DANIEL MARTIN, ESQUIRE, GOVERNOR.
|
89
|
ker subscribed for, out of which shall be defrayed the ex-
peases attending the taking such subscriptions and other
incidental charges, and the remainder shall be paid over to
the treasurer of the corporation, as soon as the same shall
be organized, and the officers chosen, as hereinafter men-
tioned.
|
18SO.
CHAP. 88.
|
Sec. 3. And be it enacted, That as soon as one hun-
dred and twenty-five shares shall he subscribed, the said
commissioners, of a majority of them, shall call a meeting
of the stockholders, who shall proceed in person, or by
proxy, to the election, by ballot, of seven directors, and
the said directors shall elect one of their number to act as
president, who shall, with the directors, continue in office
one year, and until a new election for directors shall there-
after be made; and the said stockholders, in one year after
the day on which the election shall be first made, and on
the same day in every year thereafter, (except the same
shall happen on Sunday, in that case on the dav succeed-
ing,) shall elect, by ballot, from among the stockholders,
seven persons as directors, and the president and directors
for the time being shall give public notice for a new elec-
tion at least ten days previous to the expiration of the lime
for which they were elected, and in case it should happen
that an election of directors should not be made upon any
clay when, pursuant to this act, it ought to have been made,
the said corporation shall not for that cause he dissolved,
but it shall be lawful on any other day to hold and make
an election of directors, in such manner as shall be regu-
lated by the by-laws or ordinances of the said corporation;
and in case of the death, resignation, or removal of a di-
rector, the said directors shall elect another person to pup-
ply such vacancy for the remainder of the year; and in
every election for directors, each stockholder shall be en-
titled to one vote for every share by him or her held,
|
Election of di-
rectors.
|
Sec. 4. And be it enacted, That the said president and
directors shall be authorised to make such by-laws, rules,
orders and regulations, (not inconsistent with the laws of
this state,) as shall be necessary for the well ordering and
directing the affairs of the said company, and also to ap-
point a treasurer during their pleasure, who, before he pro-
ceeds to act as such, shall give bond, with approved secu-
rity, to the president and directors, in such manner as they
shall appoint, with condition for the faithful discharge of
the duties of his office.
|
By-laws—
1 Treasurer.
|
Sec. 5. And be it enacted, That the said stockholders,
and their successors, from the time of the first meeting be-
fore mentioned, shall and are hereby declared to be incor-
porated by the name of The Sassafras Bridge Company,
12
|
Stockholders
incorporated.
|
|
 |
