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CHAP. 404.
How stocfc
shall be
divided.
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stock shall be divided into shares of twenty-five dollars each,
which shall be collected by the president and directors of said
corporation, in such instalments, and at such time and place as
they may appoint and require, and if any subscribers to the
capital stock of the said corporation shall neglect or fail to pay
any instalments, or parts of his, her or their subscription thus
demanded for the period of twenty days next after the time
the same shall be due and payable, the stock on which it is
demanded shall, at the pleasure of said president and directors,
be forfeited to the company and sold for its benefit ; but the
said president and directors may, in their discretion, remit such
forfeiture, or recover in the name of the company such instal-
ments by suit or action at law, or in any other way, and upon
such terms as they may deem proper; and in the event that
the amount of capital stock issued or subscribed for shall
prove insufficient to construct, complete and fully equip the
Railroad and Power Company hereinafter mentioned, then the
directors of said company may issue from time to time, in the
name of said company, mortgage loans, preferred stock or
common stock to any amount sufficient, in the judgment of
said president and directors, to complete and fully equip said
Railroad and Power Company, and secure the payment for
such loans by mortgage or mortgages of all or any part of the
property-rights, franchises, tolls, equipments and revenues of
said company.
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Managed by
board
of directors.
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SEC. 4. And be it enacted, That the affairs of said company
shall be managed by a board of five directors, and the number
of directors may be increased to nine by a majority vote of the
stock, one of whom shall be elected president, and said incor-
porators shall have power at any time after the passage of this
Act to organize by the election of a president and such direc-
tors for the proper management of the affairs of said company ;
that the president and directors thus appointed and elected
shall serve for one year after the date of their organization or
until the election and qualification of their successors, and the
directors shall thereafter be elected by the majority vote of the
stockholders annually and to serve for the term of one year ;
and each stockholder shall have or be allowed one vote for
every share owned by him or her, and may vote either in
person or by proxy ; such by-laws as may be found necessary
may be made and adopted by the board of directors ; provided,
however, that the same are not contrary to law, nor to the
objects of this incorporation, including in such by-laws and
regulations for the affairs of the company, appointments, pay
and duties of the president and necessary subordinate officers
and the time, place and notice for the holding of the annual
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