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SEC. 3. And be it enacted, That there shall be a
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Meeting of
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meeting of the stockholders of said company on the
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stock holders
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first Monday of February in each year, for the pur-
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pose of electing a president and five directors, to
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manage the business and concerns of said company ;
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and the stockholders for the time being shall be
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Manner of vo-
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entitled to one vote, by ballot, in person or by proxy,
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ting.
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for every share held by him or her, and a majority
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of the whole number of votes given shall be necessary
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and sufficient to elect a president and directors; any
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two disinterested persons appointed by the Board of
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Directors, shall be judges of the election, to receive,
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count and certify the votes so given; and if from
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any cause an election shall not take place on the day
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appointed, the said judges may appoint another day
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for such election, of which, and of all days of
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Give notice.
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elections, the stockholders shall have notice, in such
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manner as the by-laws of said company shall provide,
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and the president and directors for the time being
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shall continue to act until a new election shall be held.
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SEC. 4. And be it enacted, That the president and
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Powers.
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directors, so elected, or a majority of them, shall
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have power to fix the salaries of all the officers and
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agents of said company, to appoint and employ as
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many clerks, managers, factors and agents, as the
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affairs of the company may, in their judgment, re-
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quire, to make, alter, and annul all such by-laws and
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ordinances, rules and regulations not inconsistent
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with the laws of the United States or of this State,
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as they or a majority of them may deem or find ne-
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cessary, useful or convenient for exercising and
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carrying into effect the powers granted by this act
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and for the better managing and promoting the in-
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terest of said company.
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SEC. 5. And be it enacted, That it shall be the duty
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of said president and directors to prepare and exhibit
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Duties.
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to the stockholders annually a statement of the bus-
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iness and affairs of the said company, and to make
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and declare dividends of the profits arising from said
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company's business at such times and in such man-
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ner as they or a majority of them shall direct.
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Property an-
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SEC. 6. And be it enacted, That all the property,
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swerable.
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estate and effects of said company, shall be bound
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