THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1845.

SEC. 3. And be it enacted, That there shall be a meet-
ing of the stockholders of said company, on the first
Monday of May in each year, for the purpose of electing
a president and three directors, to manage the business
and concerns of said company, and the stockholders, for
the time being, shall be entitled to one vote, by ballot in
person or by proxy, for every share held by him or her,
and a majority of the whole number of votes given shall
be necessary and sufficient to elect a president and di-
rectors; any two disinterested persons, appointed by the
board of directors, shall be judges of the election, to re-
ceive, 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 ail days of election,
said stockholders shall have notice in such manner as the
by-laws of said company shall provide, and the president
and directors, for the time being, shall continue to act
until a new election shall take place.

CHAP. 285.

SEC. 4. And be it enacted, That the president and
directors 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,
managers, factors and agents as the affairs of the compa-
ny in their judgment require, and to make, alter and an-
nul all such by-laws and ordinances, rules and regula-
tions, not inconsistent with the laws of the United States,
or of this State, as they, or a majority of them, may deem
Or find necessary, useful or convenient for exercising and
carrying into effect the powers granted by this act, and
for the better managing and promoting the interest of
said company.

President and
Directors to fix
salaries.

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
dividends of the profits arising from the said company's
business, at such times and in such manner as they, or
a majority of them, shall direct.

To exhibit a
statement of

business.

SEC. 6. And be it enacted, That all the property,
estate and effects of the said company, shall be bound
and answerable for the contracts and engagements made
by or through the agency of the said president and direc-
tors, but no stockholder shall be made answerable there-
for in his individual capacity or estate.

Responsible
for engage-
ments.

SEC. 7. And be it enacted, That the first election for
president and directors of said company, shall be held at
such place and hour, and on such day, as any three of

Time of elec-
tion.