WILLIAM GRASON, ESQUIRE, GOVERNOR.

1840.

rules and regulations, as may be necessary, provided, they be
not repugnant to any law of this State, or of the United States
SEC. 2. And be it enacted, That the capital stock of the
said company shall consist often thousand shares of five
hundred dollars each; of which the lands and mines of the
said John Hoye shall constitute a part, at such prices as may
be agreed upon between them, the said John Hoye on the
one part, and those who may associate with him, and con-
stitute the aforesaid corporation, by subscriptions for stock
payable in money, on the other part.

CHAP. 229.
Capital stock.

SEC. 3. And be it enacted, That the subscriptions to the
said capital stock shall be made at such places, and in such
manner as shall be designated by the said John Hoye, and
that the share holders of one or more shares of said stock,
shall be a member of said corporation, and shall be entitled
at all meetings of the stockholders, to one vote for each
share so held, in person or proxy; and the shares of said ca-
pital stock shall be assignable or transferable as may be
provided for by the by-laws of the said company, and shall
be considered as personal property.

When subscri-
bed.

How transfered.

SEC. 4. And be it enacted, That the affairs of the said
company shall be managed by a president and four direc-
tors, who shall be chosen annually by the stockholders, to
serve for one year, and until others shall be elected, as shall
be provided by the stockholders of the said corporation;
and until the first election of directors shall be held, the
said John Hoye shall have full power and authority to ex-
ercise all the corporate powers of the said company; and

Officers— when

elected.

the said president and directors, and their successors, or a
majority of them, shall hare full power and authority to ma-
nage the affairs of said company, under such powers as
may be given them by the by-laws of the said company;

Their duties.

and in case of any vacancy occurring in the presidency or
directors of the said company, the remaining directors shall
have the power to fill such vacancy, by appointing some
stockholders until the next general election thereafter.

Fill vacancy.

SEC. 5. And be it enacted, That a general meeting of the
stockholders shall he held as soon as the company is or-
ganised, and annually thereafter on the first Monday of June
in each year, in the town of Cumberland, to which it shall
be the duty of the president and directors aforesaid, to
make a report of the whole condition of the affairs of said

General meet-
ing.

company, and special meetings of the stockholders may be
called at any time by the president and directors of the
said company, or by the stockholders thereof, who shall be
*17

Special meet-
ings.