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     chosen shall serve until the first annual meeting 
     
     of the said Company, and shall have full 
     
     power and authority to manage the affairs of 
     
     the said Corporation, and shall commence the 
     
     operations of the said factory, subject, never- 
     
     theless, to the rules and by-laws of the said 
     
     Company, and to the regulations hereinafter 
     
     made and provided, at which general meeting, 
     
     also, the members or shareholders of the said 
     
     Corporation, or the major part of them, shall 
     
     determine the amount of the first call or instal- 
     
     ment to be paid on each share, of which call 
     
     due notice shall be given by the Directors, as 
     
     hereinafter provided. There shall be a general 
     
     meeting of the members and stockholders of the 
     
     said Corporation, to be annually holden on the 
     
     first Monday in Januarr, in each and every 
     
     year, at Charlottetown, at which annual meet- 
     
     ing there shall be chosen, by a majority of the 
     
     said members and stockholders, seven Directors, 
     
     who shall continue in office for one year, or 
     
     until others are chosen in their room, in the 
     
     choice 'of which Directors the members and 
     
     stockholders shall vote according to the rules 
     
     hereinafter mentioned; and the Directors, when 
     
     chosen, shall, at their first meeting after their 
     
     election, choose out of their number a President. 
     
    
   
   
    
     V. Not less than five Directors shall con- 
     
     stitute a Board for the transaction of business, 
     
     of which the President shall always be one, 
     
     except in case of sickness ornecessary absence, 
     
     in which case the Directors present may choose 
     
     one of their Board as Chairman in his stead, 
     
     the President or Chairman appointed in his 
     
     absence shall vote at the Board as a. Director, 
     
     and in case of there being an equal number of 
     
     votes for or against any question before the 
     
     Board, the President or Chairman shall have a 
     
     casting vote. 
     
    
   
   
    
     VI. The Directors for the time being shall 
     
     have power to appoint such officers, clerks and 
     
     servants as they, or the major part of them, 
     
     shall think necessary for executing the business 
     
     of the said Corporation, and shall allow them 
     
     such compensation for their respective services 
     
     as to them shall appear reasonable, all which, 
     
     together with the expense of buildings, house 
     
     rent, and all other contingencies, shall be de- 
     
     frayed out of the funds of the Corpora- 
     
     tion; and the said Directors shall likewise 
     
     exercise such other powers for the well regula- 
     
     ting the afi'airs of the said Corporation as shall 
     
    
   
   
    
       
     
    
   
   
    
     ROYAL GAZETTE. 
     
    
   
   
    
       
     
    
   
   
    
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     be prescribed by the by-laws and rules of the same. 
     
     Every Secretary, Treasurer, Clerk, or other 
     
     oflicer of the said Corporation, having charge 
     
     of money transactions before he enters upon 
     
     the duties of his oflice', shall give Bonds with 
     
     two or more securities to be approved of by the 
     
     Directors, in such sums as the Directors shall 
     
     deem adequate to the trusts rCSpectively re- 
     
     posed in them. 
     
    
   
   
    
     VII. The number of votes which each member 
     
     and stockholder shall be entitled to on every 
     
     occasion when, in conformity to the provisions 
     
     of this Act, the votes of the same are to be 
     
     given, shall be in the following proportion, that 
     
     is to say: for one share, one vote; for five 
     
     shares, two votes; for ten shares, three votes; 
     
     and for fifteen or a greater number of shares, 
     
     four votes and no more. 
     
    
   
   
    
     VIII. All stockholders and members of the 
     
     said Corporation may vote by proxy: provided 
     
     that such proxy be a member and do produce 
     
     sufficient authority in writing according to the 
     
     by-1a\ 's and rules of said Company, and that 
     
     such member do not hold more than three 
     
     proxies. The Directors may, and they are 
     
     hereby authorized to fill up any vacancy that 
     
     shall be occasioned in the Board by the death, 
     
     resignation, or absence from the Island for six 
     
     months of any of its members; but that in the 
     
     case of the removal of a Director by the mem- 
     
     bers of the said Company for misconduct or 
     
     maladministration, his place shall be filled up 
     
     by the said members of the said Company, and 
     
     the person so chosen by the Directors or the 
     
     members of the said Company shall serve until 
     
     the next annual meeting of the members and 
     
     stockholders. 
     
    
   
   
    
     IX. Before any shareholder shall be re- 
     
     quired to make payment of any instalment or 
     
     call upon the amount of his subscription, thirty 
     
     days previous notice shall be given by the 
     
     Directors in two of the newspapers published 
     
     in Charlottetown, of the time and place of 
     
     payment. 
     
    
   
   
    
     X. The Directors may, whenever they 
     
     think fit, and they shall, upon a requisition 
     
     made to them in writing by not less than ten 
     
     members of the said Company, convene an ex- 
     
     traordinary general meeting of the membersof 
     
     the said Corporation, which requisition shall