PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

SEC. 3. And be it enacted, That upon every such
subscription there shall be paid at the time of sub-
scribing to the said commissioners or their agents,

the sum of one dollar on every share subscribed, and
the residue thereof shall be paid in such instalments,
and at such times as it may be required by the pre-
sident and directors of said company, and if any sub-
scriber shall fail or neglect, to pay any instalment, or
part of said subscription thus demanded, for the
space of sixty days next after the time the same shall
be due and payable, the stock on which it is demand-
ed shall be forfeited to the company, and may he sold
by the said president and directors, for the benefit of
the company, but the president and directors may
remit any any such forfeiture on such terms as they
shall deem proper.

CHAP. 358.

Instalments —
how paid in.

SEC. 4. And be it enacted, That at the expiration of
ten days for which the books are first opened, if two

hundred shares of twenty-five dollars each, of said
capital stock shall have been subscribed, or if not, as
soon thereafter as the same shall be subscribed, the
said commissioners or a majority of them shall call a
general meeting of the subscribers, at such time and
place as they may appoint, and shall give at least ten
days public notice thereof, and at such meeting the
said commissioners shall lay the subscription books
before the subscribers there and then present, there-
upon the subscribers, or a majority of them, shall
elect nine directors by ballot to manage the affairs of
said company, which directors or a majority of them,
shall have power to elect a president, either from
among the directors or others, and shall allow him
such compensation for his services as they shall deem
proper, and in said election, and all other elections by
the stockholders of said company, each shall be allow-
ed one vote for every share owned by him or her,
and every stockholder, may vote either in person or
by proxy, and the commissioners aforesaid, or any
three or more of them, shall be the judges of the first
election of directors.

When to be
operative.

SEC. 5. And be it enacted, That to continue the suc-
cession of said company, a general meeting of the stock-
holders shall be held annually, at which meetings a

board of directory [shall be elected as aforesaid, and
other meetings may be called of the stockholders by the
president and directors, or a majority of them, accord-
ing to such rules as may be furnished by the bye-laws
of said company, and the board of directors may meet

General meet-

ings — how and
when called.