E. LOUIS LOWE, ESQUIRE, GOVERNOR.
237
SEC. 6. And be it enacted,
That to continue the
succession of the president and directors of said company,
seven directors shall be chosen annually on the
first Wednesday in June in each year, by the stockholders
of the said company, and the directors of the
said company or a majority of them, shall have power
to appoint judges of all elections by the stockholders,
and to elect a president of said company either from
amongst the directors or others, subject to the restrictions
contained in the fifth section of this act, and to
allow him such compensation as they may deem proper,
and if any vacancy shall occur by death, resignation or
refusal to act of any president or director before the year
for which he was elected has expired, a person to fill
such vacant place for the remainder of the year, may
be appointed by the president and directors of the said
company or a majority of them, and the president and
directors of the said company shall hold and exercise
their offices until a new election of president and directors,
and all elections which by this act or by the by-laws
of the said company, are to be made on a particular
day or at a particular time, if not made on such day or
on such time, may be made at any time within three
months thereafter; Provided however, that a failure
to hold an annual meeting of the stockholders for the
purpose of electing directors or the failure to elect directors,
during any one or more years shall not be held or
taken, to make a forfeiture or to constitute an abandonment
of this act of incorporation, but the directors
chosen at any time, shall continue to hold and exercise
the office until such time as a new election shall be
made according to the provisions of this act.
|
Directors to
be chosen.
|
SEC. 7. And
be it enacted, That a general meeting
of the stockholders shall be held annually at the time
appointed for the election of president and directors of
the said company, and general meetings of the stockholders
may be held at any time, during the interval
between the said annual meetings, by the president and
directors of a majority of them, or by stockholders owning
at least one-fourth in amount of the stock actually
subscribed, upon giving thirty days public notice of the
time of holding the same, and when such meeting may
be called by the stockholders, the notice shall specify
the object of the call; and if at any such called meeting,
a majority in value of the stockholders are not present
in person or by proxy, the meeting shall be adjourned
from day to day, without the transaction of any
business, for any time not exceeding three days, and if
within three days stockholders having a majority of the
stock subscribed do not attend, the meeting shall be dissolved,
|
General
meetings to
be held annually.
May be adjourned
from
day to day.
|
|
 |
