THOMAS SWANN, ESQUIRE, GOVERNOR.

225

of them, shall call a general meeting of the sub-
scribers, at such time and place in the city of Cum-
berland as they may appoint, giving at least ten
days notice thereof in one or more newspapers pub-

lished in Cumberland; and the subscribers then
and there present, or a majority of them shall
elect ten Directors by ballot, to serve until the
second Wednesday of January then next ensuing,
and the Directors so chosen shall elect from their
own body, or others, a President to serve for the
same time; and in said first election, and in all
other elections, and at all meetings of the stock-
holders, each stockholder shall be entitled to one
vote for every share of stock held by said stock-
holder to the extent of ten shares, and for every
additional five shares one vote, and shall be al-
lowed to give such vote or votes either in person or
by proxy, and annually on the second Wednesday
in January in every year an election for Directors,
with notice as aforesaid, and immediately there-
after of a President by the Directors then chosen,
and they shall continue in office until their suc-
cessors are elected; but a failure to hold an election
at such time shall not work a forfeiture of the
charter, and in case the Directors in office fail to
call a meeting of the stockholders to elect Direc-
tors as herein provided, it shall be competent for
any seven shareholders to call such meeting and
hold such election, and at every election the stock-
holders present shall appoint the judges of elec-

Election of
Directors.

tion; and the President and directors shall annu-
ally make to the stockholders a statement of the
affairs of the corporation, and make a dividend of
the profits, if any.

Statement.

Sec. 5. Be it enacted, That the said cor-
poration shall have power to adopt a constitution
for the government of the corporation, and the
same to alter and amend, but only at the general
meetings of the stockholders, with notice as afore-
said; and the Board of Directors shall have power
to adopt by-laws for their government, and the
conduct, of the said store, subject to the approval

Power to

adopt consti-
tution.

or disapproval of the stockholders; and the Board
of Directors shall appoint such agents and ser-
vants as may be necessary for the purposes of the
corporation, to fix their compensation, and the
same to remove, and appoint such others as they
may deem expedient.
15

Agents.