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Sec. 4. And be it further enacted, That the pro-
perty and affairs of said company shall be managed
and disposed of by the persons named in the first
section of this act, or a majority of them, and they
are hereby constituted Directors of said company
until a President and Directors are elected, and as
soon as convenient after a sufficient number of
shares to authorize said company to act as a corpo-
rate body shall have been subscribed, there shall
be a general meeting of the stockholders, at such
time and place as the said persons named in the
first section of this act, or a majority of them, may
appoint, of which appointment notice shall be given
for at least three weeks, by advertisement once
a week in a newspaper published in Cumberland,
and such other notice as said persons, or a majori-
ty of them, may appoint, and at such meeting a
President and six Directors shall be elected by the
stockholders, from their own number, to serve for
one year thereafter, and until their successors shall
be elected, ajad annually thereafter at such time
and place as the President and Directors shall ap-
point, like previous notice being given, a general
meeting of the stockholders shall be held for the
election of President and Directors for the succeed-
ing year and until their successors shall be elected,
and if, for any cause, an election of President and
Directors shall not be made on the appointed day,
such election may be made on any day to which
said meeting may he adjourned, or any day which
may be afterward appointed for that purpose by
the said persons named in the first section of this
act, or a majority of them, or by the President and
Directors for the time being, as the case may be,
notice thereof being given as aforesaid, and the
said President and Directors, or a majority of them,
shall have full power to transact all the business
of said company, and manage its affairs, and dis-
pose of its property and products, and declare divi-
dends of its profits, and employ servants and
agents, and fix their compensation, and dismiss
them from its service, and do all other matters and
things concerning the business, property and effects
of said company that any lawful owner might do.
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Affairs — how
managed.
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