E. LOUIS LOWE, ESQUIRE, GOVERNOR.

1852.

ity of them, shall elect eight directors, by ballot, to man-
age the affairs of said company, which eight directors,
or a majority of them, shall have the power of elect-
ing a president of said company, and on all occasions
whenever a vote of the stockholders of said company is
to be taken, each stockholder shall be allowed one vote
for every share owned by him, her or them.
SEC. 6. And be it enacted, That the stockholders in

said company, or a majority of them, in value, shall,

on the first Monday of April, after the organization of
the company, so directed in the preceding section of
this act, and on the first Monday in April, in each suc-
ceeding year, elect by ballot, as aforesaid; for the ensu-
ing year, eight directors as aforesaid, and the directors

of said company, or a majority of them, shall have
power to appoint one or more judges of all elections,

and to elect the president as aforesaid, and to allow him

a compensation for his services if they shall deem pro-
per and may fill all vacancies occurring in their body
until the next annual election, and all elections required
by this act to be made on a particular day, and not made
on that day, may be made on any other day, after twenty
days public notice thereof; and general meetings of the
stockholders may be called during the interval between
their stated annual meetings, by the president and direc-
tors, or a majority of them, or by any number of the
stockholders holding one-fourth of the stock of said
company; Provided, that public notice of at least twen-
ty days be first given, of the time and place of holding
such meeting, which said notice shall also state the
object of the call.

CHAP. 399.

Directors to
be chosen an-
nually.

Power of di-
rectors to
elect presi-
dent.

Vacancy —
how filled.

Elections.

General meet-
ings.

Proviso.

SEC. 7. And be it enacted, That every president
and director of said company, before he acts as such,
shall swear or affirm as the case may be, that he will
well and truly discharge the duties of his office, to
the best of his skill and judgment.

Oath.

SEC. 8. And be it enacted, That each stockholder

of said company, shall be individually liable to the cre-
ditors of said company, to an amount equal to the
amount unpaid on the stock held by him, for all the
debts and liabilities of said company, until the whole
amount of the capital stock so held by him, shall have
been paid to the company; and all the stockholders of
said company, shall be jointly and severally liable for
all the debts due or owing, to any of its laborers and ser-
vants, for services performed for said company, but
shall not be liable to an action therefor, before an
execution shall be returned unsatisfied, in whole or in
part, against said company, and, then the amount due

Stockholder
liable to
amount of un-
paid stock, for
debts of co.

Stockholders
jointly liable

for debts ow-
ing to labor-
ers.