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Repeal and
re-enact.
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entitled " An Act to incorporate the Continental Trust Com-
pany, as amended by Chapter No. 246 of the Acts of 1900,
entitled an Act to repeal and re-enact with amendments Sec-
tions 2 and 3 of Chapter 510 of the Acts of 1898, entitled
an Act to incorporate the Continental Trust Company," be
and the same is hereby repealed and re-enacted with amend-
ments, so as to read as follows :
Section 3. And be it enacted, That directors shall hereafter
be elected annually by the stockholders on the Tuesday after
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Directors to be
elected
annually, etc.
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the first Monday in January, and that they shall elect a
president from their number, and a first vice-president, who
need not be a director or stockholder, at the first meeting of
the board after their election; and if any vacancy shall occur
by death, resignation or refusal to act of the president or
first vice-president, before the year for which they were elected
has expired, the directors shall elect a president or first vice-
president to fill such vacancies at the first meeting held after
such vacancy occurs. The directors shall also elect, from
time to time, as the business of said company requires,
either from their number or others, as many additional vice-
presidents as they may think proper, and shall also have power
to elect a secretary, treasurer and cashier, who need not be of
their number, and to appoint and employ such other officers,
clerks and agents as the business of said company from time
to time requires. All elections shall be by ballot, and at
such elections and at all meetings of the stockholders, every
stockholder shall be entitled to one vote for every share of
stock held by him; but no person shall be eligible as director
who is not a stockholder to the amount of at least ten shares
of stock; and the president and directors of the company
shall hold and exerise their offices until a new election of
president and directors; and that all elections which are by
this Act, or by the by-laws of said company, to be made on
a particular day, if not made on such day, may be made at
any time thereafter.
SEC. 2. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved March 31, 1906.
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