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GENERAL CORPORATIONS.

purchasing, receiving, having, holding, and enjoying to them and their successors and assigns, lands, tenements, hereditaments, annuities, money, securities, goods and chattels of what nature or kind soever, real, personal and mixed: Provided the same shall not exceed the sum or value of two hundred and fifty thousand

dollars; and the same, from time to time, at their pleasure, to Limitation sell, grant, demise, bargain, alien and dispose of; also to make of property, such laws, rules, contracts, and regulations, and the same to alter

and amend, or repeal, as they and their successors shall deem to be proper and expedient for the good government and conducting the affairs or business of said corporation, and generally to do all and singular the matters and things proper for the well-being of said corporation: Provided the same shall not be contrary to this act, the constitution and laws of the United States, or of the State of Delaware, and that nothing herein contained shall confer upon said association or corporation any banking power or privileges whatever.

SECTION 4. And be it further enacted, That this act shall be

deemed and taken tɔ be a public act, and the same shall be pubPublication, lished, provided the said company shall first pay to the Secretary

of State a special tax provided for by Section 3, Chapter 1, Part 1, Vol. XIII of the Laws of the State of Delaware; and the power to revoke the same is hereby reserved to the Legislature.

Passed at Dover, February 11, 1867.

Banking powers not conferred.

CHAPTER 201.

MUTUAL LOAN ASSOCIATION.

Sec. 1. Incorporation.

Nare.

Object. 2. Officers.

Election of officers,

SEC. 2. Vacancies.

3. Powers.

Limitation of property.

Not to exercise banking powers. 4. Publication,

An Act to Incorporate the Mutual Loan Association.

Incorporation,

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met, (twothirds of each branch concurring therein), That Joshua Maris,

GENERAL CORPORATIONS.

William H. Cloward, George C. Maris, William T. Westbrook, Alexander Chandler, Washington Mason, Albert B. Gillespie, John E. Frock, Robert S. Hickman, Henry Flemming, Newlin Pyle, Isaac Woodrow, William C. Martin, John B. Porter, Jr., James M. Peoples, Charles S. Robb, and such other persons as now are or may hereafter be associated with them, shall be and they are hereby created a body politic and corporate by name, style and title of “Mutual Loan Association,” for the purpose of Name. accumulating a fund from monthly contributions and fines, Object. premiums on loans, and interest on investments, for the mutual benefit of its members; and they and their successors are hereby ordained and declared a body politic and corporate in fact and in law, and by the title aforesaid shall be able and capable in law to sue and be sued, plead and be impleaded, in any courts of law or equity in this State, and elsewhere, in all manner of suits, complaints

, pleas, causes, matters and demands whatsoever, with all the legal incidents of a corporation; and the said corporation may have and use a common seal, and at their pleasure alter or renew the same, and by the title aforesaid shall have continuance and succession for a term not exceeding twenty years from and after the passage of this act.

SECTION 2. And be it further enacted, That the affairs of the officers. said corporation shall be conducted by a president, vice president, secretary and treasurer, and nine directors, who shall constitute a board of directors, seven of whom shall be a quorum. / At the first meeting after the passage of this act there shall be elected a president, vice president, secretary and treasurer, (who shall be elected annually,) also nine directors, (who shall meet and divide themselves into three classes, for one, two and three years, and at every annual meeting thereafter, three directors shall be elected to serve three years. The board shall have power to fill all va- Vacancies. cancies that may occur in their own body during the year.

SECTION 3. And be it further enacted, That the said corpora- Powers, tion shall, by the name and title aforesaid, be able and capable of purchasing, receiving, having, holding and enjoying, to them and their successors and assigns, lands, tenements, hereditaments, annuities, money, securities, goods and chattels of what nature or kind soever, real, personal, and mixed : Provided, The same shall not exceed the sum or value of four hundred thousand dollars ; Limitation and the same from time to time at their pleasure to sell, grant,

of property. demise, bargain, alien and dispose of; also to make such laws, rules, contracts and regulations, and the same to alter, amend or repeal as they and their successors shall deem to be proper and expedient for the good government and management of the affairs or business of said corporation, and generally to do all and singu

Election of officers.

GENERAL CORPORATIONS.

powers.

lar the matters and things proper for the well-being of said corporation: Provided, The same shall not be inconsistent with this

act, the Constitution and Laws of the United States, or of the Not to exer- State of Delaware, and that nothing herein contained shall confer cise banking upon said association or corporation any banking powers or

privileges whatever. Publication. SECTION 4. And be it further enacted, That this act shall be

deemed and taken to be a public act, and on payment of the sum of twenty dollars to the Secretary of State, shall be published by him among the laws of this State passed at the present session, and the power to revoke the same is hereby reserved to the Legislature.

Passed at Dover, February 13, 1867.

CHAPTER 202.

BRANDYWINE WATER POWER COMPANY.

Sec. 1. Commissioners to procure subscriptions.

Notice of opening books.
Subscriptions, how made.
What amount to be paid in.
When books to be closed, and meeting

called.
Notice.
Purpose of meeting.
Quorum.
Vacancy.

Money to be paid to Treasurer.
2. Incorporation.

Name.

Powers
3. Powers.
1. Capital stock.

Shares
Capital stock may be increased.
Shares to be personal estate.

Certificates of stock assig uable.
3. Election of directors.

Continuance in office.
Failure to elect not to dissolve corpora-

tion,
Vacancies, how filled.
Voting.

Sec. 5, Proviso.

Proxy.
Qnestions determined by majority.

Special meetings.
6 Business Ipanaged by directors.

Quorum
Officers, agents and servants.
Compensation,
Bond.
By-laws, rules, and regulations subject

to atendient, &c., by whom.
*Payment of stock subscribed.
Notice
Dividends to be declared, when.
When paid.

Proviso.
7. On failure to pay installment ou stock

for 30 days, stock may be forfeited and sold, or sum unpaid may be sued for

with interest at 12 per cent. Delinquent subscribers not entitled to

vote or receive dividends.
S. Public act.

Revocation.
Inconsistent acts repealed.
Act to be published.

An Act to Incorporate the * Brandywine Water Power Company."

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met, (two-thirds of each

branch thereof concurring), Commission- SECTION 1. That William Lea, James E. Price, Charles H. Gallagher, Joseph Tatnall

, Jesse Sharp, Gregg Chandler, Delascriptions, plain McDaniel, George G. Lobdell, Edward Betts, James Brad

ers to pro cure sub

.

GENERAL CORPORATIONS.

books.

Subscrip

amount to be

to be closed

meeting

ford, Lea Pusey, William S. Hilles, William Tatnall, Edmund A. Harvey and James A. Knowles be, and they are hereby appointed commissioners to procure subscriptions to the capital stock of the corporation hereinafter created, and for that purpose Notice of they shall open books of subscription, at such times and places,

opening and under such regulations as they may determine, first giving ten days' public notice, by advertisements in two newspapers of this State, of the time and place of receiving subscriptions. The subscriptions to said capital stock may be made either in person fiche "how or by attorney. Any commissioner may subscribe for and hold made. such stock. Ten per centum of the amount of stock subscribed What shall be paid to the commissioners at the time of subscription. paid in. Whenever subscriptions shall have been made to the amount of when bookstwenty-five thousand dollars, and ten per centum thereof paid as andere eeting aforesaid, the subscription may be closed, and the commissioners called. shall call a meeting of the subscribers, to be held in the City of Wilmington, upon ten days' notice thereof, published in two Notice. newspapers of the State, for the purpose of organizing the com- Purpose of pany or corporation by the election of officers. Five of the commissioners shall form a quorum for the transaction of business, Quorum. and a majority of those present at a meeting may determine any question. If any commissioner above named shall decline to Vacancy perform the duties herein prescribed, the remaining commissioners may, if they deem it expedient, appoint another person to act in his stead. Upon the organization of the company, the com- Money to be missioners shall pay to the treasurer of the corporation the amount of money received by them, first deducting expenses actually incurred.

SECTION 2. When and as soon as twenty-five thousand dollars Incorpora of capital stock shall have been subscribed, and ten per centum paid as aforesaid, the subscribers and their successors shall become and they are hereby declared to be a body corporate, under the name of “The Brandywine Water Power Company," and by that Name. name shall have perpetual succession, with power to sue and be powers. sued, plead and be impleaded in all courts of law and equity ; to have and use a common seal and the same to alter and renew at pleasure ; to ordain by-laws for the government of the corporation not inconsistent with the Constitution and Laws of the United States or of this State; to purchase, take, hold, possess and enjoy, to them and their successors, and to grant, bargain, sell, alien, demise and dispose of for any term, any mills, millbuildings, water-powers, water-rights, rents, liberties

, easements, or privileges, or real estate of any kind, and any personal property, goods or effects; to erect suitable houses, buildings, improvements, mills, manufactories, machine shops, docks, wharves, abutments, dams, races, bridges, or piers, and to transact

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GENERAL CORPORATIONS.

Powers.

Shares.

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such other business as may be incident or appertaining to the
managing, leasing, conducting, cultivating or improving the
same, and generally to exercise and enjoy all the powers, rights
and franchises incident to a corporation, except banking powers.

SECTION 3. The said corporation shall have power to contract
with any person or persons or corporaticns for building as afore-
said, to enforce the specific performance of all its contracts, to
collect moneys due it, to declare dividends, and to invest money
for the benefit of said corporation and to secure the same by

proper evidence of indebtedness. Capital stock SECTION 4. The capital stock of the said corporation shall be five

hundred thousand dollars, to be divided into five thousand shares

of one hundred dollars each : Provided, That the said corporaCapital stock tion may, from time to time, by a vote of the stockholders at a

meeting called for that purpose, increase the capital stock to an Shares to be amount not exceeding double that sum. Shares of stock shall be

personal estate. Certificates of stock signed by the president
and secretary, and sealed with the corporate seal, shall be de-
livered to each person for such share or shares of stock as are

owned by him or her, which certificates of stock shall be assignCertidientes able in person or by attorney duly authorized in the presence of signable. the treasurer or secretary, in a book to be kept by the corpora

tion for that purpose.

SECTION 5. The stockholders, at their first meeting, to be called by the commissioners as before provided, and at each annual meeting thereafter, to be held upon such day in each year as the

by-laws may appoint, shall elect by ballot, and by a majority of Continuance votes, eleven directors, who shall be stockholders, to continue in

office until the annual meeting next after their election, and until
successors are duly chosen. A failure to elect directors shall not
dissolve the corporation. Vacancies in the board may be filled

.
Wacancies by the other directors. At all elections, and in determining all

questions at stockholders' meetings, each stockholder shall be enVoting. titled to cast as many votes as he or she shall hold shares of stock:

Provided, That after the organization of the company a stock.
holder shall be entitled to vote only with respect to stock which
shall have been held by him or her for at least thirty days before
the day of voting: And provided also, That no one stockholder
shall cast votes for more than one-fourth of the whole number of
shares of the capital stock for the time being. Votes may be cast
either in person or by proxy, and a majority of the votes cast
shall determine any question. Special meetings of the stock-
holders may be called as the by-laws shall direct.

SECTION 6. The affairs and business of the corporation shall be directors. managed by the directors, six of whom shall constitute a quorum,

Election of directors,

in office. Failure to elect not to dissolve corporation

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Proviso.

Proxy,

Special meetings.

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