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Guest and Robert Samuel Palmer, or a majority of them,
shall have full power and authority to exercise all the cor-
porate powers of the said corporation; and the said presi-
dent and directors and their successors, or a majority of
them, shall have full power and authority to appoint, em-
ploy and compensate, and at their pleasure to remove such
officers, agents or servants, as they may deem necessary
in the business of said corporation; also to purchase and
hold such real and personal property, materials, vessels,
carriages, machinery, implements, privileges, casements
and franchises, and to purchase, or cause to be made, all
such machinery, buildings or other improvements as may
be necessary to carry into effect the objects of the said cor-
poration, and the same, or any part thereof, to sell, lease
or otherwise dispose of, at their discretion; also to pre-
scribe the mode of issuing and transferring stock in said
corporation, and the evidences thereof; and generally to
do whatever they may judge expedient for the interest
of said corporation, the same being in conformity with
the objects of this act, and not contrary to the laws of
this State, or of the United States, nor to any by-laws
adopted at any general meeting of the stockholders of
said corporation; and a quorum, for the transaction of
business, shall consist of a majority of said directors ;
and in case a vacancy shall occur in the presidency or
directorship of said corporation, the remaining directors
shall have power to fill such vacancy, by appointing
some stockholder to that office till the next meeting of
stockholders for the choice of directors.
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CHAP. 297.
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SEC. 5. And be it enacted, That a meeting of the
stockholders shall be held annually at such time and
place as shall be established by the by-laws, and it shall
be the duty of the president and directors, at said meet-
ing, to make a report of the condition and affairs of said
corporation, and a special meeting of said stockholders
may be called at any time by a majority of the directors,
or by one or more stockholders, who shall represent
one-fifth part of said capital stock, of which meeting
ten days previous notice, stating the object thereof, shall
he given in some newspaper printed in the said town of
Cumberland, and at all meetings of the stockholders,
the owners or representatives of a major part of the ca-
pital stock shall constitute a quorum for the transaction
of business, and shall have power to pass, amend, alter
or repeal the by-laws, and to remove from office any
director, officer or agent of said corporation, and to ap-
point others in their stead.
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Annual meet-
ing of stock-
holders.
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