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opened by the commissioners, as herein before directed,
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CHAP. 234.
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to provide for declaring and paying dividends of the
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Declare dividends
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profits made by the company, to prescribe the manner
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and evidence of transfering the capital stock, and for
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the forfeiture and sale of any share or shares thereof
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Case of ommission to pay instalment
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on default of payment of any of the instalments called
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for and due, and for the remission of such forfeiture on
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General powers
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such terms as they shall deem reasonable, and gene-
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rally to do, make, execute or authorise all such acts,
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deeds and other writings either with or without the
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corporate seal, and make, revise, alter or annul all
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such by-laws, ordinances, rules, resolutions and regu-
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lations, not inconsistent with the laws of this State or
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of the United States, or with any by-law or resolution
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of the stockholders adopted at a general meeting, as
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the said board of Directors may deem necessary and
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useful, and shall be competent to the full and beneficial
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exercise of and carrying into effect the powers above
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enumerated, and all other powers granted by this act
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and vested in the corporation hereby created.
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Power of general
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SEC. 5. And be it enacted, That the stockholders at
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meeting
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any annual or other general meeting held after ten
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days public notice, as directed in the third section at
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which the owners of a majority of the whole number
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of shares of stock shall be present or represented,
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shall have power to alter or repeal any by-laws, rules,
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resolutions or ordinances made by the directors, and
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make such new by-laws, rules and ordinances as a majo-
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rity of the votes present shall approve of, which shall be
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binding on the President and Directors, and shall have
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power with the actual assent of the owners of a ma-
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jority of the whole number of shares of stock, to re-
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move from office the President or any Director, and
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to dismiss any officer, agent or other person in the
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employ of the company and elect or appoint another
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or others to fill the vacancy or vacancies, so made,
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Closing concern
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and with such assent of such full majority may pro-
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vide for selling or otherwise disposing of all the pro-
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perty, estate and effects of the company, and dividing
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the proceeds among the stockholders, and for dissolv-
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ing the corporotion created by this act.
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