DANIEL MARTIN, ESQUIRE, GOVERNOR.

1828

such by-laws and regulations as shall be necessary or con-
venient for conducting the affairs of this corporation, and
not contrary to law.

CHAP. 132,

Sec. 2. And be it enacted, That the objects of this cor-
poration are declared to be the contracting for leasing, pur-
chasing, and working and carrying on of Mines in the Re-
public of Mexico, and of all operations properly growing
out of or necessarily connected therewith.

Objects of corpora-

tion

Sec. 3. And be it enacted, That the capital stock of said

company shall not exceed three hundred thousand dollars,
and to consist of shares of one hundred dollars each, and if
any subscriber to the capital stock of the said company, shall
fail or neglect to pay any instalment, or part of a share, at
the time limited by the president and directors for the pay-
ment of the same, it shall be lawful for the said president
and directors to sell and dispose of the said share, and the
person or persons so failing or neglecting, shall be held lia-
ble to said company for any deficiency upon any such sale
from the amount of such share; provided at least thirty days
notice be given to the stockholder failing or neglecting to
comply with his or their instalment.

Sec. 4. And be it enacted, That there shall be a meeting
of the stockholders of the company on the second Monday
in February 1830, or within ten days thereafter, and annual-
ly thereafter, for the purpose of electing seven directors,
who shall be elected by ballot, in person or proxy, and each
share shall entitle the holder thereof to one vote; other meet-
ings of the stockholders may be held when called by the di-
rectors, or by any number of stockholders who shall be
proprietors of not less than one hundred shares.

Meeting. Direc-
tors

Sec. 5. And be it enacted, That the board of directors,
(four of whom shall be a quorum) shall appoint one of their
number to be president, and they shall fill up all vacancies
which may happen in their body during the year; the said
president and directors are authorised and required to es-
tablish regulations for the transfer of the stock of the said
company, and of the ownership thereof; to employ and com-
pensate all necessary officers and agents, mechanics and ser-
vants, and to dismiss them at pleasure; to enter into con-
tracts on behalf of said company, and to use therefor the
name and seal, or the name of the corporation; to make by-
laws and rules, and to repeal the same at pleasure; to keep
full records of their proceedings, which shall be open for the
inspection of any stockholder, and at the meetings of the
stockholders, or to committees of them appointed for that
purpose; to report from time to time, at least once in every
year to said stockholders, a statement of their offices, to de-
clare dividends of the profits, or any portion thereof; and
generally to exerciss all the powers and privileges con-

Powers of presi-

dent and directors