JOHN WALTER SMITH, ESQ., GOVERNOR.

more of the weekly newspapers published in said county; and
at such meeting said incorporators, or a majority of them,
shall lay the subscription books before the subscribers then
and there present, whereupon the subscribers, or a majority

481

of them, who may represent a majority of the stock so sub-
scribed, shall elect by ballot five or more directors, but not
exceeding seven, who shall be stockholders in said corpora-
tion to manage the affairs of said corporation, which said
directors, or a majority of them, shall have the power to elect
from among their number a president, and may also elect a
vice-president of their number and a secretary and treasurer;
and in said election, and all other elections by the stock-
holders of said company, each shareholder shall be allowed
one vote for each share owned by him or her, and every share-
holder may vote, either in person or by proxy; and said
incorporators, or a majority of them, shall be judges of the
first election of directors, and, until the first election for
directors as herein provided for, said incorporators shall be
.the directors of said corporation, with full power and authority
to act as such.

Election of
directors and
officers.

SEC. 3. And be it enacted, That the president and directors
elected at the first meeting of said stockholders shall serve
until the first Monday of May thereafter, or until their suc-
cessors shall be elected, and to continue the succession of said
corporation, after the first election of directors as herein pro-
vided, a general meeting of the stockholders shall be held

President
and directors.
Term of
office.

annually on the first Monday of May, at which meeting a
board of directors shall be elected in manner aforesaid to
serve for one year, or until their successors shall be elected,
and other meetings of the stockholders may be called by the
president and directors, or a majority of them, according to

Annual
election.

such rules as may be adopted by the by-laws of said corpora-
tion, and the board of directors may meet as often as may be
necessary for the transaction of the business of the corpora-
tion. The board of directors, from time to time, may and
shall make, enact, alter and re-enact any and all lawful by-
laws, rules and regulation touching the organization of said
company, the taking subscriptions to its capital stock, the
payment of such subscriptions, the issue and transfer of cer-
tificates of stock, and the mode of conducting all the affairs
of said company, and shall have full power in law and equity
to enforce the same.

Shall make
by-laws, rules
and
regulations

SEC. 4. And be it further enacted, That said corporation,
within the scope of the full enjoyment of the purposes here-
inbefore mentioned, shall have and enjoy, besides those

Additional
powers.