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lS7<'-77—CiiAPri-R 100. 373
stockholders, which shall he transferahle hi iiiaimor as may
be prescribed by the by-laws of the company.
Sec. jP. That contracts made and entevec! into by the
president, for and in belialf of the company, by order of a
^°'^^^*<'s-majority
of the board of directors, with or without seal,
«;hall be binding on the company. Provided, 'JMuit nothint:; iroviso.
in this section shall 1)0 consti'ned to anthorize tiie president
to sell, lease, farm, mortgage, or convey by \ 'cd in trust
the road or any of the franchises of the coiupany, unless
anthoi'izcd to do so by a three-fifths vote m value of the
s*:ockholders.
Sec. 20. That the board of directors may -call for the
sum subscribed as stock in said company in ucli install- ??aiTfo?the"siuB
ments as the interest of said company may r( quire. The sty^-k'.'"''^'^''
*'
call for each payment shall be given by notice -oeing posted
on the court house door, and at three more public places
in said counties of Polk, Rutherford and Cle- eland, if ex-tended
for fifteen days before the day of payment ; and on
failure of any stockholder to pay the installment, as then
required, the directors may sell at public auction, on a pre-vious
notice of ten days, at such place as they may fix
upon, for cash, all the stock subscribed in the company by
such stockholder or stockholders, and convev the same to
the purchaser at the said sale ; and if the said sale of stock
does not produce a sum sufficient to pay the incidental ex-pense
of the sale, and the entire amount owing by said
stockholder to the company for such subscription of stock,
then, and in that case, the wliole of such balance shall be
lield and taken as due at once to the company, and may
be recovered of such stockholders, or their executors, or
administrators or assigns, at the suit of said company in
an}' court of competent jurisdiction, or a warrant before a
justice of the peace, whore the demand does not excee(J
his jurisdiction, and in all cases of assignment of stock,
hefore the whole amount has been paid to the company ;
tlu>n for all sums due on such, both the original subscribers
and the first and all subsequent assigns shall be liable to
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| Title | Page 431 |
| Full Text | lS7<'-77—CiiAPri-R 100. 373 stockholders, which shall he transferahle hi iiiaimor as may be prescribed by the by-laws of the company. Sec. jP. That contracts made and entevec! into by the president, for and in belialf of the company, by order of a ^°'^^^*<'s-majority of the board of directors, with or without seal, «;hall be binding on the company. Provided, 'JMuit nothint:; iroviso. in this section shall 1)0 consti'ned to anthorize tiie president to sell, lease, farm, mortgage, or convey by \ 'cd in trust the road or any of the franchises of the coiupany, unless anthoi'izcd to do so by a three-fifths vote m value of the s*:ockholders. Sec. 20. That the board of directors may -call for the sum subscribed as stock in said company in ucli install- ??aiTfo?the"siuB ments as the interest of said company may r( quire. The sty^-k'.'"''^'^'' *' call for each payment shall be given by notice -oeing posted on the court house door, and at three more public places in said counties of Polk, Rutherford and Cle- eland, if ex-tended for fifteen days before the day of payment ; and on failure of any stockholder to pay the installment, as then required, the directors may sell at public auction, on a pre-vious notice of ten days, at such place as they may fix upon, for cash, all the stock subscribed in the company by such stockholder or stockholders, and convev the same to the purchaser at the said sale ; and if the said sale of stock does not produce a sum sufficient to pay the incidental ex-pense of the sale, and the entire amount owing by said stockholder to the company for such subscription of stock, then, and in that case, the wliole of such balance shall be lield and taken as due at once to the company, and may be recovered of such stockholders, or their executors, or administrators or assigns, at the suit of said company in an}' court of competent jurisdiction, or a warrant before a justice of the peace, whore the demand does not excee(J his jurisdiction, and in all cases of assignment of stock, hefore the whole amount has been paid to the company ; tlu>n for all sums due on such, both the original subscribers and the first and all subsequent assigns shall be liable to |
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