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owners of the stock, to be held on the first Monday of
next June, and on the first Monday of June annually
thereafter, at the general meetings of the company, not
less than five nor more than fifteen directors, who shall
be stockholders of the company, and who shall remain
in office one year, or until their successors are appoint-
ed; the said directors, or a majority of whom shall form
a quorum for the transaction of business, shall choose
from their own body a president, and in his absence a
president pro tempore; they shall have power to supply
vacancies in their own body, to call special meetings of
the stockholders, to appoint such officers, clerks and
agents as they shall deem necessary, or as the stockhold-
ers in general meeting shall authorise, to take bonds with
sufficient security for the good conduct, fidelity and atten-
tion of such officers, clerks and agents, to call in instal-
ments not exceeding five dollars a share per month, by giv-
ing thirty days previous notice in such newspaper as they
may think proper, to enter into contracts for the con-
struction of buildings, and so forth, and to do all other
acts and things touching the affairs of the company, not
otherwise specially provided for; and the said president
and directors shall, upon application of one-fifth in in-
terest of the stockholders of the company, call general
meetings of the stockholders, they shall moreover, make
and declare dividends of the net profits of the said com-
pany, or of such portion thereof as the said company, or
the said president and directors may deem expedient, on
the first days of December and June in each year, and
at such other tiroes as may be determined by the
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CHAP. 99.
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stockholders in general meeting; provided, that no divi-
dend shall be made of any part of the capital stock un-
der pretence of making a dividend of the profits, and
the surplus only of the property, effects and separate
debts clue to the company, above the capital stock, re-
sponsibilities and debts due by it, shall be regarded as
profits, and the said president and directors shall annu-
ally at the general meeting of the stockholders held on
the first Monday of June, and oftener if thereto required
by a majority in interest of the stockholders, present to
the stockholders a full report of their transactions, and
of the State of affairs of the company, and they shall
cause public notice of at least ten days to be given of
all general meetings of the company, and every presi-
dent and director of said company, before he acts as
such, shall swear or affirm, that he will well and truly
discharge the duties of said office to the best of his skill
and judgment.
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Provisoes.
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