THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1837.

provided by the ordinances of the corporation, and as
soon as a board of directors, shall or may organize
after the first election, they shall notify the commis-
sioners thereof, who shall forthwith hand over to them
all the monies received, and all the books and pa-
pers connected with or belonging, or relating to said
company.

CHAP. 33.

SEC. 6. And be it enacted, That whenever shares to
the amount of five thousand dollars, shall have been
subscribed, paid in, or secured to the satisfaction of
the commissioners before named, in cash or the pur-
chase of property, they or a majority of them, shall call
a general meeting of the subscribers, to be held at such
time and place us they may deem best, and such of
said subscribers as shall be present at said meeting,

Meeting to or-
ganize.

or a majority of them in interest, shall elect by ballot
five directors, who shall as soon as may be thereafter
elect a president as aforesaid, organize and take upon
themselves the sole and exclusive management, and di-
rection of the concerns of said company, according to
the provisions and fulfilments of the objects of this
act; the said president and directors being authorised

Election of di-
rectors.

Management.

at all times, to receive such other and further subscrip-
tions, for the unsubscribed shares of the capital stock
of said company, as they see proper, in such manner
and upon such terms and conditions as they may deem
most advantageous, to the company.

Additional sub-
scriptions.

SEC. 7. And be it enacted, That the president and
directors of said company, shall and may from time to
time, make and adopt all by-laws, rules, and ordinances
for the government and direction of said company,
and the affairs thereof, as the said board may judge
necessary for carrying into effect the provisions of this
law, provided the same be not repugnant to the laws
of this State, or of the United States.

By Laws.

SEC. 8. And be it enacted, That all contracts for
the purchase and sale of property, or for the payment
of money, signed by the president and secretary of the
board of managers, shall he obligatory upon the cor-
poration.

Contracts obli-
gatory.

SEC. 9. And be it enacted, That whenever a vacan-
cy shall happen in the office of directors by death, re-
signation, removal from the county, or ceasing to be a

Vacancies.