WM. T. HAMILTON, ESQUIRE, GOVERNOR.

535

and directors of said company; provided that no

payment shall be demanded of any instalment until

at least sixty days' public notice of such demand

shall have been given by the said president and

directors; and if any subscriber shall fail or neglect

to pay any instalment or any part of said subscrip-

tion thus demanded for the space of sixty days next

Penalty for

after the time the same shall be due and payable,

failure to pay
subscription.

the stock on which it is demanded shall be forfeited

to the company, and may be sold by the said presi-

dent 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.

SEC. 9. And be it enacted, That if the subscription

herein made accessory to the incorporation of the

said company shall not be obtained within five years

after the first opening of the subscription books by

the said commissioners, all subscriptions under it

Failure to ob-

shall be null and void, and the said commissioners,

tain subscrip-
tion.

after discharging the expenses of opening the books,

shall return the residue of the money paid in upon

such subscriptions to the several subscribers in

proper proportions to the sums respectively paid in

by them.

SEC. 10. And be it enacted, That at the expiration

of the ten days for which the books are first opened,

if two hundred and fifty thousand dollars of the

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 a majority of them,

shall call a general meeting of the subscribers at

Call general
meeting.

such time and place as they may appoint, and shall

give like notice to that required for the opening of

the subscription books of the said company, 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

Elect directors

ballot to manage the affairs of said company, and

these twelve directors, or a majority of them, shall

have the power of electing a president of said com-

pany, either from among the directors or others, and

of allowing him such compensation for his services

as they may deem proper; and in said election, and

on other occasions wherein a vote of the stockholders