THOMAS SWANN, ESQUIRE, GOVERNOR. 517
tween them on the one part, and those who may
associate with them by subscription for stock paya-
ble in money, or lands and mines under such
terms as may be agreed upon on the other part. |
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Sec. 3. And be it enacted. That the subscrip-
tion to the said capital stock shall be made at such
places and in such manner as shall be designated
by the said John Humbird, John F. Ehlen and
Anthony Kean or a majority of them, and that
the Stock holders of one or more shares of stock
shall be a member of said Corporation, and shall
be entitled at all meetings of the Stockholders to
one vote for each share so held in person or by
proxy, and the shares of said capital stock shall
be assignable or transferable as may be provided
for by the by-laws of said Company and not other-
wise, and shall be considered as personal pro-
perty. |
Subscrip-
tions—how
made. |
Sec. 4. And be it enacted, That the affairs of
said Company shall be managed by a President
and six Directors, who shall be chosen annually
by the Stockholders of said Corporation, to serve
for one year, and until others shall be elected, in
such manner as shall be directed by the by-laws of
raid Company, and until the first election of Pre-
sident and Directors shall be held, the said John
Humbird, John F. Ehlen and Anthony Kean or a
majority of them, shall have full power and au-
thority to exercise all the corporate powers of said
Company, and the said President and Directors
and their successors or a majority of them, shall
have full power and authority to manage the af-
fairs of said Company under such powers as may
be given them by the by-laws of said Company,
and in case of a vacancy occurring in the Presi-
dency or Directors of said Company, the remain-
ing Directors shall have the power to fill such va-
cancy by appointing some Stockholder until the
next general election thereafter. |
Affairs—how
managed. |
Sec. 5. And be it enacted, That the meetings
of the Stockholders shall be held at such time and
place, and upon such notice as may be presented
by the by-laws of said Company, and in all meet-
ings of the Stockholders, a quorum for the trans-
action of business shall be the owners and repre-
sentatives of at least the major part of the stock |
Meetings. |
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