E. LOUIS LOWE, ESQUIRE. GOVERNOR.

1852.

the stockholders as shall attend for that purpose, either
in person or by proxy; Provided, they constitute a
quorum fur business, and all elections shall be by bal-
lot, and each stockholder shall be entitled to as many
votes as he owns shares of stock in said company, and
the persons receiving the greatest number of voles shall
be the trustees, directors or managers, and when any
vacancy shall happen, among the trustees, directors or
managers, by death, resignation or otherwise, it shall
be filled for the remainder of the year in such manner
as may be provided by the by-laws of the said com-
pany; and in case it shall happen at any time that an
election of trustees, directors or managers shall not be
made on the day designated by the by-laws of said
company, the company for that reason, shall not be
dissolved, but it shall be lawful on any other day to
hold an election for trustees, directors or managers, in
such manner as may be provided by the by-laws; and
all acts of trustees, directors or managers, shall be valid
and binding as against such company until their suc-
cessors shall be elected.

CHAP. 322.

Proviso.

SEC. 4. And be it enacted, That there shall be a
president of the company, who shall be designated from
the number of the trustees, directors or managers, and
also such subordinate officers as the company by its by-
laws may designate, who may be elected or appointed,
and required to give such security for the faithful per-
formance of the duties of their office, as the company
by its by-laws may require.

President to

be elected.

SEC. 5. And be it enacted, That it shall be lawful
for the trustees, directors or managers, to call in and
demand from the stockholders respectively, all such
sums of money by them subscribed, at such times and
in such payments or instalments as the trustees, direc-
tors or managers shall deem proper, under the penalty

of forfeiting the shares of stock subscribed for, and all
previous payments made thereon, if payment shall not
be made by the stockholders within thirty days after
a personal demand or notice requiring such payment
shall have been published four successive weeks in the
newspaper nearest to the place where the business of
the company shall be carried on as aforesaid.

Payments and
instalments.

SEC. 6. And be it enacted, That the trustees, di-
rectors and managers of such company, shall have
power to make such by-laws as they shall deem proper
for the management and disposition of the stocks and
business affairs of such company, not inconsistent with
the laws of this State, prescribing the duties of all of-
ficers and servants, and for carrying on all kinds of

Power to
make by-laws.