THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

SEC. 6...Anrf be it enacted, That the affairs of the

said corporation shall be conducted by nine directors,

CHAP. 177

Directors

one of whom shall be chosen president, and as soon as

subscriptions shall have been received, for five thou-

sand shares of said capital stock, the persons herein

before named, or a majority of them, shall choose one

President

of their number to be president, and thereafter they

shall proceed and continue to act as the first president

First named au-

and directors of said corporation, and be capable of

thorised

serving in said capacity until the expiration of the first

Monday of May, in the year eighteen hundred and

thirty seven, and until successors shall he chosen, and

nine directors shall be elected on the first Monday of

Annual elections

May, in said year, and on the same day in each suc-

ceeding year thereafter: and at their first meeting after

each election, as aforesaid, the directors shall proceed

to appoint a president from their own number, who

with the directors so elected shall be capable to dis-

charge their respective duties for one year, and until

successors shall be chosen, and in case it should at any ,

Case of neglect

time so happen that the election of directors or appoint-

ment of a president for said corporation, should not be

made, so as to take effect at any period, or on any day

when in pursuance of this act, the same should take ef-

fect, the corporation shall not for that cause he deem-

ed dissolved, hut it shall be lawful at any time within

thirty days thereafter, to make such an election or ap-

pointment in such manner as is provided by this act,

or as shall be provided by the ordinances of the corpo-

ration, and in case of a vacancy occurring from any

Vacancies

cause, in the presidency or the directory of said cor-

poration, such vacancy shall be filled by the directors

for the time being.

SEC. 7. And be it enacted, That the president and

Appointment of officers &c.

directors for the time being shall have power to appoint

a secretary and such other officers, clerks a [ ]

other persons, as shall be necessary for conducting and

executing the business of the said corporation, and to

allow and pay them, and the president, such compen-

sation for their services respectively, as shall he deem-

ed reasonable.

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