WM. T. HAMILTON, ESQUIRE, GOVERNOR.

335

chasers, their successors and assigns, and such

persons as may become associated with him or

them, shall come together and choose a president
and four directors; three of said directors, with-

President and
directors.

out the president, and two of whom with the

president, shall constitute a quorum for the trans-

action of business; they may also choose a person

to be secretary and treasurer, and such other

Secretary and

officers as they shall deem necessary for conduct-

treasurer.

ing the affairs of said company for one year, or

until a new election shall be held, which said

election for all of said officers shall be held an-

nually thereafter; and all of said officers shall be

chosen by ballot by the stockholders of said com-

pany at a special meeting called for that purpose,

and of which meeting all stockholders of said

company shall, as far as possible, be notified; and

all stockholders at any election of officers of said

corporation shall be entitled to one vote, in per-

son or by proxy, for every share of stock held by

such stockholder, and standing upon the books

of said company in his or her name, and that

whether said stock be common or preferred stock

of said company.

SEC. 3. And be it enacted, That the capital stock

of said company shall not exceed the sum of

fifteen thousand dollars, to be divided into shares

of twenty dollars each, one-half of which stock

Capital stock.

shall be a preferred six per cent, stock, and the

other half thereof the common stock of said com-

pany.

SEC. 4. And be it enacted, That upon the organi-

zation of said company as hereinbefore provided

for, it shall be authorized and empowered to issue

Issue stock.

the stock mentioned in the preceding section

under the corporate seal of said company, and to

dispose of the same as hereinafter provided.

SEC. 5. And be it enacted, That the preferred six

per cent, stock of said company, which by section

three of this act said company is authorized to

issue, and for the payment of the dividend upon

Preferred

which said company is hereby authorized and

stock.

empowered to pledge the tolls and revenues of

said company in excess of what may be required

to keep said road in proper repair, or so much