38

CORPORATIONS. [ART. 26.

in the county where the principal office of the com-
pany is located; and if any residue of money shall
remain after paying the amount due on said stock, the
same shall, on demand, be paid over to the owner ; if
the whole of said instalment be not paid by such sale,
the remainder shall be recoverable by an action of debt
against the subscriber, assignee or transferee.

Ibid s. 8.

229. Whenever any railroad company heretofore in-
corporated, or created and incorporated under the pro-
visions of this act, shall, in the opinion of the directors

May increase
capital stock

thereof, require an increased amount of capital stock,
they shall, if authorized by the holders of a majority
of the stock, file with the comptroller of the state a
certificate setting forth the amount of such desired
increase, and thereafter such company shall be enti-
tled to have such increased capital as is fixed by said
certificate.

Ibid. s. 9.

230. The persons named in said certificate of the
corporation, or any three of them, shall be authorized

Subscription
books.

to order books to be opened for receiving subscriptions
to the capital stock of said company, at such time or
times, and at such place or places, as they may deem
expedient, after having given at least thirty days no-
tice in a newspaper published, or generally circulated
in one or more counties where books of subscription
are to be opened, of the time and place of opening
books; and so soon as ten per centum on the capital
stock shall be subscribed, they may give like notice
for the stockholders to meet at such time and place as
they may designate, for the purpose of choosing seven

Directors, how
chosen

directors, who shall continue in office until the time
fixed for the annual election, and until their succes-
sors are chosen and qualified, at the time and place
appointed ; directors shall be chosen by ballot, by such
of the stockholders as shall attend for that purpose,

Each share en-
titled to one
vote.

either in person or by lawful proxies ; each share shall
entitle the owner to one vote, and a plurality of votes
shall be necessary for a choice ; but after the first elec-
tion of directors, no person shall vote on any share on
which any instalment is due and unpaid ; the persons