E. LOUIS LOWE, ESQUIRE, GOVERNOR.

1852.

the first opening of subscription books by the said com-
missioners, this act, and all the subscriptions under it,
shall be null and void, and the said commissioners, after
discharging the expenses of opening the books, shall
return the residue of the money to the several subscri-
bers, in due proportion to the sums respectively paid
in by them.

CHAP. 326.

SEC. 5. And be it enacted, That as soon as fifteen
hundred shares of said capital stock shall have been
subscribed, if within three years after the first opening

of the books, the said commissioners, or a majority of
them, shall give thirty days public notice of the time of
holding an election for a president and twelve directors

of the said company, and that in said election, the
stockholders may vote in person or by proxy, according
to the number of shares held, and the commissioners
aforesaid, or three or more of them shall be judges of
the first election of directors, and any stockholder shall
be eligible as president and director, and the said com-
missioners shall deliver over the original subscriptions to
the president and directors immediately after their elec-
tion.

Election for
president and
directors.

SEC. 6. And be it enacted, That to continue the
succession of the president and directors of said com-
pany, twelve directors shall be chosen annually, after
notice as aforesaid, on the second Monday of January
in every year, by the stockholders of said company; and
the directors, or a majority of them, shall have power
to appoint judges of elections, and to elect a presi-
dent of said company from among the directors, and
to allow him such compensation for his services as
they may deem proper; and if any vacancy shall occur,
by death, resignation or refusal to act, of the president
or any of the directors of the said company, the presi-
dent and directors, or a majority of them, shall elect
some person or persons to serve until the next annual
election, and the said president and directors of the com-
pany shall hold and exercise their offices until a new
election of president and directors; and that all elections
which are by this act, or by the laws of said company,
to be made on a particular day, if not made on such
day, may be made at any time within sixty days there-
after, after notice as aforesaid.

Directors to
be chosen an-
nually.

Power of di-
rectors to
elect presi-
dent.

Vacancy —
how filled.

Elections.

SEC. 7. And be it enacted, That a general meeting

of the stockholders may be called at any time, upon
giving thirty days public notice; Provided, that a ma-
jority of the stockholders holding a majority of the
capital stock of said company, shall be required to trans-
act business in such meeting of stockholders.

General meet-
ings.

Proviso.