JOHN LEE CARROLL, ESQUIRE, GOVERNOR

515

and at such meeting, the said commissioners shall

lay the subscription books before the subscribers

then and there present, whereupon the subscribers,

or a majority of them, shall elect seven directors, by

Elect directors

ballot, to manage the affairs of the company, which

directors, or a majority of them, shall have power to

elect a president from among the directors, and in

said election, and all other elections, the stockholders

of said company each shall be allowed one vote for

every share owned by him or her, and every stock-

holder may vote either in person or by proxy, and

the commissioners aforesaid, or any three or more

of them, shall be the judges of the first election of

directors.

SEC. 4. And be. it enacted, That the president and

directors elected at the first meeting of said stock-

holders, shall serve until the first Saturday in Jan-

Shall serve.

uary thereafter, or until their successors shall be

elected, and to continue the succession of said

company; a general meeting of the stockholders

shall be held annually on the first Saturday iri Jan-

uary, at which meetings a board of directors shall

be elected as aforesaid, to serve for one year, or

until their successors shall be elected; and other

Meeting.

may be called of the stockholders by tbe president

and directors, or a majority of them, according to

such rules as may be adopted hy the by-laws of said

company; and the board of directors may meet as

often as may be necessary for the transaction of the

business of the company.

SEC. 5. And be it enacted, That the shares of stock

of said company shall be ten dollars each, and

Shares of
stock.

that the sum so subscribed for the stock of said com-

pany, shall be paid to the president and directors

aforesaid in such installments and at such times as

they may appoint and require; and if any shall

neglect or fai' to pay any installment or part of said

subscription thus demanded, for the space of sixty

days next after the time the same shall be due and

payable, the president and directors may sue for and

recover the amount so subscribed in like manner as

debts of similar amount may be sued for and re-

covered.