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Sec. 4. And be it enacted, That for the manage-
ment of the affairs of said company or corporation,
the stockholders therein shall elect a President and
four directors, as goon as they shall determine that
a sufficient amount of stock has been subscribed,
after giving twenty days notice thereof to the
stockholders, there shall be an election of Presi-
dent and directors annually on the same day on
which the first election was held unless otherwise
provided by the stockholders, but the succession
shall not be interrupted if there shall be a failure
to elect, in such case the incumbents shall hold
over until another election shall be called and held
by the stockholders, or any three of them after no-
tice as aforesaid, and every share of said stock shall
lie entitled to one vote, the President and directors
may direct the time and manner of the payment
of instalments on said stock and the amount there-
of, in all meetings of the stockholders a majority
of the stock subscribed, represented either in per-
son or by proxy, shall constitute a quorum for
business, the President and directors shall be stock-
holders, and upon ceasing to be such, their re-
spective offices shall become vacant; a quorum of
the stockholders may at any meeting called for the
purpose after twenty days notice, dissolve said cor-
poration, and take measures for the sale of their
property, and general winding up and settlement
of the concern, have due regard to the payment of
their debts in the order of their priority as pro-
vided by law, the President and directors may se-
lect and locate the hotel at any point in Port De-
posit as may appear best in their judgment. |
Affairs of the
Company—
how managed. |
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Sec. 6. And be it enacted,. That this law may be
altered or repealed by the General Assembly at
will, but the stockholders may agree to dissolve
24 |
May agree to
dissolved cor-
poration. |
