|
|
|
present may choose a chairman from among their
own body, and they shall keep a full and correct
minute of all their proceedings, fairly entered in
a book, and kept for that purpose.
|
|
|
|
Vacancies —
how filled.
|
SEC. 5. And be it enacted, That in case any va-
cancy shall occur in the board of president and
directors by death, resignation or otherwise, the
directors shall supply such vacancy by appoint-
ment of such directors from among the stockhol-
ders to serve the remainder of the year; and said
president and directors shall have full power and
authority to appoint a treasurer and all other of-
ficers they shall deem necessary, and shall deter-
mine the nature and amount of surety to be given
by any such officer, and they shall have full pow-
er and authority to make and establish all such
by-laws, rules and regulations, not inconsistent
with the Constitution and Laws of the United
States or of this State, that shall or may be ne-
cessary for the well being, ordering and directing
the affairs of said company.
|
|
|
|
Failure to
elect at proper
time not to dis-
solve company.
|
SEC. 6. And be it enacted, That the stockhol-
holders of said company, in one year from and
after the day on which the first election for presi-
dent and directors shall be held as hereinbefore
provided for, and on the same day in every year
thereafter, except the same shall happen on Sun-
day, and in that case on the day succeeding, shall
elect by ballot from among the said stockholders
one president and four 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 shall give public no-
tice for a new election at least fifteen days previ-
ous to the expiration of the time for which they
are elected and in every election as aforesaid, each
stockholder shall be entitled to one vote for each
share of stock by him, her or them held; and incase
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 elec-
tion should have been made, said corporation shall
not for that cause be dissolved, but it shall be law-
ful 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 and ordinances of
said corporation.
|
|
