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Dec. Sess.
1815
Commission-
ers to elect a
president and
directors.
Electors of
directors and
president.
Ratio of votes.
Instalments.
Provisos.
Officers to
take an oath.
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the papers published in said town at least three weeks previous
thereto, who shall meet on the day appointed for receiving
subscriptions at ten o'clock A. M. and continue the same open
until five o'clock P. M. and if the subscriptions shall exceed
the capital, the commissioners shall apportion the same, ac-
cording to the subscribers, by proportionate deductions, so
that the whole be reduced to the proper limit; but if the said
subscriptions shall not be filled on the first day, the commis-
sioners aforesaid may adjourn from day to day until the whole,
stock is subscribed, and those who have previously subscribed
shall be entitled to the stock in said company, from each of
whom the said commissioners shall exact the first instalment
of two dollars and fifty cents on each share so subscribed.
3. AND BE IT ENACTED, That within ten days after
closing the subscriptions, two or more of the commissioners
shall meet at Cumberland for the purpose of holding an elec-
tion for the president and directors.
4. AND BE IT ENACTED, That the stockholders afore-
said, or such at shall be present in person, or by proxy,
shall elect by billot out of the stockholders, five directors, to
serve until successors to them shall be chosen, and the said
corporation shall annually thereafter, upon the same day, in
each and every year, or within ten day's thereafter, in like man-
ner elect five directors for one year, or until successors to them
shall be chosen; and the said directors immediately after their
appointment, and so after every subsequent appointment as
aforesaid, shall choose from among the stockholders by ballot,
a president, to serve for one year from the time of his appoint-
ment; and the said president and his successor for the time be-
ing, shall always be entitled to vote as a director, and shall per-
form such duties, and receive such compensation for his servi-
ces as the directors shall from time to time appoint; and in
case any director shall be chosen president, the remaining di-
rectors shall immediately choose by ballot from among the
stockholders, a person to supply his place; and whenever a va-
cancy shall happen in the office of director or president by
death, resignation or removal from the state, or by any other
means, it shall immediately be filled by ballot by the directors,
from among the stockholders, until the next election in course,
5. AND BE IT ENACTED, That in choosing directors
no person or body politic shall have more than twenty votes,
and that each person having one or more shares under the said
number of twenty shall have one vote for every share so held.
6. AND BE IT ENACTED, That it shall and may be
lawful for the said president and directors to call and demand
from the said subscribers respectively, all sums of money by
them subscribed, in instalments not exceeding two dollars and
fifty cents on each share, under pain of forfeiture of their
shares, and of all previous payments made thereon, to the said
president, directors and company; Provided, that no such de-
mand shall be made without one month's previous notice being
given in the different newspapers published in the town of
Cumberland , And provided also, that no more than one such
payment shall be called for or required in the term, of three
months.
7. AND BE IT ENACTED, That the president and; di-
rectors, and subordinate agents of the said company, shall
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