|
|
annual election, or until their successors have been duly
elected and qualified; and the directors of said company so
elected may and they are hereby authorized and empowered
to have and to exercise in the name and on the behalf of the
company, all rights and privileges which are intended to be
hereby given; and should the capital stock be at any time
increased, the stockholders at the time of such increase shall
be entitled to a pro rata share of such increase upon the
payment of the par value of the same, and of such price in
excess of the par value as the board of directors may pre-
scribe.
SEC. 3. And be it enacted, That the stockholders shall
|
CHAP. 326
|
|
|
|
elect the board of directors annually, at a meeting to be
held on the third Thursday of January, or on such other
day in each year as may be prescribed therefor in the
by-laws. And the said board shall elect annually, at their
first meeting after their own election, from their own num-
ber, a president, and shall also elect or appoint, to serve
during their pleasure, one or more vice-presidents and a
secretary and treasurer, and such assistant secretaries and
assistant treasurers; and said secretary and treasurer may
be one person, and all other such officers, clerks and agents,
none of whom need to be members of the board, as the busi-
ness of the company may from time to time, in the judg-
ment of the board, require. And the board shall also elect
annually at their first meeting after each annual election,
by ballot, from among their number, a committee to be com-
posed of not less than five, nor more than seven, to be
known as the executive committee, who shall hold their
offices as such for the term of one year and until others are
elected in their places; and the said committee shall when
the board of directors is not in session exercise all the
powers of said board, or so much thereof as the board itself
may by law determine. All elections shall be by ballot
unless otherwise directed by the unanimous consent of all
present, and at all elections and meetings every stockholder
shall be entitled to one vote for every share of stock held by
him, and no person shall be eligible as director who is not a
stockholder to the amount of ten shares of stock. All
vacancies among the directors, members of the executive
committee or officers of the company may be filled by the
board, and if any election required by this section be not
|
Board of
directors.
|
|
