E. LOUIS LOWE, ESQUIRE, GOVERNOR.
377
they or a majority of them shall deem to the interest
of
said corporation, and if any subscriber or owner of said
stock shall fail to pay any assessment which may be required
by the said president and directors, for the space
of twenty days next after the same is called for and
made due, the stock upon which such assessment is
required, shall be forfeited to the company, and may
be sold by the said president and directors for the benefit
of said corporation, but the said president and directors
may remit such forfeiture upon such terms as they
may think proper, or may sue defaulting stockholders
in an action at law and recover the amount or sum of
money unpaid by said delinquent stockholders; Provided,
that no stockholder shall be assessed for any
purpose more than the par value of his stock.
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Proviso.
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SEC. 4. And be it enacted,
That as soon as the sum
of ten thousand dollars of the capital stock of said corporation,
shall have been subscribed, and fifty per cent
on the said sum of ten thousand dollars shall have
been paid in, the said commissioners shall call meeting
of the stockholders, by giving ten days previous notice
of the time and place of said meeting in one or more
newspapers printed in the town of Cumberland; and
said stockholders shall elect by ballot at such meeting,
or at any subsequent general meeting of said stockholders,
five directors of said corporation, all of whom
shall be stockholders in said corporation, who shall
hold said office for one year from the day of their election,
to conduct and manage the affairs and business of
said corporation, and each stockholder shall be entitled
to one vote for each share he shall have and hold
at the time of said election, and such election shall be
made by such of said stockholders who attend said
general meeting, either in person or by proxy, and the
directors of said corporation, except for the first year
shall be annually elected, and at such time and place
as shall be directed by the by-laws of said corporation.
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Meeting of
stockholders.
Election of
directors.
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SEC. 5. And be it enacted,
That the directors so
elected shall as soon after their election as practicable,
elect one of their number president of said corporation,
and the said president and directors, or their successors
in office or a majority of them assembled, shall have
full power and authority to appoint and at their pleasure
dismiss such clerk, treasurer, engineer or engineers and
toll collectors and such other agents as they may deem
expedient, and to fix their compensation, and to agree
with any person or persons on behalf of the said company
to make and construct said road, to furnish and lay
the planks thereon, build toll houses and toll gates and
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Election of
president.
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