THOMAS W, VEAZEY, ESQUIRE, GOVERNOR,

1835.

business of said corporation; and the shares of said capital stock shall be deemed personal estate, and be .

CHAP. 26

Personall property

assignable and transferable only in the books of the

corporation, and in such manner as shall be provided

by the by-laws.

SEC. 3. And be it enacted, That the affairs of the

President and directors

said company, shall be conducted by a President and

four Directors, who shall be chosen by and from amongst

the stockholders, by ballot, on the second Tuesday of

Elections

the month of February next, and annually thereafter

on the same day, or on such other day as the by-laws

may provide, and the President and Directors who

shall be so chosen, shall be able and capable to act in

their respective offices for the term of one year, and

until successors shall be chosen; and they, or a ma-

jority of them, shall have full power and authority to

Power vested in

appoint, employ, compensate, and at their pleasure to

remove all such officers, agents and servants, as they

may deem necessary, in the business of said company;

also to contract and agree for, or purchase such lands,

chattels, materials, rights and privileges, und to cause

all such buildings, machinery and other improvements

to he made, as they shall think necessary to effect the

objects of said company, and the same or any part

thereof, to sell and convey, or otherwise dispose of, in

their discretion; also to prescribe the mode of issuing

and transferring capital stock in said company, and

the evidence thereof; also to make or declare and pay

annual or semi-annual dividends of the nett profits of

Dividends

said company, and generally to do all such acts, and

pass all such ordinances and regulations, for the bene-

fit and well ordering of the business of the said com-

pany, as they shall think proper, the same not being

contrary to the by-laws passed by the stockholders,

nor to any law of this State, and in case of any va-

Vacancies

cancy happening in the Presidency or Directory of said

company, the remaining Directors shall fill the same

by choosing a President or Director, as the case may

be, from amongst the stockholders, to serve until the

next election; and for the transaction of any business

Quorum

hereby confided to the President and Directors, a ma-

jority of them shall be a quorum.