JOHN LEE CARROLL, ESQUIRE, GOVERNOR, 43

election for twelve directors, of the said company; said notice to be published at least ten times in each of two daily papers of said city; and at such election the stockholders may vote in person or by proxy, according to the number of shares held, upon which there are no arrears or unpaid and overdue instal- ments; and the corporators aforesaid, or five or more of them, shall be judges of the first election of directors, and any stockholder not being in arrears in payments on his subscription shall he eligible as directors, and the said corporators shall deliver over the original subscriptions and all payments received thereon to said directors immediately after their election; and the said directors shall within five days after their election proceed to elect one of their own number president of the said company; the said pre- sident and directors to serve until their successors shall be elected and qualified as hereinafter provided.	Judges of first election.
SEC. 7. And be it enacted, That there shall be a no- tice of thirty days given by the president and di- rectors of each annual election of directors, here- inbefore provided for; said notice to be published as provided in the last preceding section, and the directors or a majority of them shall have power to appoint judges of election, and to elect a president of said company from their own body, and to allow him such compensation for his services as they may deem proper; and if any vacancy shall occur by death, resignation or refusal to act, of the president or any of the directors, the remaining di- rectors or a majority of them shall fill the vacancy until the next annual election.	Annual elec- tion.
SEC. 8. And be it enacted, That the said president and directors, or a majority of them, shall have power to appoint all such officers or agents as they may deem necessary for the prosecution of the business of a corporation, and may remove them at pleasure and determine the compensation to be allowed to them, and shall have power to pass all by-laws, not contrary to this act or the laws of the State or the United States, which they may deem necessary or proper for carrying the object of this act into effect, or for a due exercise of the powers vested in this cor-	Appoint offi- cers & agents.