110 FORTY-FIRST CONGRESS. Sess. II. Ch. 80. 1870. R3=ilr<>¤<i ¤<>¤¤· elected at such meeting of stockholders with 2. certificate of their election, P““‘°S' which certificate shall be evidence of their authority to act as such direc- Cermcats of tors. No less than seven, nor more than thirteen directors shall be dmtion ,,;-45,,6. chosen at such meeting of stockholders by ballot, and by a majority of wrglllmm of the votes of the stockholders being present, m person or by. proxy; and directors_ every such stockholder being so present at any election of directors shall mvgm ngyvote be ensigled to efive one vote tor] every of stick which lhe may have '°° · owne or ben ays next prcce in suc 1 e cctiong ut uc stcc holder shell vote at any such election upon ahy stock except such as he shall have who gljgiblg owned for ten days. No person shall be a director unless he shall be 4;, ¤¤ di¤¤<>¤¤f¤· stockholder and qualified to vote for directors at the election at which he Termofoflico. shall be chosen. The directors shall hold their offices for one ear and S I F until others are elected and qualified. y , _ P¤<>i¤ mw Sec. 11. And be it ierther enacted, That meetinvs of the stockholders l;§§Q°éS;°§;; may be called at any hme during the interval betlveen the annual meetand how may be ings, by the directors, or by the stockholders owning not less than one °"“°di fourth of the stock, by giving thirty dzxys’ public notice of the time and place of the meeting; and when any such meeting is called by the stockholders, thefparticular olbject of such meeting shall be stated in such notice, an i at an suc meetinv thus called, a ma'orit in value of the stockholders are uoty represented person or by proiiy. mich meeting shall _ may be ud- be adjourned from day to day, not exceeding three clays, without trams- ·l°°"'°‘l*&°‘ acting any business, and if within said three days stockholders having di£x;g§?£ ahnrejlority oflthex stock do not attend such meeting, then the meeting s a e cnsso ve . Statement of Sr:0. 12. Ami be it further enacted, That at a re ular meetiu of the Z2;;;; :g°b0 stockholders of any such corporation, it shall he tile duty of tlé presigggg mfsérw gintnntncltulrzercgolrs in o}il;c;{;orrtl1gfp;iecedil;1g year, to exhibit a clear Sud · · m s ne sm com an , an a an meem ¥;;°,;tb;,$;l5,g8b of the stockholders a majority of those presenlj inyperson or hy proxyé; iu;_i;mid°ut and may require similar statements from the directors, whose duty it shall bc (Hmmm when to furnish them when required ; and at all general meetings of the stockmd howmgy bg holders, a majority in value of the stockholders in such company may r€=m0v€d- $[110l; jnyqpresident, 01% anyhdirectrzydnnd elect others in their stead: rom e , mt notice o suc inten e removal shall have been civen as required in the two last preceding sections. U tioigglgygmlgg l Suc. 13. And it further enacted, That in case it shall happen at any how cured_ time that an election ot directors shall not be made on the day designated by the by-laws of the company when it ought to have been made, the company for that reason shnll not be dissolved, if within ninety days Pmid t d l‘.l16;‘c:-1ft.er they shall hold an election for directors in such manner as Euwrdgngagtii Sml be provided by the by-laws of the company. There shall be a con. preisndentot the company who shall be chosen by and From the directors, evnho fsregch suliogdmztte officers as the company by-laws may designate, the famiful I ea ele e or apnomted, end required to gave such security for Pmvm. _ p rormance 0 theoduties of their offices as the company by ICS by·laws may require: Provzded, Thut nothing herein contained shall he So construed as to Ergventlfhe stockholders from removing a president I · m e manner prescribe in t c preceding section. tO§g£:S:*`3>g;>;1¤ .Sec. 14. Andlbe it further enacted, That it shall be lawful for the md 1,0],, may be directors to call in and demand from the stockholders, respectively, any cullzdfin. f sumslof money by them subscribed, in such payments or instalments as SM1; °"“'°° the directors shall deem proper, under the penalty of forfeiting the shares of stock subscribed for and all previous payments made thereon if pay- ment shall not be made by the stockholder within thirty days after personel-demand 0I.` notice requiring such payment: Provided, That sub- Scmpuons shall not be required to be paid except in equal instalments of not more than ten per centum per month. Sec. 15. And be it further enacted, That the directors of such company
