E. LOUIS LOWE, ESQUIRE, GOVERNOR.
417
have and to use a common seal, and the same to break,
alter or renew at pleasure, and also to ordain, establish
and put in execution such laws, ordinances and regulations
as shall be proper and convenient for the government
of said company, the same not being contrary
to law, or to the constitution, and generally to do and
execute such matters and things as to their institution
shall or may appertain to do, subject nevertheless to the
rules, restrictions and provisions herein specified and
provided.
|
|
SEC. 6. And be it enacted,
That the said directors
shall be six in number, of whom there shall be an election
by plurality of votes on the first Monday of July,
in each and every year, that the said election shall be
by ballot, and each share of stock on which no instalments
remain unpaid at the time, and no other, entitles
its owner to one vote, and that the directors thus duly
elected, shall be capable of serving as such until the
next election of Directors, and to fill up all vacancies
in the body, and that said directors at their first meeting
annually, shall choose one of their number as president,
who may be by them removed at pleasure, and
another appointed in his stead.
|
Number of
directors.
|
SEC. 7. And be it enacted,
That if any instalments
on stock remain unpaid for the space of sixty days
from the time at which it should have been paid, the
same shall thereby become forfeited to the said company,
and may be disposed of by the president and
directors, as to them may appear to the most advantage
of said company, and that during and for the term,
such instalments shall remain unpaid the stock to
which they relate, shall not be included in any dividend
or apportionment of profits that may be made for
an equal period of time, next after the receipts of
profits shall commence.
|
Unpaid instalments.
|
SEC. 8. And be it enacted,
That in case it should
so happen that an election should not be made upon
the day when, pursuant to this act, it ought to have
been made, the said company shall not for that cause
be dissolved, but it shall be lawful on any other day
within two weeks thereafter, to hold and make an election
of directors in such manner as shall have been
regulated by the laws and ordinances of said company.
|
Failure to
elect directors.
|
SEC. 9. And be it enacted,
That the said directors
for the time being, shall have power and authority
to appoint such clerks, agents, superintendents and servants
under them, as may be necessary for executing
the business of the company, and the same to remove
|
Authority to
appoint clerks,
&c.
|
|
 |
