THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

take place on the day appointed, the same may beheld

CHAP. 304

within sixty days thereafter, of which and all other

Failure to elect

days for elections, the stockholders shall be notified in

remedied

such manner as the by-laws of said corporation shall

provide, and in case of failure or neglect from any

cause to elect a president and directors in the manner

prescribed by this act, the corporation shall not for

that cause be deemed to be dissolved, but the president

and directors last elected shall serve as such until a

new election takes place; Provided, that the said elec-

Proviso

tion shall be made within six months from the expira-

tion of the term for which the said last president and

directors shall have been elected; and the board as

aforesaid shall have full power and authority to fill up

any vacancies which may occur in the place of presi-

dent or among the directors.

SEC. 6. And be it enacted, That the president and

Power as to officers

directors, or a board as aforesaid, shall have power,

and they are hereby authorised to fix the salary of the

president, to appoint and employ so many agents, fac-

tors, clerks and other persons, as the affairs of the

company may in their judgment from time to time re-

quire, and allow them such compensation, salary or

wages, as they may think proper, and to do and per-

By laws &c.

form such acts, and make, reverse, alter and annul all

such by-laws and ordinances, rules and regulations,

not inconsistent with the laws of the United States, or

of this State, as they may find convenient, useful or

necessary for exercising or carrying into effect the

powers granted by this act; and in general for the bet-

ter managing and promoting the interest, of said cor-

poration and company, or for the improvement of the

natural advantages of the lands, rights and privileges

vested or owned by them, for the declared objects of

this act, and not otherwise, in as full and ample man-

ner as any other corporate body in this State, may or

can do.

SEC. 7. And 6e it enacted, That it shall be the duty

Annual statement

of the president and directors to prepare and exhibit to

the stockholders annually, a statement of the affairs of

the company, and to make dividends of the profits of