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Proceedings and Acts of the General Assembly, 1866
Volume 107, Page 2040  
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THOMAS SWANN, ESQUIRE, GOVERNOR. 35
now subscriptions whenever the same shall be de-
termined by the Board of Directors of said Corpo-
ration.
Sec. 3. And be it enacted, That the persons Election of
named in the first Section of this Act, shall be Di- ^St.'&c""
rectors of said Corporation, one of wliom shall be a
appointed President, and shall have full power to
act as such for the term of twelve months from and
after the organization of said Company, whicli or-
ganization shall take place as soon as may be after
the passage of this Act, and the said capital stock
shall have been distributed among the persons in
tlic first Section of this Act, and on the expiration
of the said twelve months on such day as the said
President and Directors shall name, the Stock-
holders of said Company shall cheose by ballot five
members of said Corporation to be Directors to
manage the affairs thereof for twelve months, and
until their successors aliall have been chosen, and
on the same day in each succeeding year shall the
like election be made, and in general meetings of
said Company and elections of Directors, every
Stockholder shall be entitled to give in person or
by proxy, one vote for each share of the capital
stock, standing in Ins or her name on the books of
the said Corporation, and. at the first meeting after
said election said Directors shall choose a Pre-
sident, and should it happen at any time that at
;in election of Directors shall not be made on the
diy when pursuant to this Act, it ouglit to have
been made, the said Corporation shall not for that
reason be deemed to be dissolved, but it shall be
lawful on any other day within ninety days there-
after, to make and hold an election in such manner
as shall have been regulated by the by-laws and
ordinances of said Corporation, and in case of
death, resignation or disqualification of a Director,
the place of such Director, for the remainder of the
year-shall be filled by the Board of Directors for
the time being and in all cases, the Directors shall
Act until their successors are chosen.
Sec. 4. And be it oiicted, That the President Authority to
and Directors for the time bein,";, or a rniijorlty of ^r'.,0^^0^;
them, uliiill have pov/cr to appoint all such officers, and fix thT-ir
clerks, agents, meeliiinics, engineers and servants, c"mpe""atlln.
;IM tl'.ey may elecni uecoasary to conduct and exs-

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Proceedings and Acts of the General Assembly, 1866
Volume 107, Page 2040  
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