GEORGE HOWARD, ESQ. GOVERNOR.

1851.

Sec, 9. And be it enacted, That at all the regular annual

CHAP. 287.

meetings of the stockholders of said company, it shall be

the duty of the president and directors in office for the

General statement

preceding year, to exhibit a clear and distinct statement of

of affairs.

the affairs of the company, and that at any called meeting

of the stockholders, a majority of those present may re-

quire a similar statement from the president and directors,

whose duty it shall he to furnish the same when thus re-

quired; aud that at all general meetings of the stockholders,

a majority, in value, of all the stockholders of said com-

pany, may remove from office any president, or any one or

Power of tenant

more of the directors of said company, and may appoint

ing officers.

others in his or their stead.

Sec. 10. And be it enacted, That every president and di-

Oath required.

rector of said company, before he acts as such, shall swear

or affirm, as the case may be, that he will well and truly

discharge the duties of his said office to the best of his skill

and judgment.

Sec. 11. And be it enacted, That if any of the said capital

Directors may

stock of said company shall rem lin unsubscribed until the

re-open books of
subscription.

organization of the said company, the president and directors

shall have power to open books, and to receive subscriptions

to any of the capital stock of said company, which may re-

main unsubscribed for, or to sell or dispose of such unsub-

Or sell stock.

scribed stock, for the benefit of the company, for any sum

not undents par value; and the purchaser or purchasers of

such stock, shall have all the rights, powers, and privileges

of original subsciibers, and shall be subject to the same re-

gulations and liabilities.

Sec. 12. And be it enacted, That the said president and

Powers to employ
agents &c.

directors, or a majority of them, may appoint all such offi-

cers, engineers, agents, or servants, whatsoever, as they

may deem necessaiy, for the transaction of the business of

the company, and may remove any of them at their pleasure;

that they, or a majority of them, shall have power to deter-

mine, by contract, the compensation of all the engineers,
officers, agents, or servants, in the employ of said company,
and to determine the manner of adjusting and settling all ac-

Settled accounts

counts against the company, and also the manner and evi-

dence of transfers of stock in said company; and that they,

or a majority of them, shall have power to pass all by-laws

Pass by laws.

which they may deem necessary or proper, for exercising

all the powers vested in the company hereby incorporated,

and for carrying the objects of this act into effect; Provided

Proviso.

only, That such by-laws shall not be contrary to the laws

of the United Slates, or of this State, or any of the provis-

ions of this act.