FRANK BROWN, ESQUIRE, GOVERNOR.

common seal, which they may alter or renew at pleasure, and
by their corporate title shall have, enjoy and exercise all the
powers, rights and privileges which any other body corporate
may lawfully do.

693

SEC. 8. And be it enacted, That upon every subscription to
the said capital stock, there shall be paid at the term of sub-
scribing to the said commissioners or person by them desig-
nated to receive the same, the sum of one dollar per share on
each and every share subscribed, and the residue thereof shall
be paid in such instalment and at such times as it may be
required by the president and directors of said company; pro-
vided, no payment shall be demanded on any instalment of
said stock until, at least, sixty days' notice of such demand
shall have been given to the subscriber in person or by public
notice in some newspaper published in Kent county; and if
any subscriber shall fail or neglect to pay any instalment or
any part of his said subscription for the space of seventy days
after the same shall be due and payable, then the stock on
which such demand and default shall have been made, shall
thereby be forfeited to the company, and may be sold by the
company for its own benefit; but the president and directors
may remit any such forfeiture on such terms as they shall
deem proper.

SEC. 9. And be it enacted, That as soon as one hundred

Payment of
subscriptions.

shares of the capital stock of said company shall hive been
subscribed, the said commissioners, or a majority of them,
shall call a general meeting of the said subscribers, at such
time and place as they may appoint, and at such meeting shall
deliver said subscription books over to said subscribers there
present; and the subscribers there present, or a majority of

Meeting of
subscribers.

them, shall proceed to elect twelve directors of said company,
by ballot, each shareholder having one vote for each share he
has subscribed, to manage the affairs of said company; and
said twelve directors, or a majority of them, shall have the
power to elect a president of said company, either from among
said directors or elsewhere; and any three of said commis-
sioners may be by said subscribers selected for judges of said
first election of directors.

Election of
directors.

SEC. 10. And be it enacted, That said president and directors,
or a majority of them, may appoint all such officers, engineers,
agents and employees, as they may deem necessary for the
transaction of the business of said company; fix their duties
and compensation, and the same to change, alter or discharge

Appointment
of employes.