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Notice of e-
lection to be
given. |
Sec. 5. And be it enacted. That as soon as five
hundred shares of said capital stock shall be sub-
scribed, if within two years from the passage of
this Act, the said Commissioners or a majority of
them, shall give thirty days previous notice of the
time and place of holding an election for a Presi-
dent and eight Directors of said Company, and
that in said election, the subscribers may vote in
person or by proxy, according to the number of
the shares held, and said Commissioners or three
or more of them, shall be Judges of the first elec-
tion of Directors, and any subscriber shall be eligi-
ble as President or Director, and the said Com-
missioners shall deliver over the original subscrip-
tions to the President and Directors immediately
after their election. |
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Directors to
be chosen an-
nually. |
Sec. 6. And be it enacted, That to continue the
succession of the President and Directors of the
said Company, eight Directors shall be chosen an-
nually, after notice aforesaid, on the first Monday
in January of every year by the Stockholders of
said Company, and the Directors or a majority of
them shall have the power to appoint Judges of
elections, and elect a President of said Company
from among the Directors, and allow him such
compensation for his services as they may deem
proper, and if any vacancy shall occur from death,
resignation or refusal to act of the President or any
of the Directors of said Company, the President
and Directors or a majority of them shall elect
some person or persons to serve until the next an-
nual election, and the said President and Direc-
tors of the Company shall hold and exercise their
office until a new election of President and Direc-
tors, and that all elections that are made by this
Act or by the laws of said Company to be on a
particular day, if not on such day, may at any
time be legally made within sixty — thereafter,
after notice aforesaid. |
