Chapter CCXVIII. *to incorporate the Metropolitan Mining and Manufacturing Company.*July 23, 1866. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That John Ford, George D
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CHAP. CCXVIII.— An Act *to incorporate the Metropolitan Mining and Manufacturing Company.*July 23, 1866. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That John Ford, George D. Williams,Metropolitan Mining and Manufacturing Company incorporated. Thomas W. Hyde, Oliver Edwards, Charles H. Herd, Samuel A, Fulton, Charles Otis, Charles A. Ecleston, George W, Holmes, Joseph E. Hollis, John F. Broadhead, and Lewis P.
Moody, or any five of them, be, and are hereby, authorized andSubscriptions to stock. empowered to receive subscriptions to the capital stock of a corporation to be denominated the Metropolitan Mining and Manufacturing Company of the District of Columbia, who shall open a book for that purpose in the city of Washington, at the time and place to be by them designated, of which they shall give five days’ notice in two or more of the daily papers of said city, and shall keep the same open until twenty thousand shares of one hundred dollars a share each shall have been subscribed; and any person of lawfulWho may subscribe. age, and a citizen of the United States, shall be permitted to subscribe upon paying five, dollars on each share at the time of subscribing.
And itPowers of corporation. shall be lawful for the said corporation to have a common seal, sue and be sued, plead and be impleaded, and have and exercise all the rights, privileges, and immunities for the purpose of the corporation hereby created. Sec. 2. *And be it further enacted*, That the affairs of the companyDirectors, number, how and when chosen.Votes. shall be managed by nine directors, to be elected annually by ballot on the second Monday of July, by the stockholders or by their legally empowered agents; and each share of slack shall entitle the holder thereof to one vote; the election to be held at the office of the company at a general meeting of the stockholders convened for thatGeneral meetings of stock-holders, how notified.First election. purpose, by ten days’ public notice in two or more of the daily papers of the city of Washington: *Provided,* That the first election for directors shall be held pursuant to five days’ notice given in one or more of the daily papers of the city of Washington, by the persons named in the first section of this act, or any five of them, who shall designate the time when and the place where said election shall be held; and the stockholders shall then and there elect nine directors to serve until the next ensuing election and until their successors shallPresident be duly elected and qualified as provided for in this act.
And at the first ensuing meeting of the directors after every election they shall appoint one of their number as president, who shall hold office until the election and qualification of his successor. And five members of said board shall compose a quorum. And in case that anQuorum.If election is not made at proper time, company not to be dissolved, &c. election for directors should not be made when pursuant to this act it should have been made, the company for that cause shall not be dissolved; and it shall be lawful within forty days thereafter to hold and make an election for directors in such manner as the by-laws of the company may prescribe, and the president and directors for the time being shall be continued in office until such election take place.
And in the event of theVacancies in office of director, how filled. death, resignation, or removal of any director from office, his place for the remainder of his term may be filled by the president and directors for the time being, in such manner as the by-laws may prescribe. Sec. 3. *And be it further enacted*, That the president and directorsAppointment and pay of secretary and other officers, agents, and clerks. shall have power to appoint a secretary and such other officers, agents, and clerks as may to them appear proper, to fix their compensation, and pay the same.
Sec. 4. *And be it further enacted*, Capital stock, how called in.That the capital stock shall be called in and paid in such instalments and proportions, and at such times and places, as the president and directors, for the time being, may require and designate. And ifIf stock holders, &c. do not pay instalments, &c. any stockholder, subscriber, their assignee or transferee, shall refuse or neglect to pay such proportion or instalment at the time and place appointed, such stockholder, subscriber, transferee, or assignee shall, at the option of the president and directors, forfeit to the 218THIRTY-NINTH CONGRESS.
Sess. I. Ch. 218, 219. 1866.use of the company all his, her, or their right, title, and interest in and to every share on which Fresh subscriptions may be opened.such instalments have not been duly paid; and fresh subscriptions may be opened for the said shares in such manner as the by-laws may prescribe, or the president and directors may, at their option, commence suit for any instalment that may be due and unpaid, and recover against the holder of No stockholder in arrears to votesaid stock for the amount of the same: *Provided,* That no stockholder or subscriber shall be permitted to vote at any election for directors or at any general or special meeting of the company, on whose shares any instalments or arrearages may be due more than fifteen days previous thereto.
Sec. 5. *And be it further enacted*, Authority of president and directors.By-laws.That the president and directors for the time being shall have power to ordain, establish, and put in execution such rules, regulations, ordinances, and by-laws as they may deem essential for the well-government of the institution, not contrary to the laws and Constitution of the United States or of any State, or of this act, and generally to do and perform all acts, matters, and things which a corpora lion may or can lawfully do.
Sec. 6. *And be it further enacted*, Business of mining may be carried on.That the president and directors are hereby empowered and fully authorized, on behalf of said company, to carry on the business of mining for iron ore and other native minerals, and manufacturing and preparing the same for market; Lands may be sold or leased.and to purchase and hold by deed for a term or in fee simple such real estate and other property within the Real estate.District of Columbia and State of Virginia as may be necessary and proper for the purposes aforesaid; and to Bonds.issue bonds not exceeding one half of the capital stock, upon such terms as may be deemed for Proviso.the best interests of the company: *Provided,* That no bond shall be issued for a less sum than one hundred dollars, or bearing interest at a rate exceeding six per centum per annum.
Sec. 7. *And be it further enacted*, Lands may be sold or leased.That the president and directors are hereby empowered and fully authorized, on behalf of said company, to lease, demise, bargain, sell, and convey any lands and real estate which may be owned or held by said company, and to execute and deliver to purchasers good and sufficient deeds therefor. Sec. 8. *And be it further enacted*, Stock how transferred.That the stock of said company shall be transferred on the books of the company in such manner only as the by-laws of the company shall direct.
Sec. 9. *And be it further enacted*, This act may be altered, &c.That nothing in this act shall be so construed as making it perpetual, but Congress may at any time alter, amend, or repeal the same. Approved, July 23, 1866.