THOMAS G. PRATT, ESQUIRE, GOVERNOR.

CHAP. 235.

A president
and nine direc-
tors chosen
from the stock
holders.

Monday of March, and annually thereafter on the same
day, for the purpose of electing a president and nine direc-
tors to manage the business and concerns of said compa-
ny, who shall be chosen by and from amongst the stock-
holders by ballot, and a majority of the whole number of
votes given shall be necessary and sufficient to elect a
president and directors, and two disinterested persons ap-
pointed by the board of directors, shall be judges of the
flection, to receive, count, and certify the votes so given;
and if from any cause an election shall not take place on
the day appointed, the said judges may appoint another
day for such election, of which and of all days of elections,
the stockholders shall have notice in such manner as the
by-laws of said company shall provide; and the president
and directors shall continue to act until a new election

Salaries of all
officers fixed
by the presi-
dent and di-
rectors.

shall be held.
SEC. 4. And be it enacted, That the president and di-
rectors so elected, or a majority of them, shall have power
to fix the salaries of all the officers and agents of said
company, to appoint and employ as many clerks, mana-
gers, factors, and agents, as the affairs of the company
may in their judgment require, to make, alter, and annul,
all such by-laws and ordinances, rules and regulations,
not inconsistent with the laws of the United States, or of
this State, as a majority of them may deem or find neces-
sary, useful or convenient, for exercising and carrying
into effect the powers granted by this act, and for the bet-
ter managing and promoting the interest of said company.

Statement of
affairs exhibit-
ed annually.

SEC. 5. And be it enacted, That it shall be the duty of
said president and directors, to prepare and exhibit to
the stockholders annually, a statement of the business and
affairs of the said company, and to make and declare di-
vidends of the profits arising from said company's busi-
ness, at such times and in such manner as they or a ma-
jority of them shall direct.

Proviso.

SEC. 6. And be it enacted, That any of the persons
named in the first section of this act, shall be and they are
hereby authorised to receive subscriptions for the capital
stock aforesaid; provided however, that not less than two
dollars on each share of said slock, shall be paid in cash,
at the time of making such subscriptions; the balance due
thereon shall be paid at such time and in such instalments
as the said president and directors may require, after giv-

Give thirty
days notice.

ing at least thirty days notice of such demand in writing
to each of said stockholders, and in case any stockholder
shall refuse or neglect to pay any such instalment, after
due notice aforesaid, for the space of ninety days after the
time limited for the payment of the same, his or her stock,