PHILIP F. THOMAS, ESQUIRE, GOVERNOR

1849.

SEC. 4. And be it enacted, That there shall be an-
nual meetings of the stockholders of the said corpo-
ration, in the town of Clearspring, on the first Monday
in May, after the passage of this act, for the purpose
of choosing five directors to manage the concerns
thereof, who shall be elected by ballot, by the stock-
holders, in person or by proxy, and each share shall
entitle the holder thereof to one vote, any general
meeting of the stockholders at which shall be repre-
sented a majority in value of the stock, shall be com-
potent to pass ordinances, which shall be binding on
the corporation.

CHAP. 91.

Times of meet-
ing regulated.

SEC. 5. And be it enacted, That the board of direc-
tors, a majority of whom shall be a quorum, shall ap-
point a president, treasurer and secretary, and fill up all
vacancies which may happen in the body during the
time of their appointment, and they shall continue in
office until a new election, the directors are autho-
rised and empowered to establish regulations for the
transfer of the stock of the corporation, and for the
proof of the ownership therein, to employ, compen-
sate and dismiss, at pleasure, all officers and agents
deemed by them needful or useful, to enter into con-
tracts, and to use therefor the name and seal, or the
name of the corporation, and to make bye-laws and
regulations, and to repeal the same at their discretion,
to call meetings of the stockholders as often as they
see fit, to whom they shall make report from time to
time, if the state of the affairs of the company, to de-
clare dividend of the profits, or any portion of the
profits thereof, according to their judgments, and
generally to exercise all the powers and privileges

Affairs — how
managed.

conferred on or appertaining to this corporation; pro-
vided, they be not inconsistent with the ordinances
passed at general meetings of the stockholders.

Proviso.

SEC. 6. And be it enacted, That nothing in this act
shall be so construed as to authorise said corporation
to issue any note, token or scrip, device or other evi-
dence of debt to be used as a currency.

Banking forbid.

SEC. 7. And be it emitted, That this act shall con-
tinue and be in force for the term of twenty years
from the date of its passage, and that the Legislature
reserves to itself the right to amend or annul the same
at pleasure.

In force.