T. WATKINS LIGON, ESQUIRE, GOVERNOR.

453

in the manner hereinafter provided; at all elections
each stockholder shall be entitled to one vote for every

share held by said stockholder not exceeding thirty.
SEC. 4. And be it enacted, That the subscribers
for stock of said company, shall be and they are hereby
incorporated and constituted a body politic by the
name of the St. Martin's Inlet and Navigation Com-
pany; and by the same name the said stockholders
their successors and assigns, shall have all the privi-
leges and franchises of or incident to a corporation,
and shall be capable of taking and holding the said
capital stock, and the increase and profits thereof,
and of enlarging the same by new subscription on
the original terms if necessary, to fulfil the intent of
this act and of purchasing and holding to them and
to their successors in fee simple or for any less es-
tate; such lands and estate real or personal as shall
be necessary to them in the prosecution of their
works, and of suing and being sued, answering and
being answered in any court of law or equity in this
State; and the said company shall have power to
make a seal and alter and break the same and re-
new it at their will and pleasure, and to do all other
acts necessary for the purposes for which they are in-
corporated as fully as any other corporation may do.

Incorporated.

SEC. 5. And be it enacted, That the sums so sub-
scribed, shall be paid to the directors in such instal-
ments, and at such times as they may direct by giv-
ing one month's public notice of the payments re-
quired.

Instalments.

SEC. 6. And be it enacted, That the stockhol-
ders in said company shall on the first Monday of
August in each and every year after the organiza-
tion of said company elect by ballot aforesaid, for
the ensuing year, five directors as aforesaid; and the
directors of said company or a majority of them
shall have the power to appoint one or more judges
of all elections; and to elect a president of said com-
pany from among the directors or stockholders
of said company and to allow him a compensation
for his services if they shall deem proper; and if
any vacancy shall occur by death or resignation, or
refusal to act, or removal from the county of a pres-
ident or director, a stockholder may be elected by the
directors to fill the vacancy until the next annual
election; and all elections required to be made on a
particular day if not made on that day may be made
on any other day after thirty days public notice of

Election of
officers.