the Company at an annual or special meeting of the Company to authorize such sale or mortgage. 3. That the capital stock of the said Company shall be six thousand dollars, divided into six hundred sheets of ten dollars each, and such shares shall be assignable and transferable in such manner and upon such terms as the by-laws may provide. 4. The shareholders shall at their annual general meeting, hereinafter provided for or in case from any reason, such general meeting can¬ not be held, at a special general meeting, hereinafter provided for, elect by ballot seven directors, three of whom shall form a quorum, and every person who holds the number of one or more shares shall be eligible as a director, and shall continue qualified as such only while he holds such share. 4. The directors when elected shall choose from their number a presi¬ dent, secretary, and treasurer. The latter two offices may be filled by one person and in case of a vacancy or vacancies occurring in the Board of Directors by death, resignation, disqualification, refusal to act or otherwise, the remaining directors may fill up the vacancy or vacancies. 6. That the several persons who now are to hereafter may become subscribers for shares on the said Company shall be required to pay the sums of money by them respectively subscribed in such propor¬ tions and at such times as shall be appointed by the directors, and such moneys shall be recoverable in the Courts of this Island. 7. That the property of said company shall be alone liable for its debts and engagements and no individual shareholders shall be responsible for the same or any liability whatsoever beyond the amount unpaid on shares held by him. 8. That the persons whose names are mentioned in the first section of this act shall be the directors until the first annual general meeting to be held in September next; provided that the said directors as well as future Boards of Directors to be appointed under Section Four of this Act shall hold office until their successors are appointed. 9. The Annual General Meeting of the company shall be held during the month of September in each year at a place and hour to be announced by the directors by posting notices at least six days before the meeting on four public places in O'Leary . 10. A special general meeting of the Company may be called by the President or in his absence by the secretary on the requisition in writing of five shareholders, notice of which meeting shall be given in the same way as in the last preceding section and said notice shall briefly state the object for which the meeting is called. 159