ROBERT BOWIE, ESQ. GOVERNOR.

127

provided for; and the said directors, and those from
time to time elected, shall and may appoint by ballot,
one of their board, president, and adopt and use a cor-
porate seal of said company, and make and adopt all
by-laws, rules and ordinances for the government and
direction of said company and the affairs thereof, as
the said board may judge necessary for the carrying
into effect the provisions of this law; Provided, the
same be not repugnant to the laws of this state or
those of the United States.

1812.

5. AND BE IT ENACTED, That at all elec-
tions to be holden in virtue of this act, every stock-
holder shall be entitled to vote by himself, his agent
or proxy appointed for that purpose by writing, sub-
scribed by such stock -holder, and attested by one or
more witnesses; and every such stock-holder shall be
entitled to as many votes as he, she or they possess
shares in the said stock, as far as twenty shares, and
one vote for every two shares thereafter, as far as
forty shares, and one vote for every five shares there-
after; and every stock-holder may, at his pleasure,
transfer his interest in any share; such transfer being
made in the books of said company, in such manner
as shall be by them directed.

Stock-holders
may vote in
person or by
proxy at all
elections. Ra-
tio of shares for
each vote.
Stock transfera-
ble.

6. AND BE IT ENACTED, That immediately
after the election of directors as aforesaid, all the pow-
ers and duties vested in the said commissioners in
virtue of this act shall cease and determine, and they
shall forthwith deliver over to the said directors, all
the books containing the names of subscribers for
said stock and the papers relating thereto; and the di
rectors to be so first appointed, shall continue in
office for at least one year, and until the first Tuesday
in June, which shall happen after the expiration of
the said first yea r.

On the election
of directors, the
powers now
vested in the
commissioners
shall cease.
Books, &c. shall
be delivered to
directors. Term
of their first ser-
vitude.

7. AND BE IT ENACTED, That on the said
first Tuesday in June, and in every year thereafter, an
election shall be held as aforesaid in the town of Eas-
ton for seven directors qualified as aforesaid, to con-
tinue in office until the first Tuesday in June, next suc-
ceeding such election; which election shall be holden
by the president and directors for the time being, and
of which six weeks notice shall be by them given in,
one or more newspapers published in the town of
Easton.

Time and place
of holding elec-
tions for direc-
tors.

8. AND BE IT ENACTED, That the amount of
each share of said stock shall be paid to the president
and directors for the time being, by instalments not
exceeding two dollars and fifty cents, at such times as

Instalments—
in what propor-
tions to be paid.
Process by
which to be re-