1844.

THOMAS G. PRATT, ESQUIRE, GOVERNOR.

CHAP. 212.

Stockholders
to elect presi-
dent and di-
rectors.

SEC. 4. And be it enacted, That for the management
of the affairs of the company, the stockholders, shall elect
a president, and not less than three directors, who shall
remain in office for one year, or until successors shall be
elected, a majority of whom, shall form a quorum or
board; that a majority of stockholders, shall at any time,
call a meeting, upon advising all the stockholders by ad-
vertisement or otherwise, of the time ant! place of holding
said meeting.

Stock deemed
personal estate
—bound for its
debts, &c

SEC. 5. And be it enacted, That the stock of the said
company, shall be deemed personal estate; that all the
property, estate and joint stock of the corporation, shall
be bound and answerable, for its debts and liabilities.

Issues forbid.

SEC. 6. And be it enacted, That nothing contained
herein shall be construed, as granting banking privileges
or as authorising the said corporation to issue any note,
token, devise, scrip or other evidence of debt, to be used
as currency, or to exempt their property and effects, from
general taxation.

To continue
for thirty years

SEC. 7. And be it enacted, That this act of incorpora-
tion, shall continue for thirty years; and that the State re-
serves the right at any time to alter, amend or repeal the
same, whenever the public interest may requite it. -