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Succes-
sion, appoint-
ment, &c.
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Company, seven directors shall be chosen annual-
ly, on the first Wednesday in June in each year,
by the stockholders of the said Company, and the
Directors of the said Company, or a majority of
them, shall have power to appoint judges of all
elections by the stockholders, and to elect a Presi-
dent of said Company, either from amongst the
Directors or others, subject to the restrictions con-
tained in the fifth Section of this Act, and to allow
him such compensation as they may deem proper ;
and if any vacancy shall occur by death, resigna-
tion or refusal to act, of any President or Direc-
tor, before the year for which he was elected has
expired, a person to fill such vacant place for the
remainder of the year may be appointed by the
President and Directors of the said Company, or
a majority of them, and the President and Direc-
tors of the said Company shall hold and exercise
their offices until a new election of President and
Directors, and all elections which, by this Act, or
by the by-laws of the said Company, are to be
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Time.
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made on a particular day or at at particular time,
if not made on such day or at such time, may be
made at any time within three months thereafter ;
provided, however, that a failure to hold an an-
nual meeting of stockholders for the purpose of
electing Directors, or the failure to elect Directors
during any one or more years, shall not be held
or taken to make a forfeiture or to constitute an
abandonment of this Act of incorporation ; but the
Directors chosen at any time shall continue to hold
and exercise their office until such time as a new
election shall be made according to the provisions
of this Act.
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General meet-
ing—when and
by whom held
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Sec. 7. And be it enacted, That a general meet-
ing of the stockholders shall be held annually at
the time appointed for the election of President
and Directors of the said Company, and general
meetings of the stockholders may be held at any
time during the interval between the said annual
meetings by the President and Directors, or a ma-
jority of them, or by stockholders owning at least
one-fourth in amount of the stock actually sub-
scribed, upon giving thirty days' public notice of
the time of holding the same; and when such meet-
ing may be called by the stockholders, the notice
shall specify the object of the call, and if at any
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