all such lands, tenements, hereditaments, goods,
chattels and effects of whatever kind, nature and
quality soever, as may be necessary to carry into
effect the object and intention of this law, and the
same to grant a lien and dispose of in like manner,
and sue and be sued, plead and be impleaded, an-
swer and be answered, defend and be defended in
any Court of Record or any other place whatever,
and to make and have and use a common seal, and
the same to break, alter or renew at pleasure, and
also to ordain, establish and put in execution such
by-laws, ordinances and regulations as shall be
proper and convenient for the government of said
company, the same not being contrary to law or to
the Constitution, and generally to do and execute
such matters and things as to their institution
shall or may appertain to do.

Election of
Directors.

Sec. 4. Be it enacted, That as soon as stock
not less in amount than one-fourth of said capital
shall be subscribed notice thereof shall be given by
the said Commissioners in the newspapers of said,
and that in two weeks thereafter an election by
ballot shall be held for Directors of said company,
at a time and place in said town to be particularly
stated, which election the said Commissioners shall
hold, and the Directors then chosen shall be ca-
pable of serving as such until the next election of
Directors as herein provided.

Elections—
how and when
held.

Sec. 5. Be it enacted, That the said Directors
shall be six in number, of whom there shall be an
election, by plurality of votes, on the first Mon-
day of March in each year after the first election,
that all said elections shall be by ballot, and each
share of stock, on which no installments remain
unpaid at the time, and no other, shall entitle its
owner to one vote; and that the Directors, thus
duly elected, shall be capable of serving as such
until the next election of Directors, and be capa-
ble to fill up all vacancies in the body; and that
said Directors, at their first meeting annually,
shall choose one of their number as President,
who may be by them removed at pleasure and
another appointed in his stead.

Stock to be-
come forfeited.

Sec. 6. Be it enacted, That if any installments
on stock remain unpaid for the space of sixty
days from the time at which it should have been