JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

be necessary to carry into effect the object and intention
of this law, and no more, and the same to grant, alien and
dispose of in like manner; and sue and be sued, plead and
be impleaded, answer and be answered, defend and be
defended in any court of record, or any other place what-
ever; and to make and have a common seal, and the same
to break, alter or renew at pleasure; and also to ordain,
establish and put into execution such by-laws, ordinances
and regulations for the government of said company, the
same not being contrary to law, or to the constitution of
this State or of the United States, and generally to do and
execute such matters and things, as to their institution
shall or may appertain to do, subject nevertheless to the
rules, restrictions, and provisions herein specified and pro-
Tided.

CHAP. 95.

Sec. 6. And be it enacted, That the said officers shall
consist of a President and four Direclors, of whom there
shall be an election by plurality of votes, on the first Mon-
day of March in each and every year, that the said elec-
tions shall be by ballot, and each share of stock on which
no instalment remains unpaid at the time, and no other,
entitles the owner to one vote; and that the President and
Directors thus duly elected, shall be capable of serving as
such until the next election of officers; and to fill up all
vacancies in their body.

President and four

directors

Sec. 7. And be it enacted, That if any instalment on
stock remains unpuid for the space of sixty days from the
time at which it should have been paid, the same shall
thereby become forfeited to the said company, and may be
disposed of by the President and Directors as to them may
appear to the most advantage of the said company; and

Failure to pay in-

stalments

that during, and for the time such instalments shall remain
unpaid, the stock to which they relate shall not be includ-
ed in any dividend or apportionment of profits that may be
made for an equal period of time next after the receipts of
profits shall commence.

Forfeited.

Sec. 8. And be it enacted, That in case it should so
happen that an election should not be made upon the day
when, pursuant to this act it ought to have been made, the
said company shall not for that cause, be dissolved, but it
shall be lawful on any other day within one month thereaf-
ter, to hold and make an election of officers in such man-
ner as shall have been regulated by the laws and ordinances
of said company.

Not dissolved for
omitting elecitons

Sec. 9. And be it enacted, That the said President and
Directors for the time being shall have power and authori-

Appoint clerks, &c