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ODEN BOWIE, ESQUIRE, GOVERNOR. 693
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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 in
all other elections by the stockholders of said Com-
pany, each shall be allowed one vote for every share
of stock owned by him or her, and they may vote
either in person or by proxy, and the Commis-
sioners aforesaid, or any three of them, shall be
judges of the first election of Directors.
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President.
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Sec. 4. And be it enacted, That the President
and Directors elected at the first meeting of the
stockholders, shall serve until the first Monday in
April thereafter, and until their successors shall
he elected, and to continue the succession of said
Company; a general meeting of the stockholders
shall be held annually, on the first Monday in
April, at which meeting a Board of Directory shall
be elected as aforesaid, to serve for one year, and
until their successors shall be elected; and other
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Hold over.
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meetings of the stockholders may be called by the
President and Directors, or a majority of them,
according to such rules as may be adopted by the
by-laws, and the Board of Directors may meet as
often as may be necessary for the business of the
Company.
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Meetings.
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Sec. 5. And be it enacted, That the capital stock
of said Company shall not exceed fifty thousand
dollars, and the shares of stock of said Company
shall be twenty dollars each, and the sums so sub-
scribed for the stock of said Company shall be
paid to the President and Directors aforesaid, in
such installments and at such time and place and
in such manner as they may appoint and require,
and if any shall neglect or fail to pay any install-
ment or part of said subscription thus demanded,
for the space of thirty days next after the time the
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Capital stock.
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same shall be due and payable, he or she shall be
liable to be sued for the same by the corporation,
and the stock on which it is demanded shall, at
the pleasure of said President and Directors, be
forfeited to the Company and sold for its benefit,
but the said President and Directors may remit
such forfeiture or recover such installments on such
terms as they may deem proper.
Sec. 6. And be it enacted, That said Company
is authorized and empowered to construct a turn-
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When payable
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