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Session Laws, 1820
Volume 625, Page 126   View pdf image
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sued, implead and be impleaded, and shall have perpetual succes-
sion as such.
3. And be it enacted, That if it shall appear to the said com-
missioners that the aforesaid sum of three thousand dollars, or
one hundred and fifty shares, have been subscribed for, or when-

ever that sum or that number of shares shall be subscribed for,
then the said commissioners, or such of them as may act, or a
majority of such of them as may act, shall give public notice for
a meeting of the stockholders in the town of Upper Marlborough,
who shall in person, or by proxy duly authorised, proceed to elect
nine directors to manage, the affairs of the said company until the
next election hereinafter provided for, who from their own body
shall choose a president, and shall appoint a treasurer, clerk, col-

lector, and all other officers, agents and servants, necessary to
conduct the concerns of said company, requiring of them to give
such security for the faithful performance of their duty as they
may deem reasonable and right, and shall also have the power of
making such allowance to the president and other officers, as
they may think reasonable; and in voting at all elections for di-
rectors and all other occasions, each stockholder shall be allowed
one vote for each share not exceeding ten, and one vote for every
five shares above ten, by him held at the time in said company;
but if it should appear from the returns aforesaid, that the sum of
six thousand dollars has not been subscribed for, then the said
commissioners at the town, of Upper Marlborough, or any two of
them, shall cause books again to he opened at such places and
at such times, and under the direction of such commissioners as
they may appoint, until at least the aforesaid sum of six thousand
dollars, or three hundred shares, have been subscribed for; and if
from the returns of said commissioners it shall appear that more
than six thousand dollars aforesaid shall have been subscribed for,
then the said subscriptions shall be reduced to that sum by the
commissioners at the town of Upper Marlborough aforesaid, in
the manner following; that is to say. from the subscriptions high-
est in amount shall be subtracted a share or shares, until the same
shall he. made equal to the subscriptions next highest in amount,
and as often as the case may require it they shall so proceed to
subtract a share or shares from the subscription or subscriptions
remaining from time to time, highest in amount, until the aggre-
gate of all the subscriptions be reduced to the sum of six thousand
dollars aforesaid.

CHAP. 173.

When 150 shares
are subscribed
stockholders to
meet, &c.

4. And be it enacted, That any subscriptions for stock taken by
any one of the commissioners aforesaid, or by any person duly
authorised by the president and directors of the company afore-
said, at any time after the day appointed for opening the books
aforesaid, shall be as binding and obligatory as if the subscrip-
tions had been made at the time the hooks were first opened.

Subscriptions ta-
ken after the day
appointed to be

5. And be it enacted, That the president and any three direc-
tors, or in the absence of the president any four directors, shall
constitute a quorum to do business; and in the absence of the pre-
sident the directors forming a quorum as aforesaid shall choose
one of their own body to act as president pro tempore; and in case
of the death, resignation, or inability to act, of the president or
any directors, the vacancy shall be supplied by their own body from
among the stockholders, until the next stated election.

Quorum— Presi-

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Session Laws, 1820
Volume 625, Page 126   View pdf image
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