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PHILIP P. THOMAS, ESQUIRE, GOVERNOR.
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1849.
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a majority of them, shall elect five directors by ballot,
to manage the affairs of said company, and these five
directors, or a majority of them, shall have the power
of electing a president of said company, either from
amongst the directors or others, and of allowing him
such compensation for his services, as they may deem
proper, and that in said election, and on all other occa-
sions wherein a vote of the stockholders of said com-
pany is to he taken, each stockholder shall he allowed
one vote for every share owned by it, him or her, and
every stockholder may depute any other person to vote
and act for it, him or her, as its, his, or her proxy, and
the commissioners aforesaid, or any two or more of them,
shall be judges of the said first election of directors.
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CHAP. 469.
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SEC. 6. And be it enacted, That to continue the
succession of the president and directors of said com-
pany, five directors shall be chosen annually, on the
second Monday of October, in every year, in the town
of Cumberland, by the stockholders of said company,
and that, the directors of said company, or a majority of
them, shall have power to appoint judges of all elections,
and to elect a president of said company, either from
amongst, the directors or others, and to allow him such
compensation for his services as they may deem proper,
and if any vacancy shall occur by death, resignation, or
refusal to act, of any president or director before the year
for which he was elected has expired, a person to fill such
vacant place for the residue of the year, may be ap-
pointed by the president and directors of said company,
or a majority of them, and that the president and di-
rectors of the company shall hold and exercise their of-
fices until a new election of president and directors,
and that, all elections which are by this act, or the bye-
laws of said company, to be made on a particular day,
or at a particular lime, may be made at any time with-
in thirty clays thereafter.
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Duties and
powers of the
directors.
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SEC. 1. And be it enacted, That a general meeting
of the stockholders of said company shall be held an-
nually, at the time and place appointed for the election
of the president and directors of said company, that
they may be called at any time during the interval be-
tween said annual meetings, by the president and direc-
tors, or a majority of them, or by the stockholders own-
ing at least one forth of the whole stock subscribed,
upon giving thirty days public notice, of the time and
place of holding the same, and when any such meet-
ings are called by the stockholders, such notice shall
specify the particular object of the call, and if at any
such called meetings, a majority, in value, of the stock-
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General meet-
ings — how and
when called.
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