E. LOUIS LOWE, ESQUIRE, GOVERNOR.
345
and may be sold by the president and directors for
the
benefit of the company, but the president and directors
may remit any such forfeiture on such terms as they
shall deem proper.
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SEC. 4. And be it enacted,
That at the expiration
of ten days for which the books are first opened, if
four thousand shares of said capital stock shall have
been subscribed, or if not, as soon thereafter as the same
shall be subscribed, if within five years after the first
opening of the books, the said commissioners or any
seven of them, shall call a general meeting of the
subscribers at such time and place as they may appoint,
and shall give at least twenty days public notice thereof,
and at such meeting the said commissioners shall lay
the subscription books before the subscribers, then and
there present, and thereupon the said subscribers or a
majority of them, shall elect twelve directors, by ballot,
to manage the affairs of said company, and these twelve
directors of a majority of them, shall have the power of
electing a president of said company, either from
amongst the directors or others, and of allowing him
such compensation for his services as they may deem
proper, and that in said election, and on all other occasions
wherein a vote of the stockholders of said company
is to be taken, each stockholder shall be allowed one
vote for every share owned by it, him or her, and every
stockholder may depute any other person to vote and
act for it, him or her, as its, his or her proxy, and the
commissioners aforesaid, or any three or more of them,
shall be judges of the said first election of directors.
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General
meeting for
subscribers.
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SEC. 5. And be it enacted,
That a general meeting
of the stockholders of said company shall be held annually,
at the time and place appointed for the election
of a president and directors of said company; that
they may be called at any time during the interval between
said annual meetings by the president and directors
or a majority of them, or by the stockholders owning
at least one-fourth of the whole stock subscribed,
upon giving thirty days public notice of the time and
place of holding the same, and when any such meetings
are called by the stockholders, such notice shall
specify the particular object of the call; and if at any
such called meetings a majority, in value of the stockholders
of said company are not present in person or by
proxy, such meeting shall be adjourned from day to
day, without transacting any business, for any time not
exceeding three days, and if within said three days
stockholders having a majority, in value, of the stock
subscribed, do not thus attend, such meeting shall be
dissolved.
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General
meeting for
election of
president.
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