A. W. BRADFORD, ESQUIRE, GOVERNOR.

119

Sec. 3. And be it enacted, That the affairs of said
company shall be managed by the persons named
in the first section of this act, who are hereby con-
stituted Directors of said company until Directors
shall be elected as hereinafter provided, and in
case of the decease of one or more of said persons,
or their refusal to act as Directors, the remaining
person or persons shall have power to select other
persons as Directors for the time being in their
stead, and whenever an amount of the capital
stock of said company shall be subscribed sufficient
in the judgment of the said Directors to justify it
in proceeding in the prosecution of its business,
a general meeting of the subscribers to the stock
of said company shall be held at such time and
place as the Directors for the time being may ap-
point, for the purpose of electing a President and
Directors of said company, to serve for one year
thereafter, and until the next election shall be
held, and subsequent elections for President and
Directors of said company shall be annually held
thereafter at such times and places as the by-laws
of said company may prescribe, and the said Di-
rectors of said company shall have all the powers
and authority given to them by this act, and such
other power and authority, not inconsistent with
the provisions of this act, as may be conferred on
them by the resolutions and by-laws of said com-
pany.

Affairs of
ompany— how
managed.

Sec. 4. And be it enacted, That the Directors
of said company, shall consist of such number not
less than five nor more than ten, as the by-laws of
said company may prescribe, all of whom shall
be stockholders in said company, and the Presi-
dent and Directors of said company shall have
power to appoint and remove all officers and agents
of the company, to manage and conduct all its
business of every kind, and to execute, if deemed
by them expedient any deed of trust or mortgage,
as security for the payment and fulfillment of any
or of all of its debts, contracts and liabilities.

Number of
Directors to be
chosen.

Sec. 5. And be it enacted, That all meetings of
the stockholders or Directors of said company may
be held either in the city of Cumberland or at
such other place as the President and Directors of
said company may from time to time appoint, and
in all meetings of the stockholders a majority of

A quorum.