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or until others are chosen, and that until such choice
of president and directors, the said Frederick A. Schley,
James M. Schley, Thomas Hammond, George Schley
and John G. Lynn, or a majority of them, shad have
full power and authority to exercise all the corporate
powers of the said corporation, and the said president
and directors and their successors or a majority of them
shall have full power and authority to appoint, employ
and compensate, and at their pleasure to remove such
officers, agents or servants as they may deem necessary
in the business of said corporation, also to purchase and
hold such real and personal properly, materials, vessels,
carriages, machinery, implements, privileges, easements
and franchises and to purchase or cause to he made all
such machinery, buildings or other improvements as
may he necessary to carry into effect the objects of the
said corporation, and the same or any part thereof, to
sell lease or otherwise dispose of, at their discretion, also
to prescribe the mode of issuing and transferring stock
in said corporation and the evidences thereof, and gene-
rally to do whatever they may judge expedient for the
interest of said corporation the same being in conformity
with the objects of this act, and not contrary to the laws
of this State, or of the United States, nor to any by-
laws, adopted at any general meeting of the stockhold-
ers of said corporation and a quorum for the transaction
of business, shall consist of a majority of said directors
and in case a vacancy shall occur in the presidency or
directorship of said corporation, the remaining directors!
shall have power to fill such vacancy by appointing
some stockholder to that office until the next meeting
of stockholders for the choice of directors.
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SEC. 5. And be it enacted, That a meeting of the
stockholders shall be held annually at such time and
place as shall be established by the by-laws, and its shall
be the duty of the president and directors at said meet-
ing to make a report of the condition and affairs of
said corporation, and a special meeting of said stock-
holders may be called at any time by a majority of the
directors, or by one or more stockholders who shall re-
present one fifth part of said capital stock, of which
meeting ten days previous previous notice, slating the
object thereof shall be given in some newspaper printed
in said town of Cumberland and at all meetings of the
stockholders, the owners or representatives of a major
part of the stock shall constitute a quotum for the trans-
action of business, and shall have power to pass, amend,
alter or repeal the by-laws, and remove from Office any
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Meetings.
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