THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1846.

one share or more of said stock, shall in virtue thereof,
be a member of said corporation, and as such, entitled at
all elections, and at all meetings of the stockholders, to
one vole in person, for each and every share of said capi-
tal stock which shall he held by such person, but no
stockholder owning twenty, or more than twenty shares
of stock, shall be entitled to more than five voles for
every ten shares of slock. he may hold, and the said capi-
tal stock may whole or part consist of, and be vested in
lands, building, machinery tools and materials necessary
or useful for promoting the object or carrying on the busi-
ness of said corporation as aforesaid, and the shares of
said capital stork shall be deemed personal estate, and
assignable and transferable only on the books of the cor-
poration and in such manner as shall be provided by the
by-laws.

CHAP. 43.

SEC. 3. And be it enacted, That to conduct the affairs
and to continue the succession of the said company, the
stockholders of said company shall, on the first Monday
in May, eighteen hundred and forty-seven, and annually
thereafter on the same day, or on such other day as may

Stockholders
to elect seven
directors.

be provided by the by-laws of said company, elect by
ballot, from amongst said stockholders, seven directors of
said company, who shall or may hold the said office of
directors, until a new election of directors under this
act, and the said directors so elected shall forthwith, or
as soon as conveniently may be, assemble, and at their first
meeting after their election, shall elect out of their body,
a president of said company, to hold his said office of
president at the pleasure of the said directors, for and
during the term of office of the said directors, if any va-
cancy shall occur in the office of president of said com-
pany, before the expiration of said term, by death, re-
signation or otherwise, then the directors for the time
being, or a majority of them shall elect another president
out of their own body, for the residue of said term, and
that until the first election of president and directors
under this act, as herein before provided; the business
and affairs of said company shall be conducted by seven
of the persons herein named, stockholders in said corpo-
ration, who shall be elected or chosen by a majority of
the persons herein named in this act, who shall act as
directors, and shall have, and may exercise all the
powers conferred by this action the president and direc-
tors of said company, until the first election of said presi-
dent and directors under this act, as herein before pro-
vided.

Provided.