T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

and who shall be stockholders, any three of whom
shall be a quorum for the transaction of business;
that the first board of directors shall be elected in
the following manner, namely: as soon as one
hundred shares have been taken, the said Oliver
P. Price, James C. Wheeden, William H. Vickery
and William H. Bolton, or a majority of them,
shall call a general meeting of the stockholders,
for the purpose of electing five directors, who shall
hold their offices for one year, or until a new elec-
tion be had.

CHAP. 216.

SEC. 5. And be it enacted, That every board of
directors of said company shall, at their first meet-
ing after an election, or as soon thereafter as prac-
ticable, appoint one of their own body to be presi-
dent of the said company, and shall appoint such
other officers and agents as they may deem neces-
sary for managing the affairs of said company, who
shall hold their offices at the pleasure of said presi-
dent and directors.

Officers, &c.

SEC. 6. And be it enacted, That all the joint
stock, property and effects shall be answerable for
all contracts made by, or for said company, and for
all just claims against the same, and a majority of
the stockholders, representing a majority of the
stock of said company, may, at any time, dissolve

Stock an-
swerable for
contracts.

the corporation; Provided, that all contracts with,
and suits by or against the same, shall not be im-
paired or affected by such dissolution.

Proviso.

SEC. 7. And be it enacted, That this act shall go
into effect from the date of its passage.

In force.

SEC. 8. And be it enacted, That the Legislature re-
serves to itself the right to amend, alter or repeal
this act at pleasure.

Reservation.