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CHAP. 222.
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may designate, to elect a board of directors, to serve
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until the first Monday of the next succeeding July, op
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until successors shall be chosen.
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Election of direc-rectors
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SEC. 3. And be it enacted, That for managing the
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affairs of the said company, there shall be chosen at
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the first general meeting herein before provided for,
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and on the first Monday in July annually thereafter,
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at the general meetings of the company, not less than
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five nor more than seven directors, who shall be stock-
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holders of the company, and who shall remain in office
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one year, or until their successors are appointed; the
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Quorum
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said directors, the majority of whom shall form a quo-
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rum for the transaction of business, shall choose from
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President
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their own body, a president, and in his absence, a presi-
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Powers specified
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dent, pro tempore; they shall have power to supply va-
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cancies in their own body; to call special meetings of the
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stockholders; to appoint such officers, clerks and agents,
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as the stockholders in general meeting shall authorise;
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to take bonds with sufficient security, for the good con-
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duct, fidelity and attention of such officers, clerks and a
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Instalments, &c.
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agents; to call in instalments not exceeding ten dollars a
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share per month,by giving thirty days previons notice in
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such newspapers as the stockholders in general meeting
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may designate; to enter into contracts for the construc-
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tion of buildings, et cetra, and to do all other acts and
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things touching the affairs of the company, not otherwise
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specially provided for; and the said president and direc-
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tors shall call, upon application of one-fifth in interest
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of the stockholders of the company, general meetings;
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Dividends
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they shall moreover make and declare dividends of the
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nett profits of the said company, or of such portion
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thereof as the said company or the said president and
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directors may deem expedient, on the first day of Ja-
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nuary and July, in each year, and at such other times
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as may be determined by the stockholders in general
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Prohibition
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meeting; Provided, that no dividend shall be made, of
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any part of the capital stock, under pretence of making
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a dividend of the profits and the surplus only of the
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property, effects and separate debts due the company
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above the capital stock, responsibilities and debts due
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from it, shall be regarded as profits, and the said pre-
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sident and directors shall annually at the general meet-
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