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if within one year after the first opening of the
hooks, the said commissioners or a majority of them
shall call a general meeting of the subscribers at
such time and place as they may appoint, and shall
give at least twenty days public notice thereof; and
at such meeting the said commissioners shall lay
the subscription books before the subscribers then
and there present, and thereupon the said subscri-
bers or a majority of them shall elect twelve Direc-
tors, by ballot, to manage the affairs of said com-
pany for the term of one year, or until others shall
be appointed, and these twelve Directors or a ma-
jority of them, shall have the power of electing a
President of said company, either from amongst
their Directors or others, to serve for the term of
one year and until another shall be chosen in his
place, and the President and Directors respectively,
shall be allowed such compensation for their ser-
vices as the stockholders in general meeting assem-
bled shall prescribe, and on all occasions wherein
a vote of the stockholders of said company is to be
taken, each stockholders shall be allowed one vote
for every share owned by it, him or her, and every
stockholder may depute any other person to vote
and act for him or her, as its, his or her proxy;
and the commissioners aforesaid or any three or
more of them shall be judges of the said first elec-
tion of Directors.
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Election of
Directors and
President.
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Sec. 5. And be it enacted, That a general meet-
ing of the stockholders of said company shall be
held annually at such time and place as the stock-
holders shall appoint, and they may be called at
any time, and to meet at any convenient place
during the interval between said annual meeting
by the President and Directors or a majority of
them., or of the Stockholders owning at least one-
fourth of the whole stock subscribed, upon giving
thirty days public notice of the time and place of
holding the same by advertisement published once
a week, for three successive weeks in some news-
paper published in Washington, D. C., and when
any such meetings are called by the Stockholders
such notice shall specify the particular object of
the call, and if at any such called meeting a ma-
jority in value of the Stockholders of said company
are not present in person or by proxy, such meet-
ing shall be adjourned from day to day without
transacting any business for any time not exceed-
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General
meeting to be
held annually.
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