A. W. BRADFORD, ESQUIRE, GOVERNOR.

stock standing in his or her name on the books of
said corporation ; and at the first meeting after
said election said Directors shall choose a Presi-
dent, 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 ninty clays thereafter, to
hold and to make an election of Directors in such
manner as shall have been regulated by the by-
laws and ordinances of said corporation ; and in
case of death, resignation, or disqualification of a
Director, the place of such Director, for the re-
mainder of the year shall be filled up by the Board
of Directors, for the time being, and in all cases
the Directors shall act until their successors are
chosen.

173

Sec. 6. And be it enacted, That the President
and Directors for the time being, or 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 said corporation ; and fix their
compensation, and in their discretion dismiss them ;
to contract, agree for, and purchase, rent or hire
all such vessels, lands, chattels, fixtures, materials,
rights, privileges and effects whatsoever ; and to
make, own, use, have and repair all such wharves,
boats, vessels, carriages and other conveniences as
may be necessary for effecting the objects of said
corporation ; to prescribe the form of certificates to
be issued to stockholders, and to regulate the mode
of transferring their capital stock ; to apply the
funds of said corporation, so far as may be neces-
sary to effect the objects aforesaid, and in payment
of the necessary expenses of the company ; to call
general meetings of the stockholders, and gene-
rally to pass such by-laws as may be necessary 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 sub-
ject to the approval of a majority of the stock-
holders.

Powers con-
ferred.

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

Dividends, &c.