THOMAS SWANN, ESQUIRE, GOVERNOR.

among the stockholders to serve the remainder of
the term which said death or resignation had occa-
sioned, and said president and directors shall have
full power and authority to appoint a treasurer and
all other officers they shall deem necessary, and
shall determine the nature and amount of surety to
be given by any such officer.

141

Sec. 6. And be it enacted, That the stockholders
of said company in one year from and after the
day on which the first election for president and
directors shall be held as hereinbefore provided for,
and on the same day in every year thereafter, ex-
cept the same shall happen on Sunday, and in that
case, on the succeeding day, shall elect by ballot,
from among the stockholders, one president and
four directors, to serve for one year from the day
of their election, and until the election of their
successors; and the president and directors for the
time being shall give public notice for a new elec-
tion, at least fifteen days previous to the expira-
tion of the time for which they were elected; and
in case it shall happen that an election for presi-
dent and directors shall not be made upon any
day when pursuant to the provisions of this Act,
such ejection should have been made, said corpo-
ration shall not be dissolved, but it shall be law-
ful on any other day within thirty days to hold
and make an election as aforesaid.

Election of
President.

Sec. 7. And be it enacted, That the president
and directors or a majority of them shall have full
power and authority to call upon the subscribers
to the capital stock of said company for the pay-
may of the respective amounts subscribed for in.
instalments of such amounts, and at such time as

Instalments.

the board may appoint; provided, they shall give
public notice of the day in which payment shall
e made at least fifteen days previous to said day,
and in case any stockholder shall refuse or neglect
to pay such portion of his, her, or their subscrip-
tion at the time appointed, the president and di-
rectors may proceed to recover the same by due
process of law.

Proviso.

Sec. 8. And be it enacted, That all money be-
longing to the said company, shall be paid into
the hands of the treasurer of the said company,
and the same shall be paid out by him on the order

Money to be
paid Treasu-
rer,