TWENTIETH CONGRESS. Szss.II. Ch.56. 1829. 399 time of the passage of this act, shall continue in office under and by virtue of this act of incorporation, until others shall be duly chosen in their stead. No person shall be a Director or President, who is not s quausmion stockholder; and a Director ceasing to be a stockholder, shall cease to ¤f Dir¤¤9¤r¤ be a Director. Every stockholder shall be entitled to vote by himself, °“d P'“‘d°“°‘ his agent, or proxy, appointed under his hand and seal, at all elections, in virtue of this act; and shall have as many votes as he shall have shares. Seo. 4. And be it further enacted, That a general meetin of stock- Meeting; holders of the said Company shall be holden on the first ltionday of January next, after the passing of this act, and on the first Monday of January in every year thereafter, at such place within the District- of Columbia as the President and Directors shall appoint, by giving two weeks notice in one or more of the newspapers of the District, for the purpose of electing Directors for the ensuing year; who shall meet Election of speedily after their election, and choose a President; and the President D6',9i{°":d t and Directors, for the time being, shall continue in office until others rm °n ' shall be duly elected in their places, and be organized, by the assembling of a quorum, and the choice of a President. At all elections, the _Rules ofelecpersons having the greatest number of votes shall be deemed to be cho- "°"°· sen: all elections shall be held under the superintendence of the President of the Company, for the time being, and four Stockholders, not being, at the time, Directors, appointed by the Board of Directors, any three of whom shall be the judges thereof; and who shall immediately thereafter notify the persons elected, and make a return thereof to the Directors, at their first meeting; should two or more persons have the same number of votes, the other individuals elected Directors shall determine, by ballot, from among said persons, who shall be the Director or Directors. All elections shall be opened at ten o’clock in the forenoon, and close at three in the afternoon. Sec. 5. And be it further enacted, That the President and Directors Powers of the shall have full power to make, revise, alter, and annul, all such rules, l,;°“‘fif“‘ ““d orders, by-laws, and regulations, for the government of the said Corpo-. uu °"' ration, and that of its officers, servants, and affairs, as they shall, from time to time, think expedient; and to use, employ, and dispose of the funds and property of the said Company, for the interest and benefit of the stockholders, and agreeably to the objects of the said incorporatron. Ssc. 6. And be iéfurther enacted, That the books, correspondence, T¤¤¤y=¤i¤¤¤ and papers, of the ompany, shall, at all times, be subject to the inspec- $§§’f°i;&;:f°“ tion of the Directors. Sec. 7. And be it further enacted, That the President and Direct- A pogmmsm ors shall have power to appoint all officers or servants requisite for exe- qufwmpsswouting the business of the said Company, and to establish the compen— °f° °°”* sation to be made to the President and to the other officers or servants of the said Company, respectively; but no compensation shall be given to a Director, for his services, except by a vote of the stockholders, in a general meeting. _ Sec. 8. And be itprther enacted, That the President and Directors Power to eel] shall have power to call a general meeting of the stockholders, for the g¤¤¤1’¤lm¤¢¢- purposes concerning the interests of the Company, giving at least two mg' weeks notice in one or more newspapers of the District. _ Sec. 9. And be it further enacted, That the shares of the capital Trams, gf stock, at any time owned by any individual stockholder, shall be trans- shares. ferable only on the books of the Company, according to such rules as may, conformably to law, be established in that behalf, by the President and Directors; but all debts actually due to the Company by a stockholder, requesting a transfer, must be satisfied before such transfer shall be made.
