GEORGE HOWARD, ESQ. GOVERNOR.

1831

directors shall be chosen annually, on the third Monday of

CH AP. 290.

October in every year, by the stockholders of said com-

pany, and the United Stales may appoint one director of

State or U. S. di-

said company for each hundred shares of stock of said com-

rectors.

pany, by them respectively owned at the time of such elec-

tion, but shall not be permitted to vote upon their stock in

the election of directors by the stockholders in general

meeting; and that the directors of said company, or a ma-

jority of them, shall have power to appoint judges of all

Powers of direc-

tors

elections, and to elect a president of said company, either

from amongst the directors or others, and to allow him such

compensation for his services as they may deem proper;

and if any vacancy shall occur by death, resignation or re-

Vacancy of presi-

fusal to act, of any president or director before the year

dent or director.

for which he was elected has expired, a person to fill such

vacant place for the residue of the year may be appointed

by the president and directors of said company, or a ma-

jority of them; and that the president and directors of the

company shall hold and exercise their offices until a new elec-

Term of Office.

tion of president and directors; and that all elections n hich are

by this act, or the by-laws of said company ,to be made on a

particular day, or at a particular time, if not made on such

day or such time, may be made at any time within thirty

days thereafter.

Sec. 8. And be it enacted, That a general meeting of the

Annual general

stockholders of said company, shall be held annually at the

meeting

time and place appointed for the election of the president

and directors of said company, that they may be called at

any time during the interval between said annual meetings

Special general

by the president and directors, or a majority of them, or

meetings

by the stockholders owning at least one-fourth of the whole

stock subscribed, upon giving thirty days public notice of

Notice — quorum—
proceedings.

the lime and place of holding the same; and when any such

meetings are called by the stockholders, such notice shall

specify the particular object of the call: and if at any such

meetings, a majority, in value, of the stockholders of said

company are not present in person or by proxy, such meet-

ing shall be adjourned from day to day, without transact-

ing any business, for any time not exceeding three days,

and if within said three days, stockholders having a major-

ity, in value, of the stock subscribed, do not thus attend,

such meeting shall be dissolved.

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

General account

ings of the stockholders of said company, it shall be the duty

to be exhibited an-
ually.

of the president and directors in office for the proceeding

year to exhibit a clear and distinct statement of the affairs of

the company; that at any called meeting of the stockholders,