SAMUEL SPRIGG, ESQ. GOVERNOR.

35

portion to the number of these shares that shall be held by the dif-
ferent members, shall be their respective rights and privileges in all
the property and advantages belonging to the society.
3. And be it enacted, That all the business and concerns of
the said society shall be transacted and managed under the superin-
tendance and instructions of a board of directors, which at all future
elections shall be made to consist of nine stock-holders; and every
such board at their first meeting, shall have power to appoint a pre-
sident from among their own number, to serve in that capacity for
one year, and until a successor shall be appointed.

Dec. Ses. 1821.

Board of direc-
tors-president.

4. And be it enacted, That on the first Monday in January
in every year, or within ten days thereafter, there shall be a meet-
ing of the stock-holders of the said society, at which, either in person
or by proxy, the said board of directors shall be elected by such of
the said stock-holders who shall be present, to serve for twelve
months, and until others shall be chosen at a subsequent election to
supply their places; and at all such elections, the nine stock-holders
who shall respectively have the greatest number of votes, shall be
duly elected, counting one vote for every share of the first five
shares; one vote for every two shares of the next ten; one vote for
every three shares of the next fifteen; one vote for every four shares
of the next twenty; one vote for every five shares of the next fifty,
and one vote for every ten shares of any remaining number of
shares held by any individual or company, as the owner or owners
thereof.

When to be e-
lected—ratio.

5. And be it enacted, That the said board of directors, any
majority of whom shall form a quorum, shall have power to fill up
vacancies in their own body, and to make and ordain all such rules,
ordinances, by-laws and regulations, for the government and well
ordering of all the business and concerns of the said corporation, as
from time to time shall be found to be expedient and necessary;

Vacancies—
rules, &c.—se-
cretary— trea-
surer.

Provided, They shall in no respect be inconsistent with law, nor
the provisions of this act; and the same again to revise, alter and
amend or annual at their pleasure, and also to appoint a secretary
and treasurer, who, for such compensation as the said board of di-
rectors may adjudge sufficient, shall keep a fair and faithful record of
all the transactions and proceedings of the corporation, to be at all
times open to the inspection of any member of the said board, or to
any stock-holder to whom any director shall see cause to give a
written order for that purpose.

Proviso.

6. And be it enacted, That the said board of directors shall
have power to enter into bargains and contracts, for and on behalf
of the said society, and to make and conclude such purchases and
sales of any houses, lands, tenements or other property, real, per-
sonal or mixed, as in their judgment may be to the advantage of the
said society, and to receive and make, as occasion shall require, un-
der the common seal of the corporation and the signatures of the
president and secretary of the board of directors for the time being,
all deeds, conveyances and other legal transfers of title, necessary
to be received and made, in consequence of the purchases and sales
that may be so concluded; and also to lease, rent and otherwise dis-
pose of any property belonging to the said society, and to collect

Powers.

and receive the rents, issues and profits thereof; Provided never-
theless, That the whole amount of property which may be leased by

Proviso.