PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

directors, they shall proceed to elect a president as
aforesaid, and should it happen from any cause that an
election should not be held as prescribed by this act, the
charter shall not in consequence thereof be considered
forfeited, but the president and directors heretofore in of-
fice shall continue therein, until a new election takes
place, and as soon as a board of directors shall or may
organise, after the first election, they shall notify the
commissioners thereof, who shall forthwith hand over
to them all the money received, and all the books and
papers connected with, or belonging, or relating to said
company.

CHAP. 317.

SEC. 6. And be it enacted, That whenever shares
to the amount of ten thousand dollars shall have been
subscribed, the commissioners before named, or a ma-
jority of them, shall call a general meeting of the sub-
scribers, to be held at such time and place as they may
deem best, and such of said subscribers as shall be pre-
sent at said meeting, or a majority of them, in interest,
shall elect, by ballot, five directors, who shall as soon as
may be thereafter, elect a president as aforesaid, organise
and take upon themselves the sole and exclusive man-
agement and direction of the concerns of said company,
according to the provisions and fulfilment of the objects

of this act, and the said president and directors, being
authorised at all times to receive such other and further
subscriptions for the unsubscribed shares of the capital
stock of said company, as they may see proper, in such
manner, and upon such terms and conditions, as they
may deem most advantageous to the company.

When to go in-
to operation.

SEC. 7. And be it enacted, That the president and
directors of said company shall and may, from time to
time, make and adopt all bye-laws, rules and ordinances
for the government and direction of said company, and
the affairs thereof, as the said board may judge neces-

May establish
bye-laws.

sary for carrying into effect the provisions of this law;
provided, the same be not repugnant to the laws of this
State, or of the United States.

Proviso.

SEC. 8. And be it enacted, That all contracts for the
purchase and sale of property, or for the payment of
money, signed by the president and secretary of the
board of directors, shall be obligatory upon the corpo-
ration.

President and
Secretary.

SEC. 9. And be it enacted, That whenever a vacan-
cy shall occur in the office of directors, by death, resig-
nation, removal from the State, or ceasing to be a stock-
holder, it shall be immediately filled up by some person,
to be chosen from the remaining stockholders, by ballot,

Vacancies--
how filled.