WM. T. HAMILTON, ESQUIRE, GOVERNOR.

587

by-laws and regulations as shall be necessary and

correct for conducting the affairs of the corporation.

SEC. 2. And be it enacted, That the capital stock

of the said corporation shall consist often thousand

Capital stock.

shares, of one hundred dollars each, and the several

persons, or a majority of them named in the iirst

section of this act, shall cause books to be opened at

such time and place as they may deem expedient,

for the purpose of receiving subscriptions to the

capital stock of said corporation, to which any person

may subscribe, and to which any railroad company,

Who may sub-

fire, marine or life insurance company, incorporated

scribe.

by the laws of this State, may subscribe and become

stockholders in said company, provided that the

directors of any railroad, fire, marine or life insur-

ance company shall so determine.

SEC. 3. And be it enacted, That so soon as five

hundred shares of the capital stock shall be sub-

scribed as aforesaid, the persons named in the

first section of this act, or a majority of them, shall

Call general

call a general meeting of the stockholders at such

meeting.

time and place as they may appoint; and at such

meeting the stockholders shall elect five directors,

who shall be stockholders; and every share of stock

shall be entitled to one vote, to be voted either by

Shares — how

the person or firm in whose name the stock may

voted.

stand on the books of said corporation, or by his,

her or their proxy; and the five persons so elected

shall act as directors until the second Monday in

the following January, and until their successors

are duly qualified; and annually thereafter, on the

second Monday in January, there shall be an elec-

tion held for five directors, who shall be stock-

holders, and who shall continue to act as directors

until their successors are qualified; provided that a

failure to hold an election for directors on the day

above specified shall not dissolve the corporation

hereby created.

SEC. 4. And be it enacted, That every board of

directors of said corporation shall, at their first

meeting after their election, or as soon thereafter

as practicable, elect one of their body president, and

Elect presi-

appoint a secretary and treasurer and such other

dent.

officers and agents as they may deem necessary for

managing the affairs of the corporation, who shall

hold their places at the pleasure of the president

and directors.