Southern telegraph., 1838-03-27

| IN OF said subscribers,in the town of Rodney
hy giving at least ten days pr svious notice
OF the time and place thereof, by advertise
ment IN newspaper printed in the town of
Rodney, for the purpose Of elecing under
the superintendent of said commissioners.
seven Directors, which Directors then elect
ed, shall continue in office until the second
Monday in january, A. d. eighteen hun
dred and thirty-nine, and until their sacccs-
sors shall be elected; and an election for
Directors after the aforesaid election, shall
be held on the second Monday of January.
eighteen hundred and thirty mine, and af-
forwards on the second Monday IN January
In every year. the Office Of said Company,
or some other convenient place appointed
by the Directors, IN the town OF Rodney
SAID Directors giving twcnty days previous
notice of each of said elections, Except the
first as aforesaid,) by advertisement in any
newspaper printed in the town Of Rodney,
of the time, place and object of said cleo
ton, by order Of the Board Of Directors
And the Directors shall, at their first meet.
ing after their election, elect one of their
number to serve as President, who shall
serve during the period said Directors shall
continue in office.
SEC. 5. Be 1t further enacted, That in
the event of any vacancy, from death, re-
sIgnaiion, non-acceptance, or removal from
office, or absence of Director, the vacancy
shall be filed by appointment by the Board
of Directors.
Sec. 6. Be it further enacted, Tint the
Board of Directors shall! have power to APP
point such officers, agents, clerks, superin-
PENDANTS, consIgnees, servants, and ii secre-
tary, as shall be necessary for the manage
ment and execution Of the business OF said
company, and to fix and allow their com
pensation or commissions; and ais, to dis
charge and supersede any such secretary,
| officers, agents, consignees, clerks, super
intendants, AMI servants, and require them
to surrender to said Board of Directors, or
to the President alone, or to an agent, all
books, papers, vouchers, accounts, AMI arti-
cles, moneys or effects, belonging to said
Company, in the custody or possession of
| such discharged or superseded person or
persons; and said board shall be capable OF
exercising such other authority and powers,
| for the well. being, transacting and cond ict-
Ing the affairs of said corporation, as shall
be provided and fixed by the bylaws, reso-
lu,ions, and regulations ofthe same, not con-
| trary to tbs act, nor to the constitution and
laws of;he United States, or of this State.
4. SEC 7. Be it further enacted, That if
any portion of said capital stock shall re-
main unsubscrihed, when said subscrip-
| lona el,ail be oinsed by said commissioners,
as provided for in the second section OF tls
act, said Directors shall, as soon as they
deem it best t., do SO, open books III tho town
of Rodney, for the subscription of said re-
manning stock, under such rules, regulations
and restrictions, as they shall deem proper
giyinyat least four weeks previous notice OF
the time and place ofopenns said books, in a
newspaper printed in the town of Ro lney.
SEC. 3. BE 1t further enacted, That the
following rules, restrictions, ami provisions,
shall form and be fundamental articles of
said company Il. No stockhn'd,r other
than an actual bona fde citizen Of this State
shall be entitled to vote either in person
or i,y proxy, and no vote shall be received
at any election based upon any transfer OF
stock from foreign stockholdcr, unless
such traasfer shall have been made at least
sixty DAYS before any election at which
said vote my be offered. 2. Every stock
holder shall be entitled, at all meetings OF
the Stockholders convened for the purpose
of eleoting Directors of said Company, to
vote for Directors according to the number
of shares he, she, or they, shall respectively
hold in the proportions following: that is to
say, for each and every share not exceed
ing ten, one vote; for every two shares
above ten, and not exceeding fifty, one
vote; for every. five shares above fifty, and
not exceeding one hundred, one vote; aud
for every ten shares above handfed, one
vote; but no person, corporation, firm, or
company, shall be entitled to more than
ono hundred votes in such election for Di-
rcctors of said Company. 3. The Presl-
dent and Directors shall be entitled to such
compensation only for their services, as may
be provided by the bylaws Of said corpora
ton. 4. Not less than three Directors, OF
whom the President shall be one, shall con-
stitute quorumto do business; but in case.
Of the sickness of the President, or his alb
sence from the Board OH any account, his
place may be supplied by any other Direc-
tor whom the B,ard may appoint. 5. None
but stakeholder who may be citizen o!
the State, shall be eligible to the office OF
Director. 6. All officers appointed by said
Directors, shall execute bonds to said Com
pany with good and sufficient security for
the faithful discharge of their respective
duties, except consignees. Z. The capital
stock shall be considered personal p-opc rty,
and certificates therefor shall be issued to
the stockholders, for their respective shares
of stock, signed by the President and coun-
tersiuned by the Secretary. and the same