A. W. BRADFORD ESQUIRE, GOVERNOR.

may be due and payable, the stock on which the
same is due or demandable, shall not be forfeited
to the said company, but the original subscribers
shall and may be liable for the full amount due on
said stock.

53

Sec. 5. And be it enacted, That the persons
named in the first section of this act shall be Di-
rectors of said corporation, one of whom shall be
appointed President, and shall have full power to
act as such for the term of twelve months from and
after the organization of said company, which or-
ganization shall take place as soon as the capital
stock shall all have been subscribed for as afore-
said, and on the expiration of the said twelve
months, on such day as the President and Direc-
tors shall name, the stockholders of the said com-
pany shall choose, by ballot, five members of said
corporation to be Directors to manage the affairs
thereof for twelve months and until successors be
chosen; and on the same day in each succeeding
year shall the like election be made, and in all
general meetings of said company and election of
Directors, every stockholder shall be entitled to
give, in person or by proxy, one vote for each
share of the capital stock standing in his or her
name on the books of the said corporation; and at
the first meeting after said election, said Directors
shall choose a President, and should it at any time
happen that an election of Directors shall not be
made on the day when, pursuant to this act, it
ought to have been made, the said corporation shall
not, for that reason, be deemed to be dissolved,
but it shall be lawful, on any other day within
ninety days thereafter, to hold and to make an
election in such manner as shall have been regu-
lated by the by-laws and ordinances of such corpo-
ration, and in case of death, resignation or dis-
qualification of a Director, the place of such Direc-
tor, for the remainder of the year, shall be filled
by the Board of Directors for the time being, and,
in all cases, the Directors shall act until their suc-
cessors are chosen.

Election of
officers.

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 ma/ deem necessary to conduct or execute

Power of
President and
Directors.