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Sec. 6. And be it enacted, That the President
and Directors, for the time being, or a majority of
them, shall have power to appoint all such officers,
clerks, agents, mechanics, engineers and servants
as they may deem necessary to conduct or execute
the business of the said corporation, to fix their
compensation, and in their discretion to dismiss
them, to contract, agree for and purchase, rent or
hire all such vessels, lands, water powers, chattels,
fixtures, materials, machinery, tools, rights, priv-
ileges and effects whatsoever, and to pay for the
same either in cash or with stock of the company,
and to make, own, use, have and repair all such
vessels, carriages and other conveniences as may
be necessary for effecting the objects of said cor-
poration, to prescribe the form of certificates to be
issued to stockholders, and to regulate the mode of
transfering their capital stock, to apply the funds
of said corporation, so far as the same may be ne-
cessary to effect the objects aforesaid, and in pay-
ment of the necessary expenses of the company ;
to call general meetings of the stockholders, and
generally to pass such by-laws as may be neces-
sary for the exercise of the aforesaid powers vested
in said corporation, and the same by-laws from
time to time to alter and repeal; such by-laws
being subject to the approval of a majority of the
stockholders.
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Authority to
appoint offi-
cers, &c.
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Sec. 7. And, be it enacted, That the President
and Directors shall, from time to time, declare and
pay to the stockholders dividends of so much of
the profits realized by the company as they shall
deem expedient, after reserving such sum as they
shall decide to be reasonable to meet the expenses
of repairs or the purchase of any articles necessary
for the use of said company; and also, at the pay-
ing of said dividend of profits, a general statement
of the affairs of the company shall be prepared by
the Directors and kept open for the inspection of
the stockholders, or any of them, for the space of
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Dividends.
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