T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

not operate to vacate his place, should there be a
majority of the directors still residing in the State.

CHAP. 138.

SEC. 6. And be it enacted, That the president
and directors shall hold their meetings at Go vans-
town or such other place as the stockholders shall
direct, and when met, four shall be a quorum who
in the absence of the president may choose a chair-
man, and the said directors shall annually or of-
tener in case of a vacancy, appoint a secretary,
who shall keep minutes of their transactions fairly

Meetings.

entered in a book, and a quorum of the directors
being found present, they shall have power and
authority to appoint all such surveyors, engineers,
superintendents and other artists and officers as
they may deem necessary to carry on the intended
work, and to fix their salaries and wages, to as-
certain the times manner and proportion in which
the said stockholders shall pay the money due on
their respective shares, to draw orders on the trea-
sury for the same, which shall be signed by the
president and countersigned by the secretary, and
generally to do all such other acts, matters and
things as by this act and by the by-laws and regu-
lations of the company they are authorised to do.

Appointment
of engineers,
&c.

SEC. 7. And be it enacted, That the president
and directors shall procure certificates or evidence
of stock for all the shares of said company, and
shall deliver one such certificate, signed by the
president and countersigned by the treasurer, and
sealed with the common seal of said company, to
each person for every share by him subscribed and
held, which certificate shall be transferable at his
pleasure in person or by attorney legally autho-
rised in presence of the president or treasurer,
subject however to all payments due, or to become
due thereon, and the assignee holding such certifi-
cate having first caused the assignment to be en-
tered in a book of the company to be kept for the
transfer of stock, shall be a member of the corpora-
tion, and for every certificate so assigned to him,
shall be entitled to one share of the capital stock,
and to all estates, emoluments and privileges in-
cident to one share, and subject to all liabilities,
penalties and forfeitures upon each share as the
original subscribers would have been.

Stock trans-
ferable.

SEC. 8. And be it enacted, That upon every
such subscription, there shall be paid to such per-
son or persons as may be appointed to receive such

Instalments.