JOSEPH KENT, ESQUIRE, GOVERNOR.

1827

ously paid thereon, sliall be forfeited, and new subscriptions
may be opened and received for the share or shares so for-
feited, at the discretion of the stockholders of said corpo-
ration,
SEC. 4. And be it enacted. That for the well-ordering of the
affairs of the said corporation, there shall be thirteen direc-
tors, who shall be citizens of this state, and stockholders of
the said corporation, holding at least two shares each in their
own right, elected annually by the stockholders at their gen-
eral meeting for that purpose assembled; and the directors at
their first meeting after each election, shall choose one of their
number as president; but in case it should so happen at any-
time that an election of directors should not be made upon
any day when pursuant to this act it ought to have been made,
the said corporation shall not for that cause be deemed to be
dissolved, and it shall be lawful on any day within ninety days
thereafter, to hold an election of directors in such manner as
shall have been regulated by the laws and ordinances of the
said corporation, until which election the president and direc-
tors chosen and appointed at the next preceding election, shall
continue in office; in case of any director's death or resigna-
tion, his place shall be filled up for the remainder of the year,

CHAP. 189

Secured to be paid

Annual election of
officers

in such manner as the ordinances of the said corporation shall
for that purpose direct: Provided, That the first directors
shall be Solomon Etting, Hugh M'Elderry, Talbot Jones,
Beale Randall, Luke Tiernan, Fielding Lucas, Jacob I. Co-
hen, junior, Philip E, Thomas, Joseph Cashing, Baptist Me-
zick, Roswell L, Colt, Samuel Keyser and James L, Haw-
kins, who shall hold their offices until the third Monday of
January, in the yeai of our Lord one thousand eight hundred
and twenty -nine, and until new directors shall be first chosen
and the said directors shall within twenty days after the
passing of this act, meet and appoint their president.

First director na-
med.

SEC. 5. And be it enacted. That the votes of the stockhol-
ders for directors shall be by ballot, and the election of direc-
tors, and for deciding all questions in a general meeting of
the stockholders, the ratio of the votes shall be as follows,
to wit: a stockholder having five shares or less, shall have one
vote for each share so held; having fifty shares or less, shall
have one vote for every five shares he shall so hold above
five shares; having one hundred shares or less, have one
vote, for every ten shares he shall so hold above fifty shares;
having above one hundred shares, he shall have one vote, for
every twenty shares he shall so hold above one hundred
shares; but no stockholder shall be entitled in his own right,
or as a proxy, to a greater number than thirty votes, nor shall
any stockholder vote at any election for directors, unless the
share or shares upon which he or she may claim to vote, shall
have been standing in his or her name in the books of the
said corporation, for at least three months previous to such

Votes rated

election; and such stockholder may vote by proxy: Provided,
That no vote shall be received on any proxy more than nine
months after the date of said proxy; and further, that no

Proviso,