LEVIN WINDER, ESQ. GOVERNOR.

201

answered, defend and be defended, in any courts of
record, or any other place whatsoever; and also to
make, have and use a common seal, and the same
to break, alter and renew at pleasure; and also to or-
dain, establish, and put in execution, such by-laws,
ordinances and regulations, as shall seem necessary
and convenient for the government of the said corpo-
ration, not being contrary to Jaw, or to the constitu-
tion thereof; for which purpose general meetings of
the stock-holders shall and may be called by the di-
rectors, and in the manner hereafter specified; and
generally to do and execute all such acts, matters and
things; as to them shall or may appertain to do; sub-
ject nevertheless to the rules, regulations, restricti-
ons, limitations and provisions, hereafter specified
and declared.

1812.

9. AND BE IT ENACTED, That there shall
be sixteen directors, of whom there shall be an elec-
tion on the first Monday in June, of each year, or
within ten days thereafter, by the stock holders or
proprietors of the capital stock of the said corpora-
tion, and by plurality of the votes actually given;
and those who shall be duly chosen at any election
shall be capable of serving as directors by virtue of
such choice until the end or expiration of the first
Monday in June, next ensuing the time of such elec-
tion, and no longer, except in case of failure of elec-
tion on the day appointed, and in that case until such
election takes place; and the said directors, at their
first meeting after each election, shall choose one of
their number as president, but no subscriber shall be
permitted to vote for directors on the first election,
who has not paid to the commissioners aforesaid, the
sum aforesaid directed to be paid to the said commis-
sioners; nor shall any stock-holder at any time be
permitted to vote at any subsequent election, or on
any occasion where votes are taken, for such share
or shares as he or they have failed to pay any instal-
ment required by the said directors in manner herein
before provided.

Election of
directors, &c,

10. AND BE IT ENACTED, That from and
after the year eighteen hundred and fifteen, not more
than eleven directors in office, elected by the stock-
holders, shall be eligible for the next succeeding year,
and so at each and every succeeding election there-
after.

After the year
1815, 11 direc-
tors only shall
be elected.

11. AND BE IT ENACTED, That in case it
should so happen that an election of directors should
not be made upon any day when pursuant to this act.

Vacancies, &c.