DANIEL MARTIN, ESQUIRE, GOVERNOR.

1828

tors to sell and dispose of the share or shares of stock for
or on account of which the said notes, or any of them, or
said portions or instalments, or any of them, so unpaid, shall
be payable as aforesaid; and all the property and interest in.
such share or shares of the stockholder or stockholders, so
in default as aforesaid, his or their executors and administra-
tors, and the purchaser or purchasers of such share or shares
at or under such sale of the president and directors afore-
said, shall have all the right, interest and property, of said
stockholder or stockholders, his or their executors and ad-
ministrators, to and in said share or shares, and in the cor-
poration aforesaid, by reason of such share or shares; and
the monies arising from such sales shall be applied to the
discharge of the debt aforesaid due, or thereafter to become
due, from said stockholder or stockholders, for or on account
of the share or shares sold as aforesaid; and the makers, en-
dorsers and sureties, of, on, or in said promissory notes shall,
nevertheless, continue liable upon said notes, to the end,

if such sale shall be made, (which sale is hereby declared to
be at the option of the said president and directors,) the
said corporation shall be paid and satisfied, with interest,
the amoont payable by the stockholder or stockholders afore-
said, for the share or shares as aforesaid; the shares in the
company hereby incorporated, shall be held, and be trans-
ferrable and assignable as personal property, but they shall
be transferable and assignable only on the books of the cor-

CHAP. 7.

poration, and not otherwise, by the holder or his attorney.
Sec. 3. And be it enacted, That for the governing and
well ordering the affairs, and transacting the business, and
carrying into effect the objects of the said corporation, there
shall be seven directors, who shall be chosen by ballot from
among the stockholders, on the first Monday of January in
the year eighteen hundred and thirty, and in every year
thereafter on the same day, by a plurality of votes of the
stockholders present, voting in person, or by proxy, and
each stockholder having as many votes as he shall hold
shares; and the said directors, so chosen, shall serve for one
year next ensuing the elections respectively, and until others
shall be chosen, and no longer; and the said directors at theit
first meeting after each election, shall from their body elect
a president, who shall serve as such for the term and period of
service as aforesaid of the said directors; and in the case of the
death, resignation or disqualification, by transfer of his stock,
or otherwise, of a director or president, his place, so becoming
vacant, maybe filled up for the remainder of the term and peri-
od aforesaid, by the choice of the board of directors for the time
being, from among the stockholders of the corporation; and
in case of the sickness or absence of the president, his place
and capacity may be supplied by a director, whom the board

Directors. Presi-

dent