THOMAS SWANN, ESQUIRE, GOVERNOR. 233

vision as the Board of Directors or the stock- holders shall prescribe after the first election.
Sec... And be it enacted, That the Board of Directors shall elect one of their own number as President of the corporation, and his term of office shall be the same as their own, and he shall exer- cise such powers as the Board or the stockholders shall prescribe.	President.
Sec. 8. And be it enacted, That a general meet- ing of the stockholders shall be held annually at such time and place as the by-laws shall prescribe, and a general meeting may also be called at any time and place by the Board of Directors," at least two weeks notice thereof being given by advertise- ment in one or more newspapers published in this State. In all elections, and in the decision of all	General meet- ing.
questions, each stockholder shall be entitled to one vote for every share of stock held by him or her. A number of stockholders holding a majority of the shares subscribed, and being present in person or represented by proxy, shall be a quorum of a meeting of the stockholders. Stockholder may vote in person or by proxy, and the form of proxies may be prescribed by the by-laws. Less than a quorum of stockholders may adjourn a meeting from time to time.	Vote. %
Sec. 9. And be it enacted, That the said shares of stock shall be personal property to all intents. Certificates thereof may be issued in such form as said Commissioners shall prescribe, until the or- ganization of the corporation, and afterward in such form as the by-laws shall prescribe. The said shares may be transferred in such manner as the by-laws shall prescribe ; but no share shall be transferred without the consent of the corporation until all calls or assessments previously made thereon shall have been paid up.	Personal property.
Sec. 10. And be it enacted, That there shall be paid on every share of such stock two dollars at the time of subscribing ; and the residue of the subscription shall be paid whenever assessed or called for by the Board of Directors, upon default in the payment of any sum due on any subscrip- tion, the stock may be forfeited and sold for the payment thereof with interest and expenses under	Installments.