Chapter 214.
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/statutes-at-large/vol-20/chapter-214-541502·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
CHAP. 214.— AN ACT to incorporate the National Fair Grounds Association.June 15, 1878. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,National Fair Grounds Association. That John S. Barbour, Edmund F. Beale, Richard Wallach, John A. Baker, S. V. Niles, J. O. P. Burnside, 136 FORTY-FIFTH CONGRESS. Sess. II. Ch. 214. 1878. Fred. B. McGuire, Marshall Brown, D. C. Forney, William H. Phillip, Richard Smith, I. N. Burritt, A.
C. Buell, S. L. Phelps, J. F, Ennis, J. G. Berret, B. F. Riggs, T. L. Hume, J. M. Mason, T. E. Roessle, L. B. Cutler, W. B. Todd, H. H. Blackburn, R. K. Elliott, R. W, Tyler, Levi Woodbury, J. W. Boteler, William G. Moore, Thomas O. Hills, J. L. Barbour, S. II. Kauffman, Thomas Russell, J. W. Thompson, William Thompson, H. W. Hamilton, W. B. Reed, W. H. Clagett, W. R. Smith, A. Middleton, S. C. McDowell, L. G. Hine, L. A. Gobright, C. M. Alexander, and their associates and assigns, be, and they are hereby, created a body corporate under the name of the National FairMay hold real estate.
Grounds Association, with authority to purchase and bold in fee-simple not exceeding two hundred acres of land anywhere in the District of Columbia, without the limits of the cities of Washington and Georgetown, and to erect suitable buildings and make suitable improvements thereon, for the care, preservation, improvement, and exhibition of products of the soil, of domestic animals, and of the products of mechanical, scientific, and artistic skill, ingenuity, and invention. Sec. 2.
That the capital stock of said corporation shall be not lessCapital stock. than twenty-five thousand dollars nor more than two hundred thousand dollars, divided into shares of one hundred dollars each. Sec. 3. The persons hereinbefore named, or a majority of them, shall,Subscriptions for Stock. within ten days alter the approval of this act, open books and receive subscriptions for such capital stock at such time or times and place or places as they shall deem proper; and may appoint persons to superintend the receiving of subscriptions and to receive money payable thereon;
Proceedings to organize.may call a meeting of subscribers at such time and place and with such notice as they shall deem proper, after the minimum amount of capital aforesaid shall be subscribed; and may do all other acts necessary and proper to constitute and organize the said corporation until the first board of directors shall be elected, including the power in person, or through persons appointed by them, or a majority of them, to superintend, conduct, and certify that election.
Sec. 4. That at the meeting of subscribers to be called as aforesaid,First board of directors. or at any meeting called by adjournment thereof from time to time, there shall be elected aboard of five directors; and from the time of such election the said corporation shall be completely organized and Corporate powers, etc.constituted, with all the faculties, rights, and privileges which lawfully belong to corporations generally, so lar as the same shall be necessary for the purposes of its incorporation, including perpetual succession ; the right to have and use a common seal, and to change the same at pleasure; the power to purchase, receive, acquire, hold, lease, dispose of, and manage real estate in the District of Columbia outside the limits of the cities of Washington and Georgetown not exceeding two hundred acres, and personal property not exceeding two hundred thousand dollars in value; the right to sue and be sued, and to transact its business in the said corporate name; the power to appoint officers, agents, and servants; the power to make contracts, and to make all by-laws, rules, and regulations which may be deemed expedient and not contrary to law ; and to prescribe the sources from which revenue may be derived, not Term of directors.Quorum.inconsistent with law.
The board of directors shall hold their offices for one year and until their successors shall be elected by the stockholders in general meeting. A majority of said board shall be a quorum, and all shall be stockholders of the corporation. They Officers.shall elect one of their number president and another vice president, and a secretary, whose terms of office shall be the same as the board of directors. The board may call a general meeting of the stockholders at any time, or Stockholders’ meetings.the same may be done by persons holding one-third of the stock of the corporation, and any officer of the corporation may be removed on vote of a majority of the stock thereof represented at Removal of officers.such meeting, and his successor elected to fill his place.
One week’s notice in some newspaper of general circulation in said District shall be required to call said meeting 137 FORTY-FIFTH CONGRESS. Sess. II. Ch. 214, 215. 1878. Sec. 5. That the said shares of stock shall be personal property to allShares of stock.Form. intents. Certificates thereof may be issued in such form as the board of directors shall prescribe, and may be transferred in such manner as the bylaws may prescribe, but no share shall be transferred until all calls or assessments previously made thereon shall have been paid up.
There shall be on each share of stock not less than five dollars atPayment. the time of subscribing, and the residue shall be paid from time to time whenever assessed or called for by the board of directors. Upon default in the payment of any sum due on any subscription, the stock may be forfeited and sold for the payment thereof, with interest and expenses, under such regulations as the bylaws may prescribe, or the corporation may, by suit, recover the same from the holder of the stock at the time of the assessment thereof, or at any subsequent time.
Sec. 6. That this act may be amended or repealed at any time, andRepeal. shall take effect from the date of its approval. Approved, June 15, 1878.