PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

SEC. 5. And be it enacted, That the affairs of the
corporation shall be managed, and all its powers afore-
said, be exercised by a president, vice president, and

five directors, assisted by an agent, or general superin-
tendent, over the practical departments of the business
of said corporation, and as soon as seventy-five thousand
dollars in monied subscriptions are made to its stock, the
commissioners herein named, or a majority of them,
shall, on a day to be fixed and notice given, convene
the stockholders, who shall proceed to elect said presi-
dent, vice president, directors and agent aforesaid, who
shall serve for one year, from their said election, or un-
til others be chosen, each share of stock subscribed for,
shall entitle the shareholder to one vote; the president,
vice president and directors, being hereby empowered
to pass bye-laws, fixing the period of elections, and to
make the necessary regulations in regard to them, and
for any omission to elect at the period appointed; and
no omission of that kind to act as a dissolution of said
corporation.

CHAP. 158.

Affairs — how
managed.

SEC. 6. And be it enacted, That the president, vice
president and directors, or any four of them, may do all
acts necessary for conducting the business and carrying
out the objects of the corporation, may declare annual,
or semi-annual dividends of profits ascertained by them,
may pass all bye-laws and regulations aforesaid, may
fix and and regulate the time or times, and man-
ner and terms, and conditions of receiving further
subscriptions, within the limit aforesaid, to its capital
stock; the manner of conducting any election for presi-
dent, vice president, directors or agent, and of all trans-

Officers — how
and when cho-
sen, &c.

fers of stock; provided, that no share or shares shall be

transferred, and no dividend payable to any stockholder,
while said stockholder remains indebted to the corpo-
ration.

Proviso.

SEC. 7. And be it enacted, That in addition to the
president, vice president and directors, there shall be an
agent, or general superintendent, as above provided for,
to fulfil the active duties of the corporation, and the ex-
tent of whose duties and authority shall be specified and
explained in the bye-laws of said corporation, the said
agent or general superintendent, to be elected as provi-
ded for in section five.

Superintendent.

SEC. 8. And be it enacted, That if any subscriber,
or his assignee, shall refuse or neglect to pay any instal-
ment, for the space of sixty days, next after the time
the same shall be due and payable, the stock on which
it is payable and demanded, shall be forfeited to the
corporation, and may be sold by said corporation for its

Power of direc-
tors, &c.