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Shall apportion school money to Vernon.

Clerk shall ap portion to digtrict No. 3.

CHAPTER 48.

AN ACT to authorize the superintendent of public instruction to apportion school moneys to the town of Vernon, Waukesha county.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

SECTION 1. The state superintendent of public instruction is hereby authorized and directed to apportion to the town of Vernon in the county of Waukesha, for the year 1868, such an amount of the income of the school fund as said town would have been entitled to if district number three thereof had maintained a school by a qualified teacher, for five months during the year ending August 31st, 1867.

SECTION 2. The town clerk of the said town of Vernon in apportioning school moneys to the several districts of said town for the year 1868, shall apportion to district number three the full amount which the number of children over four and under twenty years of age, as returned in the report of the district clerk for the year ending August 31st, 1867, would have drawn if said district had maintained a school by a qualified teacher, five months during said year, as required by law.

SECTION 3. This act shall be in force from and after its passage and publication. Approved February 13, 1868.

CHAPTER 49.

[Published March 18, 1868.]

Legalized.

AN ACT to legalize certain proceedings of the town meeting in the town of Cadiz, in the county of Green.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows :

SECTION 1. The proceedings of the annual town meeting held in the town of Cadiz, in the county of

Green, on the second day of April, 1867, whereby the
electors of said town voted that said town asssume the
payment of certain sums of money due and unpaid to
persons who enlisted into the service of the United
States, and were credited to said town under the last
call of the president for three hundred thousand men,
are hereby legalized and made as valid and binding as
though said proceedings had been authorized by law.

portioned and

Capital stock.

Board of direc tors, how elected,

Vacancies how filled.

How meetings may be called.

style of the "Burlington peat company." Said corpo ration shall have a common seal and may alter the same at pleasure, and shall have and enjoy all the rights, privileges and franchises incident to corporations, and may do all acts and things proper and convinient for the transaction of its business.

SECTION 2. The capital stock of said corporation shall be one hundred thousand dollars, but may be increased by a vote of a majority of the stockholders to any amount not exceeding five hundred thousand dollars. The stock shall be divided into shares of one hundred dollars each, shall be deemed personal prop erty, and shall be transferable only on the books of the corporation in such manner as the by-laws may provide.

SECTION 3. The stock, property and affairs of said corporation shall be managed and conducted by a board of not less than three, or more than nine directors, who shall be stockholders, and who shall be elected annually by the stockholders, at such time as shall be provided by the by-laws, which shall also provide what number shall constitute a quorum for doing business. Such election shall be by ballot, and the holder of each share of stock shall be entitled to one vote for each share of stock by him held, which may be given in person or by proxy duly authorized. same rule shall prevail on all questions submitted to a vote of the stockholders, and a majority of the votes. cast shall govern. When any vacancy shall happen in the board of directors, the same may be filled by the stockholders at a special meeting called in accordance with the by-laws.

The

SECTION 4. If for any cause the election of directors shall not be held at the time appointed by the bylaws, the same may be held at any time thereafter upon such notice and in such manner as directed by the by laws, and the directors of the preceding year shall i all cases continue to act until the election of their successors in office.

SECTION 5. Any three of the incorporators named in this act, may call a meeting of the incorporators, by giving three days' notice thereof in writing to each of the others, and at such meeting the incorporators present, or a majority of them, may select such number of persons as they may see fit, not less than three nor more than nine, and the persons so selected shall

be the first board of directors of said corporation, and shall hold their offices until the annual election to be fixed by the by-laws.

SECTION 6. The first meeting of the board of direc- First meeting tors shall take place on the day of their election, and of board. at the place thereof, and a majority of those present at such meeting shall constitute a quorum for doing business. They shall elect one of their number president, another secretary and another treasurer.

SECTION 7. The board of directors shall have Powers and dupower to make, ordain and establish such by-laws, ties of directors rules and regulations respecting the management of the property, business affairs and stock of the corporation, as they may deem expedient and proper, not inconsistent with the constitution and laws of this state or of the United States. They may appoint an executive committee and such other officers and agents in this state and elsewhere, as they may deem expedient, and fix their compensation. They shall prescribe the duties of all officers, and may remove them from office at pleasure, and select others. They shall full power to grant, bargain, sell, lease, mortgage and dispose of the property, real and personal, and all the rights and franchises of said corporation under and by virtue of this or any other act of the legislature of the state of Wisconsin, when so authorized by a two-third vote of the stockholders, and the purchaser or purchasers of said property, rights and franchises of said corporation, shall possess and enjoy the same rights and privileges that the corporators and original stockholders enjoyed or might enjoy under and by virtue of this and such other acts of the legislature as may be passed relating hereto.

SECTION 8. Books of subscription to the capital When and how stock of said corporation shall be opened by the direc-books shall be tors aforesaid, at such time and in such manner as they may direct, and they shall have power to prescribe the time and instalments in which such subscriptions shall be paid, and to forfeit to the use of the corporation the share or shares of any person failing to pay instalments on his subscription, on thirty days' notice to him or his legal representatives, that the same has been called in and is due. They shall make a full report Shall make an of the business and affairs of the corporation at every report. annual meeting, and may be required to do so at any

nual or specia

Business of the corporation.

special meeting which may be convened by a written call signed by stockholders representing one-half of the capital stock of said corporation, which call shall set forth the object of the meeting, a copy of which shall be served upon each of the directors at least three days before the time of meeting; and at any such meeting, any director or directors may be removed. from office and another or others be elected by the stockholders present to fill the vacancy.

SECTION 9. The business of said corporation shall be cutting, digging, condensing, drying, manufacturing or otherwise converting peat to be used for fuel, gas and other purposes, and the vending and disposing of the same when so converted; and the said corporation. shall have full power and authority to purchase, hold, lease or release and convey such personal or real estate and machinery, or any right or interest therein as may be necessary or convenient for the purpose of manufacturing or preparing for market peat to be used for fuel, gas or other purposes.

SECTION 10. This act is hereby declared to be a public act, and shall be liberally construed in all courts and places, and shall take effect and be in force from and after its passage.

Approved February 13, 1868.

Time extended.

CHAPTER 51.

[Published March 18, 1868.]

AN ACT to extend the time for the collection of taxes in the town of Shullsburg.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

SECTION 1. The time for the collection of taxes in the town of Shullsburg, in the county of La Fayette, in this state, is hereby extended until the first day of April next provided, that this act shall not be so construed as to extend the time for the payment of state

taxes.

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