SEC. .3. And be it enacted, That in case of the sale
of the State's Interest in the said railroad, the stock
now held by the State may be voted by the owners
thereof at all meetings of the stockholders of said
company, whether for the election of directors or
any other purpose, and the owners of said stock shall
not have power, now possessed by the State, of
choosing three directors, but that the directors of
said company shall consist of seven in number, who
shall he elected by the stockholders of said company,
including the owners of the stock now owned by the
State, and the President of the company shall he
elected from among the number of said directors;
provided, that the provisions of tills section shall not
take effect until the same be accepted at a general
meeting of the stockholders of said company, called
for the purpose, and held either before or after the
sale of the State's interest in said railroad, and a
duly certified copy of the resolution accepting
the same, under the seal of the said company, be
filled with the Secretary of the State.
SEC. 4. And be it enacted, That until the provisions
of the last proceeding sections shall be accepted by
the stockholders of the said company, the owners of
the said stock now owned by the State, shall after
the sale thereof, be entitled to exercise the power
now possessed by the State, of electing three direc-
tors of said company, but shall not vote at the gene-
ral meeting of the stockholders of said company,
whether for the election of directors or for any other
purpose.
SEC. 5. And be it enacted, That this Act shall take
effect from the date of its passage.
Approved April 1, 1872.
|
Sale of State's
interest
Proviso.
Entitled to
exercise
power of the
State.
i
In force.
|
