T. WATKINS LIGON, ESQUIRE, GOVERNOR.

393

rectors shall be held as hereinbefore provided for,
and on the same day in every year thereafter, except
the same shall happen on Sunday, and in that case on
the day succeeding, shall elect by ballot from among
the said stockholders one president, and six directors
to serve for one year from the day of their election,
and until the election of their successors. And the
president and directors for the time being or a ma-
jority of them, shall give public notice for a new
election, at least fifteen days previous to the expiration
of the time for which they were elected, and in every
election as aforesaid, for president and directors each
stockholder shall be entitled to one vote for each
share of stock by him, her or them held, and in case
it shall happen that an election of president and
directors should not be made upon any day when
pursuant to the provisions of this act, such election
ought to have been made the said corporation shall
not for that cause be dissolved but it shall be lawful
on any other day to hold and make an election as
aforesaid in such manner as shall be prescribed and
regulated by the by-laws or ordinances of said cor-
poration.

SEC. 8. And be it enacted, That the president
and directors or a majority of them, shall have full
power and authority, to call upon the subscribers to
the capital stock of the said company for the pay-
ment of the respective amounts subscribed for in in-
stalments not exceeding five dollars on each share sub-
scribed for, nor more than one instalment in any one
month, provided they give public notice of the day
on which such payments shall be made at least fifteen
days previous to said day. And in case any stock-
holder shall refuse or neglect to pay such portion of
his, her or their subscription at the time so appoint-
ed, the president and directors may proceed to re-
cover the same by due process of law and in case of
a failure to realize the same by such process of law,
by reason of the want of assets, then the said stock
shall become forfeited to and for the use of the said
company, and the president and directors after giv-
ing such public notice as they shall deem proper shall
proceed to sell the said stock so forfeited, and trans-
fer the same.

Power to col-
lect subscrip-
tions.

SEC. 9. And be it enacted. That all the moneys be-
longing to the said company shall be paid into the
hands of the treasurer of the said company and the

Disposition of
money.