company may think fit to prescribe. And the said board of commissioners shall account to the said company, at the first meeting of the same, for all monies received by them or their agents, on account of such subscriptions, and shall immediately pay over the same to the treasurer of the said company, or to such other person or persons as the said company may direct and appoint; the said company, nevertheless, to allow all just credits for monies actually and necessarily expended by the said board of commissioners, in the execution of their said trust and duties.
Directors to be annually appointed by the company, &c. &c.Sec. 4. And be it further enacted, That there shall be annually holden, on the first Monday in January, a meeting of the said company, for the purpose of electing five directors, a clerk, and a treasurer; and the said company shall have power, at any meeting legally called and constituted, in pursuance of this act, to displace any of their directors or officers, and to supply by a new election or appointment, all vacancies that may happen among the directors or officers of the company; and the said company shall have power to prescribe and regulate the powers and duties of the said directors, and of all other officers of the company; and a majority of the said directors may, from time to time, elect one of their body as president, and may provisionally supply, by their own election, any vacancies that may happen among the number of directors, or among any of the officers of the company: and the persons so elected by the said directors may continue in office till the next legal meeting of the company; and the directors of the said company to be elected in pursuance of this act, shall, unless sooner displaced by the said company, continue in office until the first Monday in January next succeeding their election, and from that time until a new election shall be made by the said company.
Meetings of the company may be called by a majority of the directors.
A quorum to consist of a majority of the members of the company.Sec. 5. And be it further enacted, That a meeting of the said company may, at any time, be called by a majority of the directors of the company, for the time being, or by one third of the members of the said company, or by the proprietors of one third of the shares actually subscribed for, or the legal representatives or successors of such members of proprietors: Provided however, that no meeting of the said company shall be legal or valid, unless a quorum shall be formed, consisting of the majority of the members of the said company, or of the proprietors of at least two thirds of the number of shares actually subscribed for, their legal representatives, successors of proxies, nor unless the place, (being within the town of Alexandria,) and the time of such meeting be previously advertised for three weeks successively, in one or more gazettes in the city of Washington and Alexandria.
Directors, &c. &c. to take an oath of office.Sec. 6. And be it further enacted, That every director, clerk and treasurer, before he acts as such, shall take an oath or affirmation, for the due execution of his office.
Shares transferable.Sec. 7. And be it further enacted, That the said shares shall be negotiable and transferable from one to another, by assignments in writing, executed before two witnesses at the least, and authenticated and registered, as the said company may prescribe and direct in their by-laws and regulations.
Shares to be paid for by instalments.Sec. 8. And be it further enacted, That the amount of each share shall be paid by instalments of ten dollars, at such times as the said directors, for the time being, shall appoint; and in case any instalment or instalments shall not be paid at the time appointed, or within ten days thereafter, the same may be recovered in the name of the company, by warrant from a justice of the peace, if the amount due shall not exceed twenty dollars; and if the sum so due shall exceed twenty dollars,Mode of recovering arrears of instalments. the same may be recovered by motion, in the name of the said company, on ten days’ notice, in any court of record in the county or district where the debtor may be found; and in all such warrants and motions the