T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

or any part thereof, shall be subscribed for in such
manner as the by-laws of the corporation, made in
pursuance of this charter shall direct.

CHAP. 327.

SEC. 4. And be it enacted, That the business
and concerns of said corporation shall be managed
by four directors, who shall be stockholders; that
said directors shall be elected by the stockholders
on the first Thursday in June, after the company is
organized, and on the first Thursday in June, each
and every year thereafter, the said first Thursday
in June of each year being the. day fixed for the
annual meeting of the stockholders, and said di-
rectors shall continue in office till their successors
shall be duly elected, and said directors shall be
elected by ballot, cast by the stockholders in person
or by proxy, a majority of the votes given being
necessary to a choice; and every stockholder shall
be entitled to one vote, for each, share of stock held
by said stockholder; if any director ceases to be
a stockholder, he shall henceforth cease to be a

Affairs of the
company —
how managed.

director, and if any vacancy or vacancies occur by
death, resignation, refusal to serve or otherwise,
the remaining director or directors, as the case may
be, shall choose one or more directors to serve until
the next annual election in course, or until succes-
sors shall be duly chosen; and if the offices of all
the directors shall become vacant at the same time,
the corporation shall not thereby cease, but the
business of the company shall be managed by such
person or persons as the by-laws shall designate,
until new directors are chosen by the stockholders
at their next annual meeting thereafter.

Vacancies.

SEC. 5. And be it enacted, That the directors
for the time being, shall elect a president from their
own number, they also shall have power to elect a
treasurer and may employ such agents, artificers
and workmen, as shall be necessary to carry into
execution the privileges conferred by this act, and
may allow them such compensation as shall be
agreed upon; and said directors may require their
treasurer and other officers to give bond with secu-
rity, for the faithful performances of their several
duties and trusts, and may at pleasure remove the
said treasurer, agents, artificers or workmen.

Officers, &c.

SEC. 6. And be it enacted, That the president
shall preside at all meetings of the directors, and if
absent any director present may be elected presi-
dent pro tem., and said directors shall have power

Prices of
transporta-
tion, &c.