THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1837.

SEC. 3. And be it enacted, That the affairs of the
said company shall be conducted by a president and
three directors, to be elected by the stockholders pre-
sent, or a majority in amount thereof, on the first Mon-

CHAP. 83.

President and
three directors.

day of April in the year eighteen hundred and thirty-
eight, and on the first Monday of April in each suc-
ceeding year, or within thirty days thereafter, and shall
continue in office for one year and until successors are
chosen, and that the election in April next shall be held
by the persons named in the first section of this act, or
a majority of them, and every subsequent election shall
be held by the president and directors of the said
company.

Annual elec-
tions.

SEC. 4. And be it enacted, That the said president
and directors and their successors, shall have power to
fix and alter the salaries of the president and of all
other officers and agents whom they may employ in the
affairs of the said company, and to fill all vacancies
which shall occur in their own body during their con-
tinuance in office, and to prescribe the evidence of
ownership and mode of transfer of shares of stock in
the said company, and they shall keep full records of
their proceedings which shall be open to the inspection
of the stockholders, and shall report at least annually
a statement of their affairs to the stockholders, and
shall declare dividends of the profits or of any part
thereof at their discretion, and generally may exercise
all the power and privileges of the corporation neces-
sary or proper to promote the objects thereof.

Their powers.

SEC. 5. And be it enacted, That the shares in the
capital stock of the said company shall be deemed per-
sonal estate: and that special meetings of the stock-
holders may be called by the president and directors,
or by any number, not less than one-third in amount of
shares of the stockholders, at which meetings, members
present, and representing a majority of the whole capi-
tal stock, shall be a quorum for the transaction of
business, and the stockholders at such meetings or at
any general annual meeting, where such majorities of
stock is represented shall have full power to alter or
repeal any bye law or regulation made by the president
and directors, and may make new rules and bye laws
which shall be binding on the said president and direc-

Shares, person-
al estate.

Meetings of
stockholders.