To encourage the manufacture of Iron with Coke or Mineral Coal; and for other purposes. Price of SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That when any number of persons, citizens of this commonwealth, are associated for the purpose of making and manufacturing iron from the raw material, with coke or mineral coal, and shall be desirous to Capital stock acquire and enjoy the powers and immunities of a corpora- not less than tion or body politic in law, and they shall have subscribed a $100,000 nor sum of not less than one hundred thousand dollars, nor more than more than five hundred thousand dollars, in such shares as $500,000. they may agree upon, not exceeding fifty dollars each, and actually paid in, to such persons as they may have appointed shares. for that purpose, the one fourth of the capital stock so sub scribed, it shall or may be lawful ter such persons, to prepare an instrument in writing, therein specifying the objects, Articles of articles, and conditions, and name, style, or title under association. which they have associated, and the counties in which they intend to purchase, or have purchased, land for such making and manufacturing of iron with coke or mineral coal, the amount of capital stock subscribed, the amount of the shares in which it is subscribed, and the amount which shall have to exhibit to been paid in, and the same to exhibit to the Attorney Gen-Attorney eral of the commonwealth for the time being, who is hereby General. required, thereupon to examine the said instrument, and Attorney after such examination, to transmit it, with a certificate General to thereon endorsed, testifying his opinion touching the law-certify to fulness of the objects, articles and conditions therein set Governor. forth and contained, to the Governor of the commonwealth, who shall thereupon, examine the said instrument, and if he shall be satisfied of the lawfulness of the objects, articles and conditions therein set forth and contained, and that the capital stock of the said association or corporation, to an amount, not. less than one hundred thousand dollars, has been bona fide subscribed, and the one fourth thereof actually paid in, then the Governor shall certify the same to Governor's the Secretary of the Commonwealth, with an order, requiring order for enhim to enroll the same, at the expense of the applicants, and sollment pon the enrollment thereof, the persons so associated shall according to the objects, articles and conditions in the said instrument, become a corporation or body politic, in law and Proviso. Directors in fact, to have continuance by the name, style and title in such instrument provided and declared: Provided alues, That no corporation created by virtue of this act, sill continue longer than twenty-five years from the time of its creation. SECTION 2. The affairs of the said corporations shall be how chosen. managed by directors, to be chosen annually, from the stockholders; the first election shall be held within thirty days after letters patent aforesaid, shall have been issued. of which election, public notice shall be given, at least two weeks previously thereto, in two or more daily newspapers, and the subsequent elections shall be held annually, at such convenient time and place as the directors shall determine. of which thirty days previous notice shall in like manner be given: Provided, That in the event of a failure to hold such election, the former directors may continue in office, for a period not exceeding six months, or until such election shall be held. Proviso. Votes by ballot. SECTION 3. The election for directors shall be held by ballot, and each stockholder shall be entitled to vote accord ing to the number of shares held by said stockholder, in the Ratio of votes proportion following, that is to say: for each share and 16: exceeding two shares, one vote; for every two shares above two and not exceeding ten shares, one vote; for every four shares above ten and not exceeding thirty, one vote; for every ten shares above thirty and not exceeding one hundred, one vote; for every twenty shares above one hund red one vote; no share shall confer a right of voting, which shall have been transferred within three calendar months prior to the day of election, nor unless it be bona file held or owned by the person in whose name it appears, in his own right, or that of his wife, or for his or her sole use and benefit, or as executor or administrator, trustee or guardias. or in the right, or for the use and benefit of some copartner ship, society or corporation, of which he or she may be member, and all votes by proxy, shall be on such terms and conditions as are prescribed by the act passed on the twentyeighth day of March, one thousand eight hundred and twenty, entitled "An act to regulate proxies:" Provides also, That the stockholders in the corporation to be created under this act, shall be individually liable for the amount of capital stock by them respectively subscribed in such corpo rations, which shall not have been paid in: And provient 2d Proviso. further, That if said corporation shall any time contraci debts to a greater amount than that of the capital subscribed. such corporation shall forfeit its charter, and its corporat powers shall cease and determine. Proviso. SECTION 4. As often as corporations established by viste of this act, and the successors thereof respectively, shall be desirous of improving, amending, or altering the articles and eral and Gov onditions of the instrument upon which corporations respect- May alter er vely, are, as aforesaid, formed and established, it shall be amend artiawful for such corporations, respectively, in like manner, cles of assospecify the improvements, amendments or alterations ciation, if Athich shall be desired, and the same to exhibit to the torney GenAttorney General and Governor of this commonwealth; and ernor aphe same being certified as aforesaid, to be lawful, shall in prove. ke manner, be directed by the Governor to be enrolled by he Secretary of the Commonwealth, at the expense of the pplicants, and upon enrollment thereof, shall be taken and eemed a part of the instrument upon which such cororations respectively, were formed and established, to all ntents and purposes, as if the same had originally made part Fhereof. SECTION 5. The corporations established by virtue of this seal. ct. and the successors thereof respectively, shall have full ower and authority to make, have, and use one common bal, with such device and inscription as they shall respectvely deem proper, and the same to break, alter, and renew t pleasure, and the name, style and title by them respectively rovided and declared as aforesaid, shall be able and capable I law to sue and be sued, plead and be impleaded, in any Privileges ourt, before any judge or justice, in all manner of suits, and liabilities omplaints, pleas, causes, matters and demands whatsoever, ad all and every matter and thing therein to do, in as full nd effectual a manner as any other person or persons, bodies olitic and corporate, within this commonwealth, may or can 0; and shall be respectively authorized and empowered to make tules, regulations and ordinances, and to do every hing needful for the good government and support of the ffairs of the said corporation, respectively: Provided always, Proviso. hat the said by-laws, rules and ordinances, or any of them, e not repugnant to the constitution and laws of the United tates, to the constitution and laws of this commonwealth, r to the instrument upon which the said corporations espectively are, as aforesaid, formed and established. SECTION 6. Each corporation established by virtue of this Quantity of ct. and the successors thereof respectively, by the proper land corporaame, style and title, shall be able and capable in law, tion may hold ccording to the terms and conditions of the instrument upon hich the said corporations respectively are, as aforesaid, rmed and established, to take, receive and hold, in fee mple, lands and tenements, not exceeding in the whole wo thousand acres, in not more than three separate parcels, nd the same to use and convey in fee simple: Provided Proviso. nwever, That such corporations shall not hold real estate in more than one county, por two counties which shall adjoin ach other. Money to be SECTION 7. The corporations established by virtue of this expended for act, and the successors thereof, shall use and employ their certain pur- monies, lands and tenements, in the making and manufactur розев. Proviso. Annual return to be ing iron with coke or mineral coal, and in the transportation SECTION 8. The corporation established by virtue of this made to Sec-each and every year, make a return, attested by the oath of the Stock trans forrable. Dividends Not to impair SECTION 9. The stock of such corporations shall be assignable and transferrable by the holders thereof, to such persons as they may think proper, according to such rulesas the by-laws shall prescribe, but no stockholder shall be permitted to transfer his stock while any instalment due thereon shall remain unpaid, except by a special order of the board of directors to that effect. SECTION 10. Dividends of so much of the profits of such semi-annual- corporations as shall appear advisable to the directors or ly. managers, shall be declared twice in every year, and paid to the stockholders, or their legal representatives, on demand, at any time after the expiration of ten days therefrom, but capital stock, they shall in no case exceed the amount of the nett profits actually acquired by said company, so that the capital stock shall never thereby be impaired; and if the said directors, or managers shall make any dividend which shall impair the capital stock aforesaid, the directors or managers cousenting thereto, shall be liable to said company in their individual capacities, for the amount of the stock so divided, and each director present when such dividend is made, shall be adjudged consenting thereto, unless he forthwith enter his protest on the minutes of the board, and give pub'ic notice to the stockholders of the declaring of such dividend: Provided, That the said company or companies, shall make an annual return, on the oath of the president or secretary of said company or companies, of the amount of dividends, and they Proviso. 1 1 shall pay into the state treasury, a tax of eight per cent. on Tax. SECTION 11. It shall be lawful for the legislature at any Right to alter time, to amend, alter, or repeat this law, and amend, alter.or repeal reor abolish any corporation or charter which may be created served. under it. SECTION 12. That Thomas F. Wharton, Samuel L. Shober, Corporators Jacob T. Bunting, Benjamin Kugler, and Joseph H. New-of Buck boid, and their associates, successors and assigns, be, and Mountain they are hereby constituted a body politic and corporate, by coal company the name and style of the Buck Mountain Coal company; and the said company shall possess and enjoy all the powers, Act of March privileges, and immunities, and be subject to the restrictions. 18th, 1836, terms and conditions provided in an act, entitled " An act extended to to incorporate the Hazelton Coal company," passed the this comp'y. eighteenth day of March, Anno Domini, one thousand eight hundred and thirty-six: Provided. That the lands of said Proviso. company shall not exceed two thousand acres, and shall all lie in Sugar Loaf and Hanover townships, in the county of Luzerne, and shall not consist of more than two distinct bodies; and that the capital stock of said company shall not Capital stock exceed one hundred and fifty thousand dollars: Provided, 2d Proviso. That the said company shall make an annual return on the Annual reoath of the president or secretary of said company, of the turn. amount of dividends, and they shall pay into the state treasury, a tax of eight per cent. on all dividends, when they shall Tax. declare dividends exceeding six per cent. per annum. SECTION 13. That there shall be, and hereby is established, Franklin in the township of Harford, in the county of Susquehanna, Academy at an academy for the education of youth in the useful arts, Harford, Suesciences, and literature, by the name and style of the quehanna co. Franklin Academy at Harford, and that until the first election, the trustees of the said academy shall consist of the following named persons, to wit: Hosea Tiffany, Joab Tyler, Trustees. Joseph B. Streeter, Saxa Seymour. Gaines Moss, Freeman Peck, Amherst Carpenter, and Preston Richardson, which Privileges & said trustees and their successors in office, shall have and restrictions Susquehanna possess all the powers, privileges, and immunities hereto-the same as fore granted to the Susquehanna academy, and be subject to academy. all the restrictions imposed on the said last mentioned academy: Provided always, That the time of holding the Proviso. annual elections for the Franklin academy, may be altered by the said trustees. SECTION 14. That there shall be, and hereby is established, Towanda in the township of Towanda, in the county of Bradford, an academy, academy for the eduation of youth in the useful arts, sciences, Bradford co. and literature, by the name and style of the Towanda Academy, and that until the first election, the trustees of the said academy shall consist of the following named per |