T. WATKINS L1GON, ESQUIRE, GOVERNOR.

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such part of the capital stock of said company as may be
agreed upon between them on the one part and those
who may associate with them by subscription for stock
payable in money on the other part.

SEC. 3. And be it enacted, That the subscription
to the said capital stock shall be made at such places,
and in such manner, as shall be designated by the said
Thomas J. McKaig, Thomas Chalkley, Atkinson Doug-
las Percy and R. L. Joice, or a majority of them, and
that the shareholders of one or more share of said stock
shall be a member of said corporation, and shall be en
tilled at all meetings of the stockholders to one vote for
each share so held, in person or by proxy, and the shares
of said capital stock shall be assignable or transferable
or may be provided for by the by-laws of said company
and not otherwise, and shall be considered as personal
property.

Subscription.

SEC. 4. And be it enacted, That the affairs of said
company shall be managed by a president and six direc-

tors, who shall be chosen annually by the stockholders
of said corporation, to serve for one year and until others
shall be elected, in such manner as shall be directed by
the by-laws of said company, and until the first election
of president and directors shall be held, the said Thomas
J. Mckaig, Thomas Chalkley, Atkinson Douglas Percy
and R. L. Joice, or a majority of them, shall have full
power and authority to exercise all the corporate powers
of said company, and the said presided and directors
and their successors, or a majority of them, shall have
full power and authority to manage the affairs of said
company, under such powers as may be given them by

Management
of affairs.

the by-laws of the said company; and in case of any va-

cancy occurring in the presidency or directors of said
company, the remaining directors shall have the power
to fill such vacancy by appointing some stockholder
until the next general election thereafter.

Vacancy, how
to be filled.

SEC. 5. And be it enacted, That the meetings of

the stockholders shall be held at such time and place and
upon such notice as may be prescribed by the by-laws
of said company, and in all meetings of the stockholders
a quorum for the transaction of business shall be the
owners and representatives of at least the major part
of the stock of said company, and every such meeting
of stockholders shall have full power to pass, anew, alter
and repeal by-laws or resolutions, which shall be bind-
ing on the officers and agents of said company, and shall
also have power to require settlements and accounts re-

Meetings.