subscriptions to stock in said company until scriptions the whole amount of the stock of the association shall be sub- to stock. scribed, but no certificate of shares in any such company shall be issued until the whole amount of the shares mentioned in such certificate shall have been paid in full to the company. SEC. 15. The directors may require the subscribers to the Subscribers to

capital stock capital stock of the corporation to pay the amount by them required to respectively subscribed, in such manner and in such install. pay, when. ments as they may deem proper. If any stock holder shall Stock of neglect or refuse to pay any installment as required by a stockholder resolution of the board of directors, the said corporation may


have a lien on

receive sub

may be sold.

Annual dues.


Dues not to exceed fifty dollars a year.

sue for the same in any proper action for that purpose, or so much of the stock of such delinquent stockholder as may be necessary to pay such installment so due may be sold by the directors at public auction at the office of the corporation, giving at least thirty days' notice of such sale in some newspaper published in the county where said office is located if there is a newspaper published in such county; if not, then in some newspaper published in some adjoining county; and in case of the sale of said stock, the proceeds thereof shall first be applied in payment of the installment called for and the expenses of the sale and the residue, if any, shall be returned to the delinquent stockholder. Such sale shall entitle the purchaser to all the rights of a stockholder to the extent of the shares so purchased.

Sec. 16. It shall be lawful for the board of directors to provide for the payment by each stockholder of annual dues under such rules and regulations as shall be provided by the by-laws cf such corporation, such annual dues and all sums realized thereby to be used for the purpose of paying the expenses attending the care, management and control of the grounds and property kept, occupied or used for the purposes set forth in the articles of association: Provided, That such annual dues shall not exceed the sum of ten dollars in any one year, to be levied upon any one share of stock: And provided further, That where the holding, ownership, or use and occupation of a lot as platted on said grounds shall be connected with or attached to the holding of any number of shares of stock, then the total amount levied for annual dues upon such shares of stock to which the holding, ownership, or use and occupation of a lot so attached shall not exceed the total sum of fifty dollars in any one year. The payment of such annual dues may be enforced by said corporation by some proper action at law, or by a sale of the shares of stock against which the same is assessed in the manner provided in section fifteen of the act for the collection of installments of subscriptions to the capital stock.

Sec. 17. The stockholders of all corporations formed under this act shall be jointly, severally and individually liable for all labor and services performed for such corporation, which said liability, founded on this [statute), statue, may be enforced by a suit at law in an action of assumpsit, at any time after an execution in favor of the plaintiff shall be duly returned unsat. isfied in whole or in part against said corporation: Provided, always, That if any or several of said stockholders shall, by any such proceedings, be compelled to pay any such sum to credit ors, he or they may recover the same in full of the corporation, or may compel the stockholders jointly or severally, or any number of them, to contribute ratably to reimburse him or them, in any action at law or in chancery.

Corporation may force payment of dues.

Stockholders to be liable for labor jointly or individually.

May recover from corporation.

process, etc.,

ing allowed

All corporations formed under the provisions of Corporation this act shall annually, between the months of March and the nual report end of the succeeding August, make a report which shall state to be filled

with county the amount of the capital stock actually paid in and the clork and

Secretary anjount of money borrowed if any, which report shall be signed of State. by a majority of the directors and verified by the oath of the president or secretary and be filed in the office of the clerk of the county where its articles are filed and in the office of the Secretary of State.

SEC. 19. Service of any summons, declaration, notice or Service of other process or paper, upon any corporation formed under a por whom. this act, may be made on the president, secretary or treasurer, if either are to be found within any county where the articles of association are filed; if neither of them can be found therein, then such service may be made by posting a true and certified copy thereon, in some conspicuous place, at the general office of said corporation.

SEC. 20. If the by-laws of any such corporation shall pro- Whed bulldvide that the stockholders shall be entitled to select a lot on lands to be the lands of said corporation for the purpose of building platted. thereon, it shall be the duty of the directors to cause the lands of said company to be surveyed and platted by a civil engineer, surveyor or other competent person, and to cause a true map or plat thereof to be made. Such map or plat shall in every Description of

plat or map. case be made on a scale not less than two hundred feet to an inch, on sheets of good muslin backed paper eighteen inches by twenty-four inches in size. There shall be written upon the paper on which said map or plat shall be made, a full and detailed description of the land embraced in said map or plat, showing the township and range in which such land is situated, and the sections and parts of sections platted and containing the name of the corporation which is the proprietor thereof, and of the engineer, surveyor or person making said map or plat with the date on which the same is made. The Plat or map

shall be signsame shall be signed by such corporation by its president and ed and acsecretary, and the engineer, surveyor or person making the knowledged. same, and shall be witnessed and acknowledged by such proprietor in the same manner as deeds conveying lands are required to be witnessed and acknowledged. The sections How lots or

block to be and parts of sections platted shall also be designated by the laid out. lines drawn upon such map or plat with appropriate letters and figures, and in case of a subdivision of lots or blocks of a previous survey, the outlines of the original or previous lots or blocks so subdivided shall be designated by lines drawn upon such map or plat and shall be marked with appropriate letters and figures. There shall also be on such map or plat, a plain designation of the cardinal points and a correct sale] scale. The map or plat shall be recorded in the office of the Plat to be re

corded in the register of deeds of the county in which the land platted is sit. office of the uated. For the purpose of such recording, the said proprietor deedte

. shall cause to be made by a civil engineer, surveyor or other

be made to be recorded.


competent person on the same scale and on paper of the same

size and quality as that on which the original map or plat is Duplicate to drawn, an exact duplicate of said map or plat with the detailed

description, signatures, witnesses and acknowledgment as above specified. When such map or plat shall conform or shall be made to conform in all respects to requirements of this act, the register and said engineer, surveyor or person who made the same shall each carefully compare said copy with said original map or plat, and if correct, or when made correct, it shall be certified by the said register and said engineer, surveyor or person who made the same, who shall certify that

they have carefully compared the same with said map or plat To be an exact aud that it is an exact copy thereof and the whole of such orig.

inal map or plat. The said register shall then securely fasten Copy shall the said copy in the book provided by the laws of this State then be filed with register for the recording of town plats, and such copy so fastened in of deeds.

said book, shall be held and taken to be a record of the said map or plat with a like effect as if the said map or plat had been actually transcribed by said register in a book in his office, but in no case shall any such map or plat be recorded

until it shall be made to conform to all the requirements of Register shall this act. The register shall certify on such map or plat when it certify when recorded. was recorded as aforesaid with reference to the book or page

where recorded, and shall note in such record, the time when

made, and keep an index thereof the same as required by the Original map laws of this State relating to township plats. The original facie evidence map or plat with a certificate of record endorsed thereon, the of making of such map.

record thereof made as aforesaid, or a properly certified transcript of such record shall be received in all courts of this State as prima facie evidence of the making and recording of

such map or plat in conformity with the provisions of this Fee of register aot. For all service by this act required to be performed by a of deeds.

register of deeds in respect to any such map or plat brought into his office for record, said register shall be entitled to receive the sum of two dollars which shall be paid by the proprietor of the ground platted: Provided, That the making and recording of said plat in the manner aforesaid shall not operate or be construed to dedicate or surrender to the public

in any manner whatsoever or any part or portion of the lands Streets, ape- so platted: And provided further, That all streets, avenues, to be altered alleys, parks or public places laid out and designated on such of four-fithse plat, shall be and remain at all times for the common use, of the shares benefit and advantage of all of the stockholders of such comof stock.

pany, and shall not be changed, vacated or altered except on a vote of four-fifths of the shares of stock of said corporation

at a meeting duly called for that purpose. Corporation Sec. 21. Whenever any such corporation shall cause to may provide

be platted any part or portion of its lands in the manner prewhich the lots may be

scribed in the foregoing section of this act, it may by its byassigned laws, provide the manner in which the lot or lots may be and held.

assigned, allotted or confirmed to its several stockholders, and


ndes, etc., not

manner in

« PreviousContinue »