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forming an integral pan of the said shares respectively;
and if any stockholder shall neglect to pay any instal-
ment for the space of sixty days, after the days whereon
the same shall be appointed to be paid, the same shall
he forfeited to the company, and may he sold under the
direction of the president and managers; Provided,
that no stockholder, whether original subscriber or as-
signee, shall he entitled to vote at any election, or at
any general or special meeting of the said company, on
whose share or shares any instalment or arrearage may
he due, and payable more than twenty days previous to
the said election or meeting.
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CHAP. 304.
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SEC. 4. And be it enacted, That if the subscription
herein made necessary to the incorporation of said com-
pany, shall not be obtained within three years after the
first opening of the subscription books by the said com-
missioners, the said commissioners after discharging the
expenses of opening the books, shall return the residue
of the money paid in upon such subscriptions, to the
several subscribers, in proper proportions to the sums
respectively paid in by them.
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Books kept
open for three
years.
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SEC. 5. And be it enacted, That at the expiration
of the five days for which the books are first opened,
if one thousand shares of said capital stock shall have
been subscribed, or if not as soon thereafter as the
same shall have been subscribed, if within three years
after the first opening of the books, the said commis-
missioners, 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 twenty days
public notice thereof, and at such meeting the said
commissioners shall lay the subscription books before
the subscribers then and there present, and thereupon
the said subscribers, or a majority of them, shall elect five
directors from the subscribers, 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 di-
rectors or subscribers, and of allowing him such com-
pensation for his services as they may deem proper, and
that in said election, and on all other occasions where-
in a vote of the stockholders. of said company is to be
taken, each stockholder shall be allowed one vote for
every share owned by it, him or her, and every stock-
holder may depute any other person to vote and act
for it, him or her, as its, his or her proxy; and the com-
missioners aforesaid, or any three or more of them, shall
be judges of the said first election of directors, and any
stockholder shall be eligible as president or director.
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General meet-
ing to elect
five directors.
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