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chap. 268,
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the capital stock aforesaid, and to receive subscription
therefor as they should see fit, so however that the whole
of said capital stock shall not exceed the aforesaid limita-
tion, and the shares in the said corporation stock, shall be
held and construed as personal property, and be so transfer-
able and assignable, but they shall be transferable and as-
signable effectually, only on the books of the corporation
and not otherwise, by the holder or his attorney, and all the
provisions of this section and of this act, shall apply and
be in place as to the shares of the stock of the said associ-
ation now held or subscribed for, and all sums of money
payable to the association or for its benefit, for or on ac-
count of such shares, shall be deemed and held to be paya-
ble to the said corporation, and at the times heretofore
established for payment thereof.
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Nine direc-
tors to be
chosen by the
stockholders.
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Sec. 3. And be it enacted, That for carrying into effect
the objects governing, and well ordering the affairs and
transacting the business of the said corporation, and exer-
cising all the powers by this act or any clause thereof con-
ferred upon said corporation, there shall be nine directors,
who shall be chosen by ballot from among the stockholders,
on the third Monday of February, in the year of our Lord
one thousand eight hundred and forty-two, and in every
year thereafter on the third Monday of February, by a
plurality of votes of the stockholders present, voting in
person or by proxy, and each stockholder having as many
votes as he shall hold shares, and the said directors shall
serve one year, next ensuring the elections aforesaid re-
spectively, and until others shall be chosen and no longer,
and the said directors at their first meeting after each elec-
tion shall from their body, elect a president who shall serve
as such for the term and period of service as aforesaid of
said directors, and in case of the death, resignation, or dis-
qualification, by transfer of stock or otherwise of a director
or president, his place so becoming vacant, may be filled up
for the remainder of the term, by the choice of the board
of directors for the time being, from among the stockhol-
ders of the corporation, and in case of the sickness or ab-
sence from any cause of the said president, or of any pre-
sident successively appointed in his place by virtue of this
section, his and their place and capacity may be supplied
by a director, whom the board of directors stall for that
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Proviso.
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purpose appoint to act for the time of such sickness or ab-
sence; provided however, that if it should at any time hap-
pen that an election of directors shall not have been made
upon the day when pursuant to the provisions aforesaid, it
ought to have been made, the corporation shall not for that
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