JOHN LEE CARROLL, ESQUIRE, GOVERNOR. 213

	ments as they shall require ; provided, no payment
	shall be demanded until at least two weeks notice
	shall have been previously given by being set up at
	two prominent public places in the town of East New
	Market ; and should any subscriber fail or refuse to	Subscriber
	pay any instalments or any part of said subscription	fail or refuse
	thus demanded after the lapse of thirty days from
	the expiration of said notice, the said company may
	be entitled to receive, sue for and recover the amount	Sue for and
	of said instalment so demanded, and interest there-	recover.
	on from the day of demand in such manner as other
	debts and claims are now recoverable by law ; pro-
	vided, the instalments so demanded shall not exceed	Shall not ex-
	one-fifth of the value of the shares subscribed.	seed.
	SEC. 5. And be it enacted, That if fifty shares
	shall not be subscribed within the period of two	Period of
	years from the passage of this act, all subscriptions	two years.
	under it shall be null and void, and the said commis-
	sioners, after discharging the expenses of opening the
	books, shall return the residue of the money to the	Return the
	several subscribers in due proportion to the sums re-	residue.
	spectively paid in by them.
	SEC. 6. And be it enacted, That to continue the
	succession of the president and directors of said com-
	pany, seven directors shall be annually chosen, after	Annually
	notice given as aforesaid, by the stockholders of the	chosen
	said company, on the first Monday in May in every
	vear, and the directors, or a majority of them, shall
	have power to appoint judges of elections, and may	Power to
	elect a president of said company from among the	appoint
	directors, and allow him such compensation for his	Allow com-
	services as they may deem proper, and if any vacan-	pensation.
	cy shall occur by death, resignation or refusal to act	Vacancies.
	of the president or any of the directors of the said
	company, the president and directors, or a majority
	of them, being a stockholder, shall elect some per-
	son being a stockholder, to serve until the next an-
	nual election, and the said president and directors
	of the said company, shall hold and exercise their	Hold and
	office until a new election shall be held, and their	exercise.
	successors are duly qualified; and all elections di-
	rected by this act, or any law or provision of said
	company provided to be held on any particular day,	May be held.
	may be held or made legal on any other day within
	sixty days thereafter, with notice as aforesaid.