PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

of profits, and generally to pass such bye-laws or reso-
lutions as may be deemed necessary to carry this law
into effect, the same not being contrary to the laws of
the State, and from time to time to repent, alter or
change the same, and to make, execute and perfect
such contracts, agreements and other instruments as
may be necessary to carry one or all the above powers
into effect.

CHAP. 520.

SEC. 3. And be it enacted, That the capital stock of
said company shall be divided into shares of one
hundred dollars each, and shall not exceed ten thou-
sand shares, to be subscribed for, or otherwise dis-
posed of, from time to time, in such manner as the
resolutions or bye-laws made in pursuance of this
charter shall provide.

Capital stock,
etc.

SEC. 4. And be it enacted, That the affairs of this
company shall be managed by a president and direc-
tors, consisting of six persons, to be elected from among
the stockholders on the first Monday in April, after
the organization of said company, and on the first
Monday in April, in each and every year thereafter,
within sixty days thereafter, should said election from
any cause not be made on said first Monday of April;
the president to be chosen by the directors from among
their own number, and to continue in office until a
new election, a majority of said directors shall have
power to act at all meetings, fill any vacancy that may
happen by death, resignation or otherwise; at elec-
tions each stockholder shall be authorised to vote in
person or by proxy, and be entitled to one vote to

every share he, she or they may own.

Affairs— how

managed.

SEC. 5. And be it enacted, That the president and
directors shall have power to appoint and employ all
officers, agents and others that they may deem neces-
sary to transact the business of the company, and
take bond with surety, for the faithful performance of
duty, prescribe the mode of conducting elections, the
manner and evidences of the transfer of stock, and
conditions of the forfeiture thereof, and generally to
exercise all the powers granted to the said company
by this charter.

Duties of pres-
ident and direc-
tors.

SEC. 6. And be it enacted, That all the joint stock,
property, money and effects shall be answerable for
any contract made by said company, and for all just
claims against the corporation, and in case of suit, the
service of any legal process on any one of the direc-
tors shall be considered a sufficient service on the
corporation, the stockholders not to be answerable in
person or property, for any contract, debt or claim

Not responsible
individually.