|
|
|
until successors be chosen, and as such shall exercise
the powers and perform the duties conferred and re-
quired by the next section of this act, after having taken
the oath therein prescribed, and the said shares of the
said capital stock shall be deemed personal estate, and
be transferable only on the books of the corporation,
and in such manner as may be provided and directed
by the by-laws.
|
|
|
|
Management.
|
SEC. 3. And be it enacted, That for managing the
affairs of said company, there shall be chosen at a gene-
ral meeting of the stockholders, subscribers and owners
of the stock, to be held on the first Monday of next
June, and on the first Monday of June annually there-
after, at the general meetings of the company, nine di-
rectors, each of whom shall be a stockholder of the
company to the extent of at least ten shares, and who
shall remain in office one year, or until their successors
are appointed, the said directors or a majority of whom
shall form a quorum for the transaction of business,
shall chose from their own body a president, and in his
absence, a president pro tempore; they shall have
power to supply vacancies in their own body, to call
special meetings of the stockholders, to call in instal-
ments not exceeding ten dollars a share per month, by
giving thirty days previous notice in such newspapers
as they may think proper, and to do all other things
touching the affairs of the company not otherwise spe-
cially provided for; and the said president and directors
shall, upon application of one-fifth in interest of stock-
holders of the company, call general meetings of the
stockholders, they shall moreover make and declare di-
vidends of the nett profits of the said company, or of
such portion thereof, and at such times as the said com-
pany or the said president and directors may deem ex-
pedient; and every president and director of said com-
pany, before he acts as such, shall swear or affirm, that
he will well and truly discharge the duties of said
office to the best of his skill and judgment.
|
|
|
|
General meet-
ings.
|
SEC. 4. And be it enacted, That a general meeting
of the stockholders of the said company shall fee held
annually on the first Monday in June, at such place as
shall be prescribed by the by-laws; the presence of the
majority of the stockholders in interest in person or by
proxy shall be necessary to the transaction of business
at such meeting, but a smaller number may adjourn
from time to time; in all general meetings of said com-
pany, the stockholders shall be entitled to one vote for
each and every share owned by them respectively, and
|
|
