LEVIN WINDER, ESQ. GOVERNOR.

155

of which are to be allowed to Elkanah Cobb, subject to
the original articles of agreement between him and the
other petitioners, the remaining shares to be filled up,
disposed of and completed, at such time or times, on
such terms, and in such manner, as the said petitioners
shall think proper.

Dec. Sess.
1813.

3. AND BE IT ENACTED, That the stockholders
shall meet on the first Monday in April eighteen hundred
and fourteen, and on the first Monday of April in every
year, or within ten days thereafter, at such place as the
president and directors, or a majority of them, for the
time being, shall appoint, and shall then elect by ballot a
president, treasurer, and three directors, who shall man-
age the concerns of the company, to serve for one year,
and until successors to them shall be chosen; the said
Daniel Bussard and company, shall continue to act until
the said first Monday in April eighteen hundred and
fourteen, and until successors are chosen.

Election of
president, trea-
surer and di-
rectors.

4. AND BE IT ENACTED, That in the choice of
the president, treasurer and directors, and on all ques-
tions whereon the votes of the stockholders are to be
taken, the number of votes to which each stockholder
shall be entitled, shall be one vote for every share, sub-
ject to the first contract with Elkanah Cobb; ail stock-
holders actually resident within the United States, and
none other, may vote at an election by ballot, in person,
or by proxy, which shall in all elections, after the first,
be made in such form as the board of directors may ap-
point; none but stockholders being citizens of the Unit-
ed States shall be eligible as a director, treasurer or pre-

sident.

Number of
votes.
Qualification
of voters.
Qualification of
officers.

5. AND BE IT ENACTED, That whenever a va-
cancy shall happen in the office of president, treasurer
or director, by death, resignation, removal, or otherwise,
it shall immediately be filled by ballot by the directors,
from among the stockholders, till the next election; and
in case of the absence of the president, the directors
shall choose a president pro-tem, who shall in all things
act as president during the said absence.

Vacancies to
be filled.

6. AND BE IT EN AC'1 ED, That the president,
treasurer and directors shall have power.
1st. To purchase and hold, on behalf of the said com-
pany, in fee simple, or otherwise, lands and real estates
suitable for the accomplishment of their undertaking, as
they shall judge proper; Provided, That the said com-
pany shall not hold property, real, personal, or mixed,
to any amount exceeding two hundred thousand dollars.
2dly. To prepare or procure, adopt and execute, such
plan or plans as they shall think advantageous and effec-
tual to accomplish the object of the institution.
3dly. To make all bye-laws, rules and regulations,
necessary for the well ordering and conducting of the
business of the company , and such bye-laws, rules and

Powers of
the president
and directors.