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holders, they shall also cease to be directors; the directors
shall annually elect, from among themselves, a president,
and may fill any vacancy in the office of president or di-
rector, which shall continue until the next annual election
thereafter, any omission to elect directors, shall not cause a
dissolution of the corporation, but the directors shall serve
until others are elected; any four stockholders may call a
general meeting, by giving ten days notice thereof, in one
of the papers in the town of Cumberland.
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CHAP. 207.
Elect president.
Fill vacancy.
Omission to e-
lect directors.
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SEC. 4. And be it enacted, That the directors of said
company, or a majority of them, when met as a board,
shall have full power to appoint and employ, and in their
discretion, to remove from office, and dismiss all such offi-
cers, agents, artizans, mechanics, laborers and servants whate-
ver, as they shall deem necessary to transact and execute the
business of the company; fix their compensation, and when
deemed necessary, require security for the faithful discharge
of their duties, or the execution of any contract; to contract for,
purchase, rent or hire, all such lands, buildings, chattels, ma-
terials, rights, privileges and effects; and to erect all such
houses and structures as they shall deem necessary or find
convenient for effecting the objects of the company, autho-
rised by this act, and the same to rent or use by their
agents, as they shall deem most convenient for public ac-
commodation, and beneficial to the company; to call for
monthly, or other instalments, from time to time, of the
capital stock subscribed, not exceeding ten dollars per
share per month, nor on less than thirty days notice; to ap-
ply the instalments, when received, and all other funds of
the company, to effect the objects aforesaid, and in payment
of the necessary expenses of the company; to provide for
the subscription of any portion of the capital stock, not
subscribed before the delivery to them of the subscription
books opened by the commissioners, as hereinbefore direct-
ed; to provide for declaring and paying dividends of the pro-
fits made by the company; to provide for the manner and evi-
dence of transferring the capital stock, and for the
forfeiture and sale of any share or shares thereof, on
default of payment of any of the instalments called
for and due, and for the remission of such forfeiture,
on such terms as they shall deem reasonable; and
generally to do, make, execute; or authorise all such
notes, deeds and other writings, either with or without the
corporate seal; and make revise, alter or annul all such by-
laws, ordinances, rules, resolutions and regulations, not in-
consistent with the laws of this State, or of. the United
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Duties of direc-
tors.
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