part of such subscription so demanded, the stock
on which it is demanded may in the discretion of
the President and Directors be forfeited to the
company, and may be sold by them for the bene-
fit of said company.

Sec. 4. And be it enacted, That if the sum ne-
cessary for the incorporation of said company shall
not be subscribed within five years after the pas-
sage of this Act, then this Act and all the sub-
scriptions under it shall be null and void, and the
said commissioners after discharging the expenses
of the books shall return the residue of the money
paid in upon such subscriptions to the several sub-
scribers in proper proportion of the same respec-
tively subscribed by them.

Limitation.

Sec. 5. And be it enacted. That when one thous-
sand shares of said capital stock shall have been
subscribed, and on or before ten days thereafter
the said commissioners, or a majority of them
shall call a general meeting of the stockholders at
such time and place as they may appoint, and
shall give at least twenty days notice thereof, and
at such meeting the said commissioners shall lay
the subscription, books before the subscribers then
and there present, and thereupon the subscribers
or a majority of them shall elect twelve Directors
by ballot, to manage the affairs of said company,
which twelve Directors or a majority of them shall
have the power of electing a President of said
company, and on all occasions whenever a vote of
the stockholders of said company is to be taken,
each stockholder shall be allowed one vote for eve-

General
meeting.

ry share owned by him, her or them; provided,
said stockholder shall not hold more than fifty
which he may hold, each stockholder shall be al-
lowed one vote, and each stockholder may depute
any person to vote for him, her or them as his,
her or their proxy, and the commissioners afore-
said or any four or more of them shall be judges
of said first election of Directors.

Proviso.

Sec. 6. And be it enacted. That the stockhold-
ers in said company, or a majority of them in
value, shall, on the first Monday in June after the
organization of the company, as directed in the
preceding section of this Act, and on the first
Monday in June in each succeeding year, elect by
82

Directors.