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such meeting by three insertions in one or more of the weekly
newspapers published in said county ; and at such meetings
said incorporators, or a majority of them, shall lay the sub-
scription books before the subscribers then and there present,
whereupon the subscribers, or a majority of them, who may
represent a majority of the stock so subscribed, shall elect by
ballot five or more directors, but not exceeding seven, who
shall be stockholders in said corporation, to manage the affairs
of said corporation ; which said directors, or a majority of
them, shall have the power to elect from their number a presi-
dent, and may also elect a vice-president of their number and
a secretary and treasurer; and in said election, and all other
elections by the stockholders of said company, each share-
holder shall be allowed one vote for every share owned by him
or her, and every shareholder may vote either in person or by
proxy ; and said incorporators, or a majority of them, shall be
judges of the first election of directors, and, until the first elec-
tion for directors as herein provided for, said incorporators
shall be the directors of said corporation, with full power and
authority to act as such ; and in the event that the stock-
holders, or by a majority vote cast by them at a special meeting
called in the manner hereinbefore prescribed, may determine
to issue mortgage bonds upon the property acquired by said
company, then the directors of said company shall issue from
time to time, in the name of said company, mortgage bonds to
an amount sufficient, in the judgment of said president and
directors, to complete and fully equip and put in proper con-
dition for the successful operation or extension of the purposes
of this corporation, and secure the payment for such bonds by
mortgage or mortgages of all or any part of the property,
rights, franchises, tolls and revenues of said company.
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CHAP. 685,
Directors to
be elected.
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SEC. 3. And be it enacted, That the president and directors
elected at the first meeting of said stockholders shall serve
until the first Monday of May thereafter, or until their suc-
cessors shall be elected, unless a majority of the holders or by
a demand in writing by the holder or holders of a majority of
the stock so issued to the president, asking for the removal of
any of the directors, and then it shall be the duty of the presi-
dent to call a meeting of the stockholders in the manner here-
inbefore provided for the election of such directors as they
may determine ; but in the absence of such demand then the
directors shall serve for one year, and their successors shall be
elected annually on the first Monday of May, and other meet-
ings of the stockholders may be called by the president or a
majority of the directors, according to such rules as may be
adopted by the by-laws of said corporation, and it shall have
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Meeting of
directors to
be nailed.
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