E. LOUIS LOWE, ESQUIRE, GOVERNOR.
617
company, and that in said election the stockholders
may vote in person or by proxy, according to the number
of shares held; and the commissioners aforesaid or
three or more of them, shall be judges of the first election
of directors, and any stockholder shall be eligible
as president and director, and the said commissioners
shall deliver over the original subscription to the president
and directors immediately after their election.
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Judges of
election.
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SEC. 6. And be it enacted,
That to continue the
succession of the president and directors of said company,
twelve directors shall be chosen annually, after
notice as aforesaid, on the second Monday in January,
in every year, by the stockholders of said company, and
the directors or a majority of them, shall have power to
appoint judges of elections, and to elect a president of
said company from among the directors, and to allow
him such compensation for his services as they may
deem proper; and if any vacancy shall occur by death,
resignation or refusal to act of the president or any of
the directors of the said company, the president and directors
or a majority of them, shall elect some person
or persons to serve until the next annual election; and
the said president and directors of the company shall
hold and exercise their offices until a new election of
president and directors; and that all elections which are
by this act or by the laws of the said company to be
made on a particular day, if not made on such day,
may be made at any time within sixty days thereafter,
after notice as aforesaid.
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President and
directors to be
chosen annually.
Vacancy—
how filled.
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SEC. 7. And be it enacted,
That a general meeting
of the stockholders may be called at any time upon
giving thirty days public notice; Provided, that a majority
of the stockholders holding a majority of the capital
stock of said company shall be required to transact
business in such meeting of the stockholders.
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Meeting of
stockholders.
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SEC. 8. And be it enacted,
That the said president
and directors or a majority of them, may appoint all
such officers, engineers, agents or servants whatsoever,
as they may deem necessary for the transaction of the
business of the company, and may remove them
at their pleasure; and they or a majority of them, shall
have power to determine, by contract, the compensation
of all such officers, in the employ of said company,
and to determine the manner of adjusting and settling all
accounts against said company, and also the manner
and evidence of the transfer of stock in said company;
and they or a majority of them, shall have power to
pass all by-laws which they may deem necessary or
proper for exercising all the powers vested in the company
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Officers.
Compensation.
Power to pass
by-laws.
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