|
Power to ap-
point officers
fix compensa-
tion, &c.
|
Sec. 5. And be it enacted. That the Directors
of the said Company, or a majority of them,
with or without the President, when met as a
Board, shall have full power to appoint and em-
ploy and in their discretion to remove from office
and dismiss all such officers, clerks, agents, me-
chanics, artisans, laborers and servants, whatever
as they shall deem necessary to attend to and tran-
sact or execute the affairs and business of the Com-
pany, fix their compensation and when deemed ne-
cessary, require security for the faithful discharge
of their duties; to contract, agree for, purchase,
rent or hire all such lands, buildings, chattels,
materials, rights, privileges and effects whatever,
as they shall deem necessary or find convenient,
for effecting the objects of the Company as author-
ized by this Act, and the same or any part thereof
and all articles manufactured under their direction
to sell and convey, or otherwise dispose of, to call
for monthly or other instalments, from time to
time, of the capital stock subscribed, not exceed-
ing ten dollars on each share per month, nor on
less than thirty days notice, to apply the said in-
stalments when recoiled, and all other funds of
said Company to effect the objects aforesaid, and
in payment of the necessary expenses of said Com-
pany, to provide for declaring and paying to the
stockholders dividends of the profits, which shall
be made by the said Company, to prescribe and
provide for the manner and evidence of transfers
of the capital stock and for the forfeiture and sale
of any share or shares thereof, in default of pay-
ment of any of the instalments called for and for
the remission of such forfeiture on such terms as
they shall deem reasonable, and generally to do,
execute or authorize all such acts, deeds and other
writings, and make, revise, alter and annul all
such by-laws, ordinances, resolutions, rules and
regulations, not inconsistent with the laws of this
State or of the United States, as the said Board of
Directors or a majority thereof may deem necessary,
useful or convenient, and which shall be compe-
tent to the full and beneficial exercise of, and carry- |
