Acts and Laws of the Commonwealth of Massachusetts (Classic Reprint)
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Excerpt from Acts and Laws of the Commonwealth of Massachusetts
Sec. 2d. Be it further enacted by the Authority afore said, that the capital stock of said Company, exclusive of premium, notes, or profits arising from said business, shall never exceed four hundred thousand Dollars, nor be less than one hundred and fifty thousand Dollars and shall be divided into one thousand shares; of which capital stock, twenty thousand Dollars only, shall be invested in real estate.
Sec. Be it further enacted, that the stock, prop erty, affairs and concerns of said Company, shall be man aged and conducted by nine Directors, one of whom shall be the President thereof, who shall hold their Offices for one year and untill others shall be chosen, and no longer which Directors shall, at the time of their election, be stockholders, and citizens of this Commonwealth, and shall be elected on the first Monday in July in each and every year, at such times of the day, and at such place in the town of Salem as a majority Of the Directors for the time being shall appoint; of which election public notice shall be given in one of the News-papers printed in the town of Salem, and continued for the space of ten days immediately preceding such election: And such election shall be holden under the inspection of three Stockholders, not being Directors, to be appointed previous to every election, by the Directors; and shall be made by ballot by a majority Of votes of the Stockholders present, allow ing one vote to each share in the capital stock; provided that no Stockholder shall be allowed more than ten votes; and the Stockholders not present may vote by proxy, under such regulations as the said Company shall pre scribe: And if through any unavoidable accident the said Directors should not be chosen on the first Monday of July as aforesaid, it shall be lawful to choose them on another day, in manner herein prescribed.
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