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Sec. 3. And be it enacted. That the persons
named in the first Section of this Act, shall be Di-
rectors of said Corporation, one of whom shall be
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, which 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
the 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 choose by ballot five
members of said Corporation to be Directors to
manage the affairs thereof for twelve months, and
until their successors shall 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 his 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
an election of Directors shall not be made on the
day when pursuant to this Act, it ought 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. |
Election of
Officers, man-
agament, &c. |
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Sue. 4. And be it enacted, That the President
and Directors for the time being, or a majority of
them, shall have power to appoint all such officers,
clerks, agents, mechanics, engineers and servants,
as they may deem necessary to conduct and exe- |
Authority to
appoint all offi-
cers and agents
and fix their
compensation. |
