THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1845.

the purpose of receiving such subscriptions, and may
keep the same open until the whole number of shares
shall have been taken or subscribed for, and when two
hundred shares shall have been subscribed for, it shall be
lawful for said company to proceed and act in all things
according to this charter.

CHAP. 252.

SEC. 4. And be it enacted, That if any subscriber or

his assignee, shall refuse or neglect to pay the instalments
before mentioned, or any part thereof, for the space of
thirty days next after the same shall have become due and
payable, the stock on which the same is demanded shall be
forfeited to the said company, but the original subscriber
shall and may be held liable for the full amount due on
such stock.

Neglect or re-
fuse to pay the
instalments.

SEC. 5. And be it enacted, That the persons named in
the first section of this act, shall be directors of said cor-
poration, and shall have full power to act as such for the
term of twelve months from the organization of said com-
pany, which organization shall take place as soon as two
hundred shares shall have been subscribed for, as afore-
said; and immediately on the expiration of said twelve
months, on such day as the said directors shall name,

Directors--
power to act
for 12 months
from organiza-
tion.

the stockholders of said company shall choose by ballot,
seven members of said corporation to be directors, to
manage the affairs thereof for twelve months, and until
successors are chosen; and on the same day in each suc-
ceeding year, shall the like election be made, and in all
general meetings of said company and elections of di-
rectors, every stockholder shall be entitled to give, in
person or by proxy, one vote for every share of capital
stock standing in his or her name on the books of said
corporation; and at their first meeting after such elec-

Choose by bal-
lot.

tion, said directors shall choose a president, and should
it at any time happen that an election of directors shall
not be made upon the day when, pursuant to this act, it
ought to have been made, the said corporation shall not
for that reason be deemed to be dissolved, but it shall be
lawful on any other day within ten days thereafter, to
hold and make an election of directors, in such manner
as shall have been regulated by the by-laws and ordi-
nances of said corporation; and in case of the death, re-
signation or disqualification of a director, the place of
such director, for the remainder of the year, shall be filled
up by the board of directors for the time being.

Choose a pre-
sident.

SEC. 6. And be it enacted, That the president and di-
rectors for the time being, or a majority of them, shall
have power to appoint all such officers, clerks, agents,

Appoint offi-
cers, &c.