6

SAMUEL STEVENS, Jr. ESQUIRE, GOVERNOR:

Dec. Ses. 1824

and use a common seal, and the same to break, alter or renew at
pleasure; and also to ordain, establish and put in execution such
by-laws, ordinances and regulations, as shall be proper and con-
venient for the government of said company, the same not being
contrary to law, or to the constitution; and generally to do and
execute all acts, matters and things, as to their institution shall or
may appertain to do; subject, nevertheless, to the rules, restric-
tions and provisions, herein specified and provided.

Directors and
President.

6. And be it enacted, That the said directors shall be eight in
number, of whom there shall be an election, by plurality of votes,
on the first Monday of March in each year; that the said elec-
tions shall be by ballot; and each share of stock, on which no in-
stalment remains unpaid at the time, and no other, shall entitle its
owner to one vote; and that the directors thus duty elected, shall
be capable of serving as such until the next election of directors
and to fill up all vacancies that may happen in their body; and the
said directors at their first meeting annually, shall choose one of
their number as president, who may be by them removed at plea-
sure, and another appointed in his stead.

Failing to pay
instalments.

7. And be it enacted, That if any instalment on stock remains
unpaid for the space of six months, from the time at which it
should have been paid, the same shall thereby become forfeited to
the said company, and may be disposed of by the said president
and directors, as to them may appear most to the advantage of
said company; and that during and for the time such instalments-
shall remain unpaid, the stock to which they relate, shall not be
included in any dividend or apportionment of profits that may be
made for as equal period of time, next after the receipt, of profits
shall commence.

Failing to
elect directors.

8. And be it enacted, That in case it should so happen, that an
election of directors shall not be made upon the. day, when pur-
suant to this act, it ought to have been made, the said company
shall not, for that cause, be dissolved, but it shall be lawful on any
other day, within two weeks thereafter, to hold and make an elec-
tion of directors in such manner as shall have been regulated by
the laws and ordinances of said company.

Oath.

9. And be it enacted, That the president and each director, be-
fore he enters upon the duties of his office, shall take the following
oath or affirmation (as the case may be) I------, do solemnly swear
(or affirm) that I will faithfully, diligently and impartially perform
and execute the duties of ------to the best of my skill and judg-
ment, so help me God.

Exempt from
individual lia-
bility.

10. And be it enacted, That no subscriber, stockholder or mem—
ber of said company, shall be answerable in his person or in-
dividual property, for any contract or engagement of said com-

pany.

Power to con-
tract, &c.

11. And be it enacted, That the said directors for the time be-
ing, shall have power and authority to appoint such clerks, agents,
superintendants and servants under them, as may be necessary for
executing the business of said company; and the same to remove
at pleasure; and to allow them, or any of them, and also the pre-
sident, such compensation for their services as they shall deem
right; and bonds with security, to take from any, or either of