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ROBERT BOWIE, ESQUIRE, GOVERNOR.
company, at the discretion of the president and directors; and in
case proceedings at law shall be adopted for the recovering of any
instalment, extracts from the lists of stockholders in said company,
signed by the president, and attested under the corporate seal, shall
be considered prima facie evidence of the ownership of the shares
set forth in such extracts. |
1811.
CHAP. 143. |
9. AND BE IT ENACTED, That in case any director
shall be
chosen president, the remaining directors shall immediately choose,
by ballot, from among the stockholders, a person to supply his
place; and whenever a vacancy shall happen in the office of director
or president, by death, resignation, removal from the state, or
by any other means, it shall immediately be filled by ballot, by the
directors, from among the stockholders, till the next election in
course. |
Vacancies, how
to be supplied. |
10. AND BE IT ENACTED, That in case of the
necessary absence
of the president, he may, by writing, under his hand, appoint one
of the directors, who shall in all respects act for him during his
absence; and in default of such appointment, the directors shall
have power to appoint a president pro tempore, who shall in all
things act as president during the said absence. |
President pro
tempore. |
11. AND BE IT ENACTED, That the president
and directors shall
have power, 1st. To purchase and hold on behalf of the said company
in fee-simple or otherwise, lands and real estates suitable for
the erection of the necessary works, and for the accomplishment of
their undertaking, as they shall judge proper. 2d. To prepare
or
procure, adopt and execute, such plan or plans as they shall think
most advantageous and effectual for establishing, carrying on and
encouraging manufactories of all the useful or necessary articles
which have heretofore been imported from foreign countries, commencing
first with the manufactories of wool, cotton and linen cloths,
by means of labour-saving machines. 3. To make all by-laws,
rules and regulations, necessary for the well ordering and conducting
of the business of the company, and such by-laws, rules and
regulations, to alter, change or annul at their pleasure; but every
such by-law, rule or regulation, may be altered or repealed by the
stockholders at a general meeting to be called for that purpose by
any forty or more stockholders, provided, that there be present at
such general meeting, stockholders holding one thousand shares in
the whole, or their proxies, and that six weeks notice be given in
one or more newspapers published in the town of Easton, of such
meeting, and of the alteration or repeal intended to be proposed
thereto. 4th. To appoint and remove at their pleasure all clerks,
superintendants, agents or other officers, necessary for carrying on
the business of the said company, the compensations of all such clerks,
superintendants, agents or other officers. 5th. To make such contracts
for labour, materials, engines and machines, and all such
purchases of lands, tenements or hereditaments, in fee-simple or
otherwise; and to contract for, and obtain in behalf of the said
company, all such privileges, permissions, rights and advantages,
of every kind and nature whatever, as they shall judge necessary
for establishing, carrying on, and encouraging manufactories,
agreeably to the first article of this act, and all the necessary conveyances
and assurances of the said lands and tenements, hereditaments, |
Powers of president
and directors. |
VOL. II.
64
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