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Dec. Ses. 1816
Additional
shares may be
subscribed for.
Meeting of
stockholders—
Votes.
Powers of
President and
directors.
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chanan, three hundred shares; the said Andrew Clopper three
hundred shares; the said Price and Watson three hundred shares;
the said George Warner one hundred and fifty shares; the said
George Harryman one hundred and fifty shares; the said Mi-
cajah Merry man one hundred and fifty shares; and the said
James A. Buchanan and Co. one hundred and fifty shares; and
each of the said persons shall have lull power as any other stock-
holder, to sell, devise, or otherwise dispose of, all or any of the
shares with which he or they shall be so invested, and on being di-
vested by transfer or otherwise, of all his or their shares of
stock, shall in like manner cease to be a stockholder or stock-
holders.
4. And be it enacted, That the said S. Smith and Buchanan, An-
drew Clopper, Price and Watson, George Warner, George. Har-
ry man, Micajah Merry man, and James A. Buchanan & Company,
or such one of them as the others shall authorise for that pur-
pose, shall or may receive subscriptions and payment for so
many shares of the stock of said company, in addition to the
number to which they shall be entitled as aforesaid, as they may
deem necessary, not exceeding the limited amount of capital
aforesaid; and the amount so subscribed for and received, shall
be applied as part of the capital to the use of said company.
5. And be it enacted, That there shall be a meeting of the
stockholders of said company annually on the first Monday in
March, for the purpose of electing a president and six directors,
to manage all the concerns of the company; and the stockhold-
ers, for the time being, shall vote by ballot, in person, or by
proxy; each share, shall be entitled to one vote; and a majority
of the whole number of votes given shall be necessary and suf-
ficient to elect the president and directors; and any two disinte-
rested persons appointed by the board of directors, or a majority
of them, shall receive the votes, and he judges of the election;
and if from any cause the election shall not take place on the day
appointed, the said judges may appoint another day, within thir-
ty days thereafter, for an election, of which and all other days
for elections, the stockholders shall be notified in such manner as
the by-laws of said company shall provide; and until an election
of president and directors shall be made as heroin provided, the
business of the said company shall he conducted and directed by
James Calhoun, the present agent, who shall appoint the judges
of the first election, and give the necessary notice to the stock-
holders.
6. And be it enacted, That the president and directors, so elect-
ed as aforesaid, or a majority of them, shall have power, and
they are hereby authorised, to fix the salary of the president;
to appoint and employ so many agents, factors, clerks and other
persons, as the affairs of the company may in their judgment
from time to time require, and allow them such compensation,
salary or wages, as they may think proper; and to do and per-
form such acts, and make, revise, alter and annul, all such by-
laws and ordinances, rules and regulations, not inconsistent with
the laws of the United States or of this state, as they, or a ma-
jority of them, may find convenient, useful or necessary, for ex-
ercising or carrying into effect the powers granted by this act;
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