PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

been discharged, and if any holder of a share or shares
shall be in default of payment of any debt due to the
company upon his said share or shares, it shall be lawful
for the president and directors, after thirty days notice
in writing, to sell the said share or shares or as many as
may be necessary to discharge the said debt and costs of
sale at public auction, under the hand of the treasurer of
the company, and the person or persons purchasing the
said share or shares shall hold the same with all the rights
belonging thereto.

CHAP. 291.

SEC. 4. And be it enacted, That the affairs of said
company shall be managed by five directors, who shall
be stockholders and citizens of the United States, any
three of whom the president being one shall be a
quorum for business, said directors shall be chosen an-
nually by the stockholders to serve for one year and until
others shall be elected as shall be provided by the stock-
holders of the said corporation, and until the first elec-
tion of directors shall be held the said J. H. Lathrop,
Daniel Bryan and W. C. Bestor, or a majority of them,
shall have full power and authority to exercise all the
corporate powers of said company, and tire said direc-
tors and their successors, or a majority of them, having
appointed one of their number president, shall have
full power and authority to manage the affairs of
said company under such powers as may be given them
in the bye-laws of the said company, should the presi-
dent be absent the directors present shall appoint one of
their number to act in his stead, and in case of any va-
cancy occuring in the presidency or direction of the said
company, the remaining directors shall have the power
to fill such vacancy by appointing a stockholder who

shall act until the next general election thereafter.

Directors—
how and when
elected.

SEC. 5. And be it enacted, That the first general
meeting of the stockholders shall lie held in Washington
city, in the District of Columbia, due notice of the time
and place of which meeting shall be given by J. H. Lath-
rop, Daniel Bryan and W. C. Bestor or a majority of
them in writing to each member of the company, a quo-
rum of the company for this meeting shall be a majority
in amount of stock of all the stockholders, and this shall
be a quorum in all future meetings of the company,
which shall be held annually at such time and place as
the directors may appoint, at this meeting it shall be the
duty of the president and directors aforesaid to make a
report of the whole condition of the affairs of said com-
pany, and special meetings of the stockholders may be
called at any time by the president and directors of said

General meet-

ings.