Sec. 5. And be it enacted, That the affairs of
the Company shall be managed for the first twelve
months after their organization by the Corporators
above named, and in case of the decease of one or
more of said Corporators or their refusal to act,
the remaining person or persons shall have power
to select other persons as Corporators for the time
being in their stead, who shall from among their
number elect a President, and shall have power to
appoint and remove all officers, agents and em-
ployees of the Corporation, that before the expira-
tion of the said twelve months, the said Corpora-
tors shall after giving at least three weeks public
notice of the time and place of election, convene
the Stockholders who shall proceed to elect not
less than seven nor more than nine Directors to
serve for one year or until their successors are
elected, one of whom they shall appoint as Presi-
dent, said election to be held on the same day of
the week in each year thereafter; at such election
each share of stock subscribed for, shall entitle the
holder to one vote, either in person or by proxy,
and for any omission to elect at the time appointed
so to elect, shall not work a dissolution of this

Affairs—how
managed.

Corporation; provided, they shall elect within six-
ty days thereafter, and a majority of the Corpora-
tors shall at all times constitute a quorum for the
transaction of business.

Proviso.

Sec. 6. And be it enacted, That the President
and Directors or a majority of them may do all
acts necessary for conducting the business and car-
rying out the objects of the Corporation; may de-
clare annual or semi-annual dividends of profits
ascertained by them, may fix and regulate the
time or times, manner and terms and conditions
of further subscriptions, and of all transfers of

Powers.

stock; provided, that no share or shares be trans-
ferred, and no dividend paid to any Stockholder
while said Stockholder remains indebted to the
Corporation, they shall have and enjoy all the
powers hereinebefore conferred upon the Corpora-
tors by this Act.

Proviso.

Sec. 7. <And be it enacted., That the stock of
said Company shall be deemed personal estate,
that all the property estate and joint stock of the

Stock ans-'
werable for
debts.