New York Laws
Article 6 - Rapid Transit Act of 1875
227 - Organization.

§ 227. Organization. Whenever the whole capital stock of such
corporation or an amount of such capital stock proportioned to the part
of such railroad directed by the commissioners to be constructed, shall
have been subscribed by not less than fifteen persons, and the fixed
percentage of such subscriptions shall have been paid, in cash, the
commissioners shall, by written or printed notice of ten days, served
personally or by mail, call a meeting of such subscribers for
organization, and appoint the inspectors of election to serve thereat.
At such meeting, or at any subsequent one to which the same may be
adjourned, a majority in number and amount of such subscribers may elect
persons, of a number to be theretofore determined by the commissioners
not less than nine, who shall be directors for one year of the
corporation formed for the purposes of constructing and operating such
railroad.

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