E. LOUIS LOWE, ESQUIRE, GOVERNOR.
175
well and truly discharge the duties of his office,
to the
best of his skill and judgment.
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SEC. 8. And be it enacted,
That at the regular annual
meetings of the stockholders of said company, it
shall be the duty of the president and directors in office
for the preceding year, to exhibit a clear and distinct
statement of the affairs of the company, that at any
called meeting of the stockholders, a majority of those
present may require similar statements from the president
and directors, whose duty it shall be to furnish
them, when thus required, and that at all general meetings
of the stockholders, a majority, in value, of all the
stockholders in said company, may remove from office
any president, or any of the directors of said company,
and may appoint others in their stead.
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President to
exhibit statement
of affairs.
Removals
from office.
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SEC. 9. And be it enacted,
That the said president
and directors, or a majority of them, may appoint all
such officers, engineers, agents or servants whatsoever,
as they may deem necessary for the transaction of the
business of the company, and may remove any of them
at their pleasure; that they or a majority of them, shall
have power to determine by contract, the compensation
of all the engineers, officers or servants, in the employ
of said company, and to determine by their by-laws the
manner of adjusting and settling all accounts against
the company, and also the manner and evidence of
transfer of stock in said company, and that they or a
majority of them, shall have power to pass all by-laws
which they may deem necessary or proper, for exercising
all the powers vested in the company hereby incorporated,
and for carrying the objects of this act into effect;
Provided, only that such by-laws shall not be
contrary to the laws of this State, or any of the provisions
of this act.
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Appointment
of officers, &c.
Compensation
of officers, &c.
Proviso.
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SEC. 10. And be it enacted,
That the said president
and board of directors of said company, or a majority of
them, may construct and repair said rail road, and may
with their agents enter upon, use and excavate any
lands they may need for the site of the said road, or
the erection of warehouses or other works necessary to
said road, and may build bridges, fix scales and weights,
lay rails, take and use any earth, timber, gravel, or
other materials, for the construction or repair of any
part of said work, and may make and construct or erect
all works necessary for the completion of said road;
Provided, nothing herein contained shall be so construed
as to authorise said company to take private property
for their use, without the compensation as agreed
upon between the company and owners of such private
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Power to construct
and repair
road.
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