WILLIAM T. HAMILTON, ESQUIRE, GOVERNOR. 24]

	and there present, whereupon the subscribers, or a	Elect direct-
	majority of them, shall elect seven directors, who	ors.
	shall be stockholders in said company, by ballot, to
	manage the affairs of the company, which directors,
	or a majority of them, shall have power to elect a
	president from among the directors, and in said elec-
	tion and all other elections by the stockholders of
	said company each shareholder shall be allowed one	Allowed one
	vote for every share owned by him or her, and every	vote.
	stockholder may vote either in person or by proxy,
	and the commissioners aforesaid, or any three or more
	of them, shall be the judges of the first election of
	directors.
	SEC. 4. And be it enacted, That the president and
	directors elected at the first meeting of said stock-
	holders shall serve until the first Monday in January
	thereafter, or until their successors shall be elected;
	and to continue the succession of said company a
	general meeting of the stockholders shall be held	General meet-
	annually on the first Monday in January, at which	ing annually.
	meetings a board of directors shall be elected, as afore-
	said, to serve for one year, or until their successors
	shall be elected ; and other meetings may be called
	of the stockholders by tho president and directors,
	or a majority of them, according to such rules as may be adopted by the "by-laws" of said company; and
	the board of directors may meet as often as may be	Directors'
	necessary for the transaction of the business of the	meetings.
	company.
	SEC. 5. And be it enacted, That the capital stock
	of said company shall not exceed ten thousand dol-	Capital stock
	lars, and shall be divided into five hundred shares of
	twenty dollars each, and that the sums so subscribed
	for the stock of said company shall be paid to the
	president and directors aforesaid, in such instalments
	and at such times as they may appoint and require; and if any shall neglect or fail to pay any instalment
	or part of said subscription thus demanded for the
	space of twenty days next after the time the same
	shall be due and payable, the stock on which it is
	demanded shall, at the pleasure of said president and	Forfeited and
	directors be forfeited, to the company and sold for its benefit; but the said president and directors may re-	sold.
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