a David Thomas, Melchoir H. Horn, junior, Jesse M. Line, Peter Corporators. Weikel, James Kline, Reuben Leh and Samuel Lewis, and such other persons as shall be associated with them, and their successors, be and the same are hereby erected into a body corporate and politic, for the purpose of manufacturing iron from the Purposes. crude state into any shape, in the county of Lehigh or Northampton, under the name and style of the Eastern iron company, Style. with a capital stock of five hundred thousand dollars, with power Capital stock. to increase the same to ten hundred thousand dollars, to be di- vided into shares of fifty dollars each. Section 2. That the affairs of said company shall be managed Officers and elegby a board of seven directors, one of whom shall be the presi- tion of. dent, who shall be chosen by the stockholders; the first election shall be held within sixty days after this act shall take effect, of which election public notice shall be given at least two weeks, in one newspaper published in the county of Lehigh; and subsequent elections shall be held at such time and place, annually, as the directors shall determine, of which the same notice shall be given; all elections shall be by ballot, and every share of stock subscribed, and the required instalments paid in, shall Votos. entitle the holder to one vote, in person or by proxy: Provided, Proviso. That in case of failure to hold an election under this act, the former directors shall continue in office until their successors be duly elected ; and in case of resignation or death of any director, the remaining directors shall elect a person to serve until the next annual election. Section 3. That this corporation shall have authority to hold Powers. and use a common seal, and the same to change, alter and amend at pleasure; and by the style and title aforesaid shall be capable in law to sue and be sued before any court in this commonwealth, and may do and make all needful rules, regulations and by-laws for the well ordering of the business affairs of the corporation, so that the same in no wise conflict with, or be contrary to, the laws and constitution of the commonwealth or of the United States. Section 4. That the said corporation, by the name aforesaid, May hold landa, may hold, in Lehigh and adjoining counties, lands not exceed- &o. ing five thousand acres at one time, with power to mortgage, sell, lease or otherwise dispose of the same, or any part thereof; and the capital of the company may be employed in mining ore, making and manufacturing iron from the crude state into any shape or form, mining coal and limestone, and transporting and vending the same, and for such other objects as may be necessary and beneficial in the prosecution of said businesy: Provided, That the said company shall not engage in the business Proviso. of banking. Section 5. That the stock may be transferred agreeably to Transfer of stock. the by-laws which may be adopted by the corporation. Section 6. That dividends may be declared and paid when- Dividends. ever the directors deem it advisable, but said dividends shall in no case exceed the amount of actual profits acquired by the corporation; and if the directors shall inake a dividend of more than the actual net profits, the directors consenting thereto shall severally be liable to the corporation, in their individual capacity, for the excess so divided and paid ; and the said company Individual liability. Subject to. When this act to take effect. Payment of subscriptions. Reservation. Limitation. shall pay into the treasury of the state a bonus of one-half of one per centum upon the amount of the capital stock and any increase of the same, payable in four annual instalments, the first whereof shall be paid within one year from the date hereof. SECTION 7. That the stockholders of said company shall be jointly and severally liable, in their individual capacities, for debts due mechanics, workmen and laborers employed by said company, and for country provisions furnished for said company, to be sued for and collected as is provided in the twelfth, thirteenth and fourteenth sections of the act incorporating the Lackawanna coal and iron company, approved the fifth day of April, Anno Domini one thousand eight hundred and fifty-three. SECTION 8. That this act shall not take effect until five handred shares shall be subscribed, and at least one-half of that amount be paid in, of which a statement, containing the names of the subscribers and the amount subscribed by each, shall be given to the governor, to be filed in the office of the secretary of the commonwealth; whereupon the governor shall issue letters patent to the corporators. SECTION 9. That subscriptions of stock may be paid in real and personal estate, appropriated to the business contemplated by this act, at a bona fide cash valuation to be agreed upon by a majority in interest of the subscribers and stockholders; and the said corporation may issue bords, and sell the saine at their market value, notwithstanding it may be less than par; but no bond shall be issued for a less sum than one hundred dollars. SECTION 10. That the legislature hereby reserves the right to amend, alter or repeal this charter at any time; in such manner, however, as shall not do injustice to the corporators; and this charter shall extend for a period of twenty years, and no longer. W. C. A. LAWRENCE, Speaker of the House of Representatives. JNO. CRESSWELL, JR., I do certify that the bill, entitled "An Act to incorporate the Eastern iron company," passed in the Senate on the tenth day of March, Anno Domini one thousand eight hundred and fiftynine, which has been disapproved by the governor, and returned, with his objections, to the Senate, in which it originated, was agreed to by two-thirds of the Senate, agreeably to the constitu tion, on the eighth day of April, Anno Domini one thousand eight hundred and fifty-nine, and that the foregoing is the act so agreed to by the Senate. Attest: WM. H. MILLER, JNO. CRESSWELL, JR., Clerk of the Senate. I do certify that the bill, entitled "An Act to incorporate the Eastern iron company," passed the House of Representatives on the twenty second day of March, Anno Domini one thousand eight hundred and fifty-nine, which has been disapproved by the governor, and returned, with his objections, to the Senate, in which it originated, was agreed to by two-thirds of the House of Representatives, on the ninth of April, Anno Domini one thousand eight hundred and fifty-nine, and that the foregoing is the act so agreed to by said House. SIMEON B: CHASE, Speaker of the House of Representatives pro tem Attest: S. J. REA, Clerk of the House of Representatives. No. 681. AN ACT ties. To incorporate the Mont Alto Iron Company. Section 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvonia in General Assembly met, and it is hereby enacted by the authority of the same, That Holker Hughes, John Savage, W. F. Washington and John C. Corporator. Dorsey, and their associates and successors, are hereby created a body politic and corporate, under the name and style of the Mont Alto iron company, with power to sue and be sued, plead Style and be impleaded, in all respects as if the said parties had associated themselves under the general mining law of the commonwealth of Pennsylvania. Section 2. That the said company, hereby incorporated, shall May hold lands have a right to hold by purchase, lease or otherwise, in the in certain councounties of Franklin and Adams, in this commonwealth, any quantity of timber, mineral and farming lands that may be necessary to carry on the business of said company, and the same, or any part thereof, to sell, lease or convey, or be used by cutting and charring the wood, for the purpose of manufacturing iron, with a capital stock not exceeding five hundred thousand Capital stool. dollars, divided into five thousand shares of one hundred dollars · each, of which the lands and mines of the said Holker Hughes shall constitute a part, at such price as may be agreed on between him, the said Holker Hughes, of the one part, and John Savage, W. F. Washington and John C. Dorsey, and those who may associate with them and constitute the aforesaid corporation, by subscription for stock; payable in money, on the other Subscriptione to part; which capital stock shall only be employed in the holding stuck. and purchasing of lands, and in constructing such other improvements, buildings and machinery as may be necessary for the manufacture of iron in its various branches, and in the payment of such salaries, wages and other expenditures as shall be requisite for the purposes of the company aforesaid ; and said stock shall be considered as personal property, and assignable and officers. transferable according to such rules and by-laws as the board of directors shall establish, and the subscription to the capital stock of said company shall be made at such places and in such mas. ner as shall be designated by the said Hughes, Savage, WasbProviso. ington and Dorsey: Provided, That the said company shall pay to the state treasurer, for the use of the commo onwealth, a tak of one-half of one per centum on the capital stock thereof, in five equal annual instalments, commencing within three years after the passage of this act. Objects. Section 3. That the said company shall have a right to drive a tunnels, sink shafts, erect all necessary buildings and machinery for mining iron ore, and for the manufacture of iron, and making such necessary road or roads as may be required to transport coal and ore to the furnace, forges and rolling mill; subject, how. ever, to all the restrictions of the general road laws of this com monwealth. Officers. Section 4. That the officers of said company shall consist of a president, secretary and treasurer, with a board of directors, consisting of five stockholders, including the president, who shall be a director and be elected by the board, which shall also have power to appoint the secretary and treasurer; the company Seal. shall have power to make and use a common seal for the autheatication of its acts; and the charter incorporating it shall continue in force for twenty years, unless sooner dissolved by the stockholders. First election of on 5. That the first election of officers shall take place on the second Monday of May next, and on the same day annually thereafter ; but a failure to elect on that day shall not work a forfeiture of the charter, nor prevent any number of the stock. holders, holding not less than five hundred shares of stock, to convene'a meeting and elect officers to hold their places until the period of the next annual election, by giving three weeks' notice thereof, in one paper published in the county where the lands of the company lie. Location of office Section 6. That the company may locate their office at Jont Alto, in Franklin county, or elsewhere, in Pennsylvania, and shall be liable to be sued by leaving a copy of any process at Proviso. the office on their property : Provided, That this lasi mentioned clause shall not prevent the service of process upon the said company in the manner usual in the case of other incorporated companies. Instalments, Section 7. That the directors may, from time to time, call in payment of, &c. such instalments on the stock subscribed, not exceeding twenty per centum, on giving thirty days' notice in two papers of Franklin county; and if the stock be subscribed in any of the Eastern states, then the same notice in one daily paper in the capital of such state ; and if any subscriber shall fail to pay the same within thirty days of the time designated, the directors may declare the subscription forfeited to the use of the company; that the said Mont Alto iron company shall have authority to borrow any sum or sums of money, not exceeding two hundred thousand dollars, on bonds secured by mortgage of the whole or any part of the property, upon such interest as may be agreed upon; and the said company are authorized to sell or dispose of said bonds at such rales, above or below par, as may be agreed upon between the parties; that no bond shall be issued by said company for less than one hundred dollars. SECTION 8. That the stockholders of the said company shall Individual liabe jointly and severally liable, in their individual capacities, for bility. all debts and contracts made by said company, to the amount remaining unpaid on each share of stock held by them, respectively, and jointly and severally liable in their individual capacities for all debts due mechanics, workmen and laborers employed by and for materials furnished to said company, to be sued for and collected as provided by the twelfth, thirteenth and fourteenth sections of an act incorporating the Lackawanna iron and coal company, approved April fifth, one thousand eight hundred and 6fty-three. Section 9. That in the election of officers, every stockholder Votes, SIMEON B. CHASE, JNO. CRESSWELL, JR., Speaker of the Senate, I do certify that the bill, entitled "An Act to incorporate the Mopt Alto iron company," passed in the Senate on the fourth day of March, Anno Domini one thousand eight hundred and fifty-nine, which has been disapproved by the governor, and returned, with his objections, to the Senate, in which it originated, was agreed to by two-thirds of the Senate, agreeably to the constitution, on the eighth day of April, Anno Domini one thousand eight hundred and fifty-nine, and that the foregoing is the act so agreed te by the Senate. JNO. CRESSWELL, JR., Speaker of the Senate. Attest : WM. H. MILLER, Clerk of the Senate, SIMEON B. CHASE, Clerk of the House of Representatives. |