THOMAS SWANN, ESQUIRE, GOVERNOR. 677

shares or more of said stock shall have been sub- vscribed, the said commissioners, or a majority of them, shall call a general meeting of the sub- scribers at such time and places as they may ap- point, and shall give at least ten days' public notice thereof, and at such meeting the said commission- ers shall lay the subscription books before the sub- scribers then and there present, whereupon the subscribers, or a majority of them, shall elect nine Directors by ballot to manage the affairs of the Company, which Directors, or a majority of them, shall have power to elect a President from among the Directors, and in said election and all other elections by the stockholders of said Company, each shall be allowed one vote for every share owned by him or her, and every stockholder may vote either in person or by proxy, and the commis- sioners aforesaid, or any three or more of them, shall be the judges of the first election of Directors.
Sec. 4. And be it enacted, That the President and Directors elected at the first meeting of said stockholders shall serve until the first Monday in January thereafter or until their successors shall be elected ; and to continue the succession of said Company a general meeting of the stockholders shall be held annually on the first Monday in Jan- uary, at which meeting- a Board of Directory shall be elected as aforesaid to serve for one year or until their successors shall be elected ; and other meet- ings may be called of the stockholders by the President and Directors, or a majority of them, according to such rules as may be adopted by the by-laws of said Company ; and the Board of Di- rectors may meet as often as may be necessary for the transaction of the business of the Company.	General meet- ing. V
Sec. 5. And be it enacted, That the shares of stock of said Company shall be twenty dollars each, and that the sums so subscribed for the stock of said Company shall be paid to the President and Directors aforesaid in such installments and at such times as they may appoint and require, and if any shall neglect or fail to pay any installment, or part of said subscription thus demanded, for the space of sixty days next after the time the same shall be due and payable, the stock on which it is demanded, shall at the pleasure of said President	Value of shares.