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sors and assigns shall be and are hereby created and
made a corporate and body politic, by the name and style
of the Cumberland Water Company, and by that name
are hereby made able and capable in law, to have, pur-
chase, receive, possess, enjoy, and retain to them and
their successors, all such lands, tenements, heredita-
ments, goods, chattels and effects of whatever kind, na-
ture and quality soever as may be necessary to carry into
effect the object and intention of this law; and the same
to grant, alien and dispose of in like manner; and sue
and be sued, plead and be impleaded, answer and be
answered, defend and be defended in any court of record
or in any other place whatever; and to make, have and
use a common seal, and the same to break, alter or renew
at pleasure, and also to ordain, establish and put in exe-
cution, such by-laws, ordinances and regulations as shall
be proper and convenient for the government of said
company, the same not being contrary to law or to the
constitution, and generally to do and execute such mat-
ters and things as to their institution shall or may apper-
tain to do, subject nevertheless to the rules, restrictions
and provisions herein specified and provided.
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CHAP. 280.
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SEC. 6. And be it enacted, That the said directors
shall be six in number, of whom there shall be an elec-
tion by plurality of votes on the first Monday of March
in each year; that the said election shall be by ballot;
and each share of stock on which no instalments remain
unpaid at the time, and no other, entitles its owner to
one vote; and that the directors thus duly elected, shall
be capable of serving as such until the next election of
directors, and to fill up all vacancies in the body; and
that said directors, at their first meeting, annually shall
choose one of their number as president, who may be by
them removed at pleasure and another appointed in his
stead.
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Six Directors.
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SEC. 7. And be it enacted, That if any instalments on
stock remain unpaid for the space of sixty days from the
time at which it should have been paid, the same shall
thereby become forfeited to the said company, and may
be disposed of by the president and directors as to them
may appear to the most advantage of said company, and
that during and for the term such instalments shall re-
main unpaid, the stock to which they relate shall not be
included in any dividend or apportionment of profits that
may be made for an equal period of time next after the
receipt of profits shall commence.
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Forfeiture of
stock.
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