DANIEL MARTIN, ESQUIRE, GOVERNOR.
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71
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lection shall not take place on the day appointed, the said
judges may appoint another day, within thirty days there-
after, for an election, of which, and all other days for elec-
tions, the stockholders shall be notified in such manner as
the by-laws of said company shall provide; and until an
election of president and directors shall be made as herein
provided, the business of the said company shall be con-
ducted and directed by Frederick Dawson the present
agent, who shall appoint the judges of the first election, and
give the necessary notice to the stockholders.
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1830.
CHAP. 71.
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Sec. 7. And be it enacted. That the president and di-
rectors, so elected as aforesaid, or a majority of them,
shall have power, and they are hereby authorised, to fix
the salary of the president; to appoint and employ so
many agents, factors, clerks, and other persons, as the af-
fairs of the company may in their judgment from time to
time require, and allow them such compensation, salary or
wages, as they may think proper; and to do and perform
such acts, and make, revise, alter and annul, all such by-
laws and ordinances, rules and regulations, not inconsistent
with the laws of the United States, or of this state, as they,
or a majority of them, may find convenient, useful or ne-
cessary, for exercising or carrying into effect the powers
granted by this act; and in general for the better managing
and promoting the interest of the said corporation and
company, or for the improvement of the natural advan-
tages of the lands, rights and privileges, vested or owned
by them, in as full and ample manner as any other corpo-
rate body within this state may or can do.
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Powers.
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Sec. S. And be it enacted, That it shall be the duty of
the president and directors to prepare and exhibit to the
stockholders annually, a statement of the affairs of the
company, and to make dividends of the profits of the com-
pany, at such times, and in such manner, as they, or a ma-
jority of them, shall direct; and any number of persons
holding in the aggregate five hundred shares, may at any
time call extra meetings of the stockholders for the pur-
pose of examining into the concerns of the company, at
which extra meetings the books of the company shall be
open for inspection of the members, as they shall also be
at all times to the inspection of individual stockholders.
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Statement of
affairs— Divi-
dends.
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.Sec. 9. And be it enacted. That all property, estate,
and joint stock of said corporation, shall be bound and an-
swerable for any contracts or engagements made, or liabi-
lity incurred, by the president and directors thereof, or
through their agency, or by their authority, but the stock-
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Stock to be
answerable for
contracts.
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