THOMAS SWANN, ESQUIRE, GOVERNOR.

249

ings of said company, and the election of Direc-
tors, every stockholder shall be entitled to give in
person or by proxy, one vote for each share of the
capital stock standing in his or her name on the

books of the said corporation; and at the first
meeting after the said elections, said Directors
shall choose a President; and should it at any time
happen that an election of Directors shall not be
made on the day when pursuant to this act, it
ought to have been made, the said corporation shall
not for that reason be deemed to be dissolved, but
it shall he lawful on any other day within ninety
days thereafter to hold and to make an election, in
such manner as shall have been regulated by the
by-laws and ordinances of said corporation, and in
case of death, resignation or disqualification of a
Director, the place of such Director for the remain-
der of the year, shall be filled by the Board of
Directors for the time being, and in all cases
the Directors shall act until their successors are
chosen.

Election of
President.

Sec. 5. And be it enacted, That the President
and Directors, or a majority of them for the time
being, shall have power to appoint all officers and
employees as they may deem necessary to execute
the business of the corporation, to fix and alter
their salaries, and in their discretion to dismiss
them; to make all contracts for the purchase of
materials, and all other things for effecting the
objects of the corporation, to prescribe the form
of certificate to be issued to stockholders, and
to regulate the mode of transferring their capi-
tal stock, to apply the funds of the corpora-
tion so far as the same may be necessary to
effect the objects aforesaid, and in payment of the
necessary expenses of the company, to call general
meetings of the stockholders, and generally to pass
such by-laws as may be necessary for the exercise
of the aforesaid powers vested in the said corpora-
tion, and the same by-laws from time to time, to
alter and repeal; such by-laws being subject to the
approval of a majority of the stockholders.

Power to ap-
point officers.

Sec. 6. And be it enacted, That the President
and Directors shall from time to time declare and
pay to the stockholders, dividends of so much of the
profits realized by the company as they shall deem
expedient, after reserving such sum as they shall

Dividends.