E. LOUIS LOWE, ESQUIRE, GOVERNOR.
309
shares, and all dividends of profits, when made, shall
be apportioned equally on said three hundred and sixty
shares, and paid to the respective owners thereof until
the number of shares shall be increased in the manner
authorised by this charter.
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SEC. 4. And be it enacted,
That the affairs and
business of the Isabella Gas Works aforesaid, shall be
conducted and managed by a board of five directors,
and by such officers and agents as they, or a majority of
them shall appoint, and the said George J. Fisher, Jacob
Markell, James Whitehill, Michael Keefer and
Grayson Eichelberger, are hereby appointed directors of
said company, and authorised to act as such until by
transfers of the stock or additional subscriptions pursuant
to this charter, the number of directors shall be
increased to ten or upwards, and until the first Monday
in July thereafter, and the election of a board of directors
by the stockholders.
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Affairs—how
managed.
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SEC. 5. And be it enacted,
That on the first Monday
of July next, after the number of stockholders in
the Isabella Gas Works aforesaid shall amount to ten
or upwards, and on the first Monday of July annually
thereafter, the said stockholders, or so many of them as
shall attend, in person or by proxy, at the place which
shall have been appointed by the board of directors for
the purpose, shall elect by ballot from among the stockholders
five directors, to serve for one year, and until
the next election; the ballots shall be received and
counted by such two or more judges of the election as
shall have been appointed by the board of directors;
each stockholder shall be entitled to vote in person or
by proxy, one vote for every share of stock he shall
hold at the time of the election, and the five stockholders
who shall receive the greatest number of votes
shall be declared duly elected directors; notice of the
time and place of holding each election shall be given
to the stockholders in such manner as the by-laws of
the company shall provide, and if from any cause an
election of directors shall not take place on the day so
appointed, an election may be held on such subsequent
day within sixty days as the directors then in office shall
appoint, and notify as aforesaid, or at such time as the
by-laws of the said company shall provide.
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Election of
directors.
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SEC. 6. And be it enacted,
That the directors hereby
appointed, and those which shall be elected as aforesaid
from time to time, or a majority of them, shall
have power, and they are hereby authorised to appoint
at their pleasure from among the stockholders a president
of the company, who shall possess such powers, perform
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Election of
president.
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