ART. 26.] CORPORATIONS.

been called for on any part of the stock of such cor-
poration.

45

54. When any vacancy shall happen among the
trustees, directors or managers, by death, resignation
or otherwise, it shall be filled for the remainder of the
year or other term, in such manner as may be pro-
vided by the by-laws of the said corporation.

Vacancy among
manager, &c

55. If it shall happen at any time that an election
of trustees, directors or managers shall not be made on
the day designated by the by-laws of the said corpora-
tion, the corporation, for that reason, shall not be dis-
solved; but it shall be lawful on any other day to hold
such election in such manner as may be provided by
the by-laws, and all acts of trustees or managers shall
be valid as against such corporation until their succes-
sors shall be elected.

Failure to elect

56. Subscriptions to the capital stock of such of
said corporations as have capital stock, may be made
in land or other property at a valuation agreed upon
between the corporation and the subscriber, where the
said property so subscribed shall be such as it is proper
that the said corporation shall own for the advance-
ment of the purposes for which it was incorporated,
but such subscriptions shall not be otherwise received
nor shall they be so received unless the same shall have
been previously authorized by the stockholders assem-
bled in general meeting, pursuant to a call to consider
the propriety of receiving the said subscription and of
fixing the terms upon which it shall be received.

Subscriptions
to capital stock.

57. Where property of any kind is received by the
authority of the stockholders in general meeting as
aforesaid, in payment for stock, the books of the com-
pany shall be so kept as to show at all times fully
what property was received for the said stock, at what
value and the number of shares of the capital stock

Books to show
when property
received tor
stock.

issued for the same; in all other cases money only
shall be considered as payment of a subscription to any
part of the capital stock.

Money pay-
ment for stock

58. The stock, of any corporation created under this
article, shall be deemed personal estate, and shall be
4

Stock, personal
property.