PHILIP F. THOMAS, ESQUIRE, GOVERNOR

1849.

buildings and improvements as may be deemed neces-
sary or expedient.

CHAP. 52.

SEC. 2. And be it enacted, That the capital stock or
property already contributed by the parties hereby in-
corporated, and their associates, shall be divided into
shares of fifty dollars each, to be distributed amongst
the said parties and their associates, in proportion to
their respective interests; and the capital stock of the
corporation may be increased from time to time, in
such manner as the stockholders in general meeting
may direct, so that the entire capital stock, at any one
time, shall not exceed four thousand shares of fifty
dollars each; and such shares shall be deemed and
taken to be personal estate, and shall be transferable
only on the books of the corporation, and in such
manner as may be prescribed by the bye-laws thereof;
and the owner of one or more of such shares shall, in
virtue thereof, be entitled at all elections, and in all
meetings of the stockholders, to one vote for each and
every share which may be owned by him, which
said votes may be given in person or by proxy, in
such manner as the bye-laws may direct.

Capital stock.

SEC. 3. And be it enacted, That the management
of the business and concerns of said corporation, sub-

ject nevertheless to such restraints and qualifications
as may be prescribed by the bye-laws, or other voles
of the stockholders, adopted in general meeting, shall
be vested in a board to consist of a president and six di-
rectors, who shall be elected by ballot, and shall be
stockholders at the time of their election, and they or
a majority of them, shall be a quorum for the transac-
tion of business; that the first board shall be elected
on the first Monday in May next, and the subsequent
elections shall be made annually thereafter, at a gen-
eral meeting of stockholders to be convened for the
purpose, at such time and place, and after such notice
as may be fixed by the bye-laws of the corporation,
or by the President and Directors in conformity there-
with; but if an election shall not be made on the day
appointed for the purpose, such election may be made
at any time thereafter, and the President and Direc-
tors for the time being shall hold and exercise their
offices until a new election shall be made, and in case
of a vacancy in the office of President or Director, the
remaining members of the board shall choose a Presi-
dent or Director, as the case may be, to serve until
the next annual election.

Officers— how
and when cho-
sen, &c.