LEVIN WINDER, ESQ. GOVERNOR.

165

ers, from the hour of nine o'clock in the morning, until
four o'clock in the evening, and the persons qualified as
aforesaid, having a plurality of all the votes taken, shall
be deemed and considered directors of the said compa-
ny, until a new election shall take place as hereinafter
provided for; and the said directors, and those from time
to time elected, shall and may appoint by ballot, one of
their board, president, and adopt and use a corporate seal
of said company, and make and adopt all bye laws, rules
and ordinances, for the government and direction of said
company, and the affairs thereof, as the board may judge
necessary tor the carrying into effect the provisions of
this law, provided the same be not repugnant to the laws
of this state or those of the United States.

Dec. Sess.
1813.

5 AND BE IT ENACTED. That all elections to
be holden in virtue of this act, every stockholder shall be
entitled to vote by himself, his agent or proxy, appointed
for that purpose by writing, subscribed by such stock-
holder, and attested by one or more witnesses; and every
such stockholder shall be entitled to as many votes as
he, she or they possess shares in the said stock, as far as
twenty shares, and one vote for every two shares there-
after as far as forty shares, and one vote for every five
shares thereafter; and every stockholder may, at his
pleasure, transfer his interest in any share, such transfer
being made in the books of the said company, in such
manner as shall he by them directed

Votes appro-
priated.

6. AND BE IT ENACTED That immediately af-
ter the election of directors as aforesaid, all the powers
and duties vested in the said commissioners in virtue of
this act, shall cease and determine, and they shall forth-
with deliver over to the said directors, all the books con-
taining the names of subscribers for said stock, and the
papers relating thereto; and the directors to be so first
appointed, shall continue in office for at least one year,
and until the first Tuesday in June, which shall happen
after the expiration of the said first year.

Books and

powers of com-
missioners
transferred to
the directors.

7. AND BE IT ENACTED, That on the said first
Tuesday in June, and in every year thereafter, an elec-
tion shall be held as aforesaid in Caroline county, for
seven directors, qualified as aforesaid, to continue in
office until the first Tuesday in June next succeeding
such election; which election shall be holden by the pre-
sident and directors for the time being, and of which six
weeks notice shall be by them given in one or more
newspapers in the town of Easton.

Annual elec-
tion, notice.

8. AND BE IT ENACTED, That the amount of
each share of said stock shall be paid to the president
and directors for the time being, by instalments not ex-
ceeding live dollars, at such times as they shall appoint,
of which required payments three weeks public notice
shall be by them given in one or more newspapers pub-
lished in the town of Easton, specifying the time and

Instalments
to be paid;
notice; case of
failure.