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Sec. 8. For the debts which may at any time be due from said company, the stockholders thereof shall not be responsible in their private capacity, but only the property and estate of said corporation; and nothing in this act shall be construed to authorize or empower the said company to use their funds for any banking transactions.
SEC. 9. The said company, within six months after the same shall be organized and go into operation under this charter, shall lodge a certificate with the town clerk of the town of East Windsor, specifying the appraised value of the property constituting the capital stock of the company. And whenever said company shall increase its capital stock, said company shall within one month thereafter lodge a certificate with said town clerk of the amount so added, and no part of the amount so certified and paid in shall be withdrawn without the consent of this assembly. And the secretary of the company shall make a certificate under oath, every year, of the amount of stock subscribed, of the names of the stockholders, and the amount held by each; and that said certificate be filed in the office of the secretary of state of the state of Connecticut.
Sec. 10. If any part of the capital stock so paid in and certified shall be withdrawn without the consent of this assembly, the directors and stockholders ordering, causing or allowing such withdrawal or reduction of the capital stock, in case of the insolvency of the company in consequence thereof, shall be liable jointly and severally as traders in company at the time of, or subsequent to, such reduction of the capital stock.
Sec. 11. Immediately upon the organization of the company hereby created, all the real and personal estate of every description, including rights of action, belonging to the association heretofore known as the Broad Brook Company, shall become vested in the company hereby created, its successors and assigns; and the company hereby created may sustain suits on all such rights of action, in the same manner as if such rights of action had originally accrued to said new company; and said new company shall be liable for all debts and claims of every description that may exist against the association heretofore known as the Broad Brook Company, and may be sued thereon in the same way as if such debts and claims had originally accrued against said new company. Provided, that nothing herein contained shall in any way affect or impair the claims which any person may have against the association heretofore existing, known as the Broak Brook Company, its officers, stockholders or property ; but such persons may sue, prosecute and enforce their claims against such association, its officers and property, in the same manner as if this resolve had not passed.
Sec. 12. That George Beach, Lawson C. Ives and Bryan E. Hooker, all of Hartford, or either of them, be and they are hereby authorized to call the first meeting of the corporation hereby formed, by forwarding by mail or otherwise, a written or printed notice of the time and place of such meeting, at least one week previous_thereto, directed to each person and firm now stockholders in the Broad Brook Company.
Src. 13. This resolve may be altered, amended or repealed at the pleasure of the general assembly.
INCORPORATING “THE BRIDGEPORT WOOLEN MILLS."
Upon the petition of Henry W. Chatfield and others, praying for an act
of incorporation :
Resolved by this Assembly, Sec. 1. That Henry W. Chatfield, William S. Knowlton, Ira Gregory, Courtland Kelsey, S. W. Baldwin, John H. Washburn, George W. Ives, J. W. Wilmot, Silas C. Booth, J. C. Peck, John W. Hinks, William Hall, Daniel Hatch, Sherwood Sterling and Thomas C. Wordin, of Bridgeport, in this state; Robert Robbins, James L. Morgan, James Freeland, John M. Stuart and Robert Squires, of the city of New York; Thomas C. Porter, Gayton P. Loring and William Babson of Boston; Nathan Gifford, Howland R. Sherman and George Innes, of Poughkeepsie, New York, with all others who are or shall hereafter become associated with them, be and they hereby are, with their successors and assigns, made and established a body politic and corporate, by the name of the Bridgeport Woolen Mills, for the purpose of manufacturing wool, cotton and other manufactures and goods composed in whole or in part of wool, cotton and flax, or other materials, and manufacturing machinery and lumber, grinding grain and manufacturing other fabrics in the most advantageous manner, and for mercantile purposes. And by that name they and their successors and assigns shall be and they hereby are authorized and empowered to purchase, take, hold, occupy, possess and enjoy to them, their successors and assigns, any goods, chattels and effects, of whatever kind they may be, the better to enable them to carry on such business to advantage; also to purchase, take, hold, occupy, possess and enjoy any lands, tenements, or hereditaments, as shall be necessary for the views and purposes of said corporation, and the same or any part thereof sell, lease and dispose of at pleasure; or to take a lease or seases of any such lands and real estate, for a term or terms of years; also to sue and be sued, plead and be impleaded, defend and be defended, answer and be answered unto in any court of record or elsewhere. And said corporation may have and use a common seal, and may alter the same at their pleasure.
SEC. 2. The capital stock of said corporation shall be six hundred thousand dollars, and that a share of said stock shall be one hundred dollars. And shall be deemed and considered personal estate, and be transferable only on the books of said company, in such form as the directors of said corporation shall prescribe. And said corporation may organize, go into operation and commence business, whenever and as soon as one hundred thousand dollars of said stock shall be taken up and subscribed or.
Sec. 3. The stock, property and affairs of said corporation shall be managed by not less than three nor more than seven directors, one of whom they shall appoint their president, who shall hold their offices for one year and until others are chosen ; which said directors shall be stockholders, and shall be annually elected at such times and places as the by
laws of said corporation shall prescribe. A majority of said directors shall in all cases when met, constitute a board for the transaction of business, and a majority of the stockholders present at any legal meeting shall be capable of transacting the business of such meeting, each share entitling the owner thereof to one vote, which vote may be given by said stockholder in person or by lawful proxy. That the first meeting of the corporation hereby formed, may be called by the person or persons designated for that purpose by the corporators named in the first section of this act, at such time and place, and giving such notice of such meeting as the person or persons, or a majority of them thus designated, shall deem reasonable and proper. Provided, that a majority of said directors shall be resident of, and all said meetings shall be held within said town of Bridgeport.
Sec. 4. The president and directors for the time being, or a major part of them, shall have power to fill any vacancy which may happen in their board, by death, resignation or otherwise, for the then current year, and to appoint and employ from time to time a secretary, treasurer, and such other officers, mechanics and laborers as they may think proper, for the transaction of the business and concerns of said company, and may require said secretary, treasurer and other officers to give such security, by bond or otherwise, for the faithful discharge of their trusts and duties, as said directors shall deem proper; and also to make and establish such by-laws, rules and regulations as they shall deem expedient, for the better management of the concerns of said corporation, and the same to alter and repeal; provided always, that such by-laws, rules and regulations be not inconsistent with the laws of this state or of the United States. And said directors shall and may, as often as the interest of the stockholders shall require, and the affairs of said company will permit, declare a dividend or dividends of the profits on each share, which shall be paid by the treasurer of said company.
Sec. 5. If it shall so happen that an election of directors shall not be made on any day appointed by the by-laws of said company, said corporation shall not for that cause be deemed to be dissolved, but such election may be holden on any day thereafter which shall be appointed by the directors.
SEC. 6. The books of said corporation, containing their accounts, shall at all reasonable times be opened for the inspection of any of the stockholders of said corporation. And as often as once in each year, a statement of the accounts of said company shall be made by order of the directors. And said directors may obtain new subscriptions to the capital stock at any time not exceeding in the whole the sum of six hundred thousand dollars.
Sec. 7. The directors may call in the subscriptions to the capital stock by installments, in such proportion, and at such time and places as they shall deem proper, giving such notice thereof as the by-laws and regulations of said company shall prescribe. And in case any stockholder shall neglect or refuse payment of such installment or installments, for the term of sixty days after the same shall become due and payable, and after he, she or they have been notified thereof, such negligent stockholder shall forfeit to said company all his, her or their previous installments, together with all his, her or their rights and interest whatever in said
stock. Provided, that nothing herein shall be construed to authorize or empower said corporation to use their funds for any banking transaction.
SEC. 8. The said corporation shall within the period of twelve months next after the same shall become organized, lodge a certificate with the secretary of this state, containing the amount of capital stock actually paid in and belonging to said company, which said certificate shall be signed by the president and secretary and verified by their oath. And the amount of capital stock thus certified shall not be withdrawn so as to reduce the same below the amount stated in said certificate. And in the event any part of the capital stock paid in and certified, shall be withdrawn without the consent of the general assembly, the directors ordering, causing or allowing such withdrawal or reduction of capital, shall be liable jointly and severally as traders in company, in case of the insolvency of said corporation at any period afterwards, for all debts owing by said corporation at the time of the reduction or diminution of the capital as aforesaid.
Sec. 9. This act shall be subject to be altered, amended or repealed at the pleasure of the general assembly.
AUTHORIZING THE CHELSEA MANUFACTURING COMPANY TO ADD TO THEIR
Upon the petition of the Chelsea Manufacturing Company, showing that
they are prosecuting a large and increasing business in the manufacture of paper, and that their capital stock is insufficient for their necessary purposes in said business; and praying for an amendment of their charter so far as to authorize the increase of their capital stock from fifty thousand dollars to two hundred thousand dollars, as per petition on
Resolved by this Assembly, That the said Chelsea Manufacturing Company be and they are hereby authorized to increase their capital stock to an amount not exceeding two hundred thousand dollars, and that said additional capital stock may be distributed in such manner as said company shall direct.
INCORPORATING THE CHENEY SILK MANUFACTURING COMPANY.
Upon the petition of John Cheney and others, praying for an act of incor
Resolved by this Assembly, Sec. 1. That John Cheney, Charles Cheney, Ralph Cheney, J. W. Clarke, Seth W. Cheney, Ward Cheney, L. C. Clarke, Rush Cheney, E. H. Arnold, Frank Cheney and Richard Goodman, with all others who are or shall hereafter become associated with them, be and they hereby are, with their successors and assigns, made and established a body politic and corporate, by the name of the Cheney Silk Manufacturing Company, for the
purpose of manufacturing fabrics of silk, cotton, flax and other materials and other manufactures, composed in whole, or in part, of silk, cotton, wool, flax or other materials, and manufacturing machinery, grinding grain, and manufacturing other fabrics in the most advantageous manner, and for the purpose of trade; and by that name they and their successors and assigns shall be and they are hereby authorized to purchase, take, hold, occupy, possess and enjoy, to them, their successors and assigns, any goods, chattels and effects, of whatever kind they may be, the better to enable them to carry on such business in a profitable manner; also to purchase, take, hold, occupy, and enjoy such lands, tenements or hereditaments, in the county of Hartford, as shall be necessary for the accomplishment of the purposes of the corporation, and the same or any part thereof, to sell, lease and dispose of at pleasure, or to take a lease or leases of any such lands and real estate for a term or terms of years; also to sue and be sued, plead and be impleaded, defend and be defended, answer and be answered to in all courts of record or elsewhere, And said corporation may have and use a common seal, which they may alter at pleasure.
Sec. 2. The capital stock of said corporation shall be seven hundred thousand dollars, which may be increased, from time to time, to an amount not exceeding, in the whole, one million dollars. One share of said stock shall not be more than one hundred dollars, and shall be deemed and considered personal estate, and be transferable only on the books of said company, in such form as the directors of said company shall prescribe. And said company shall, at all times, have a lien on all the stock or property of the members of said corporation, invested therein, for all debts due from them to said corporation. And said corporation may organize, go into operation, and commence business, whenever and as soon as two hundred thousand dollars of said stock shall be taken
and subscribed for.
Sec. 3. The stock, property and affairs of said corporation shall be managed by a board of not less than three, nor more than seven directors, one of whom shall be chosen president by them, and all of whom shall hold their offices for one year and until others are chosen. Said directors shall be stockholders, and shall be annually elected at such times and places as the by-laws of said corporation shall prescribe. A majority of