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CHAP. 364,
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have power to remove a trustee, on such notice to be
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heard, as they shall deem reasonable, on application of
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any person interested, whenever it shall appear that
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the interest of the public or the stockholders will be
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promoted thereby; the board of trustees shall be di-
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vided by lot, into five classes, consisting of three mem-
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bers each, and so arranged that the term of service of
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one of each said classes shall expire at the end of every
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two succeeding years, so that three trustees shall be
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Qualification re-
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appointed every two years; every vacancy happening
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quired
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iu the board of trustees by death, resignation, for oth-
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erwise, other than the expiration of classes, shall be
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supplied by the choice of the remaining trustees, and
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in such cases the votes of a majority of all the trustees
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for the time being, shall be requisite to a choice, no per-
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son shall be eligible who shall not have been openly
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nominated at a meeting of the trustees, at least once a
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month, before the day on which the election is held,
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and no person shall be a trustee who shall not be a
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stockholder in his own right of at least fifty shares
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of the capital stock of the said company, and the seat
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of every trustee ceasing to be a stockholder to that
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amount shall be immediately considered and held va-
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Vacancies
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cated; when vacancies shall happen by the expiration
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of classes, the same shall be supplied by elections to be
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held by the stockholders, as near as may be, in pur-
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suance of the fourth section of the act incorporating
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the said company.
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Trustees to open subscription for
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SEC. 6. And be it enacted, That when the capital
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20,000 shares
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stock of the said Union Company shall have been sub-
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scribed, and one million of dollars thereof paid in, and
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the said company shall have commenced the construc-
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tion of the said canal or slack water navigation, as re-
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quired by the twelfth section of the act incorporating
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the same, the board of trustees shall open a subscrip-
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tion for twenty thousand shares, which subscription
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To be let apart
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and the funds accruing therefrom, shall be and the
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same are hereby pledged, reserved, set apart and con-
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stituted a specific, distinct and seperate fund, to be in-
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vested by the said trustees in the public securities of
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this State or of the United States, or of the other
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States, in real estate, in the stock of some other incor-
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