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Committees.

Quorum of

tors could lawfully do, and which they shall from Time

to Time think proper to intrust to them. Meetings of 96. The said Committees may meet from Time to

Time, and may adjourn from Place to Place, as they think proper, for carrying into effect the Purposes of

their Appointment; and no such Committee shall exerCommittees. cise the Powers intrusted to them except at a Meeting

at which there shall be present the prescribed Quorum, or if no Quorum be prescribed then a Quorum to be

fixed for that Purpose by the general Body of Directors; Chairman of and at all Meetings of the Committees, One of the Mem

6. bers present shall be appointed Chairman; and all

Questions at any Meeting of the Committee shall be

determined by a Majority of Votes of the Members preCasting voto. sent, and in case of an equal Division of Votes the

Chairman shall have a casting Vote in addition to his

Vote as a Member of the Committee. Contracts by 97. The Power which may be granted to any such Committee Committee to make Contracts, as well as the Power of

roctors, the Directors to make Contracts on behalf of the Comentered into: pany, may lawfully be exercised as follows; that is to

en ters present any

Committee. Majority binding:

VOI PORNO

erity of Vote Division

Board or

u na

of Directors, how to be

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With respect to any Contract which, if made between

private Persons, would be by Law required to be in Writing and under Seal, such Committee or the Directors may make such Contract on behalf of the Company in Writing and under the Common Seal of the Company; and in the same manner may

vary or discharge the same: With respect to any Contract which, if made between

private Persons, would be by Law required to be in Writing and signed by the Parties to be charged therewith, then such Committee or the Directors may make such Contract on behalf of the Company in Writing, signed by such Comınittee or any Two of them, or any Two of the Directors; and in the

same Manner may vary or discharge the same: With respect to any Contract which, it made between

Parol Con.

tracts.

to be entered

private Persons, would by Law be valid, although
made by Parol only, and not reduced into Writing,
such Committee or Directors may make such Con-
tract on behalf of the Company by Parol only,
without Writing; and in the same Manner may

vary or discharge the same: And all Contracts made according to the Provisions Proceedings

for enforcing herein contained shall be effectual in Law, and shall be Contracts. binding upon the Company and their Successors, and all other Parties thereto, their Heirs, Executors, or Administrators, as the Case may be; and on any Default in the Execution of any such Contract, either by the Company or any other Party thereto, such Actions or Suits may be brought, either by or against the Company, as might be brought had the same Contracts been made between private Persons only.

98. The Directors shall cause Notes, Minutes, or Proceedings Copies, as the Case may require, of all Appointments in Bockb; made or Contracts entered into by the Directors, and of Evidence the Orders and Proceedings of all Meetings of the Com- when signed pany, and of the Directors and Committees of Directors, without to be duly entered in Books, to be from Time to Time provided for the Purpose, which shall be kept under the Superintendence of the Directors; and every such Entry shall be signed by the Chairman of such Meeting; and such Entry, so signed, shall be received as Evidence in all Courts, and before all Judges, Justices, and others, without Proof of such respective Meetings having been duly convened or held, or of the Persons making or entering such Orders or Proceedings being Shareholders or Directors or Members of Committee respectively, or of the Signature of the Chairman, or of the Fact of his having been Chairman, all of which last-mentioned Matters shall be presumed, until the contrary be proved.

99. All Acts done by any Meeting of the Directors, Acts of Dior of a Committee of Directors, or by any Person acting invalidated as a Director, shall, notwithstanding it may be after-by wards discovered that there was some defect in the Ap- in appoint

further proof. qualification.

rectors not

by informality or defect Auditors :

to be person

ment or pointment of any such Directors or Persons acting as

· aforesaid, or that they or any of them were or was disqualified, be as valid as if every such Person had been

duly appointed and was qualified to be a Director. Directors not 100. No Director, by being Party to or executing in ally liable." his Capacity of Director any Contract or other Instru

ment on behalf of the Company, or otherwise lawfully executing any of the Powers given to the Directors, shall be subject to be sued or prosecuted, either individually or collectively, by any Person whomsoever; and the Bodies or Goods or Lands of the Directors shall not be liable to Execution of any legal Process by reason of any Contract or other Instrument so entered into, signed, or executed by them, or by reason of any other lawful

Act done by them in the Execution of any of their Indemnifica- Powers as Directors; and the Directors, their Heirs,

Executors, and Administrators, shall be indemnified out of the Capital of the Company for all Payments made or Liability incurred in respect of any Acts done by them, and for all Losses, Costs, and Damages which they may incur in the Execution of the Powers granted to them; and the Directors for the Time being of the Company may apply the existing Funds and Capital of the Company for the Purposes of such Indemnity, and may, if necessary for that Purpose, make Calls of the Capital remaining unpaid, if any.

tion of Directors.

Auditors.

Election of

And with respect to the Appointment and Duties of Auditors, be it enacted as follows:

101. Except where by the special Act Auditors shall be directed to be appointed otherwise than by the Company, the Company shall, at the First Ordinary Meeting after the passing of the special Act, elect the prescribed Number of Auditors, and if no Number is prescribed Two Auditors, in like Manner as is provided for the Election of Directors“; and at the First Ordinary Meet

by Shareholders

*$ 83 et seq.

Annual
Elections,

of Auditors.

ing of the Company in each Year thereafter, the Company shall in like Manner elect an Auditor to supply the Place of the Auditor then retiring from Office, according to the Provision herein-after contained"; and every Auditor elected as herein-before provided, being neither removed nor disqualified, nor having resigned, shall continue to be an Auditor until another be elected in his Stead.

102. Where no other Qualification shall be prescribed Qualification by the special Act, every Auditor shall have at least One Share in the Undertaking; and he shall not hold any Office in the Company, nor be in any other Manner interested in its Concerns, except as a Shareholder.

103. One of such Auditors to be determined in the Rotation of first instance by Ballot between themselves, unless they Audit shall otherwise agree, and afterwards by Seniority), shall go out of Office at the First Ordinary Meeting in each Year; but the Auditor so going out shall be immediately Auditors rere-eligible, and after any such Re-election shall, with oligit respect to the going out of Office by Rotation, be deemed a new Auditor.

104. If any Vacancy take place among the Auditors Vacancies in in the course of the current Year, then at any General Meeting of the Company the Vacancy may, if the Com- tillod up by pany think fit, be supplied by Election of the Share holders. holders.

103. The Provision of this Act respecting the Failure Failure of of an Ordinary Meeting at which Directors ought to be election of

Meeting for chosen shall apply, mutatis mutandis, to any Ordinary Auditor. Meeting at which an Auditor ought to be appointed.

106. The Directors shall deliver to such Auditors the Delivery of half-yearly or other periodical Accounts and Balance Directors to Sheet, Fourteen Days at the least before the ensuing Ordinary Meeting at which the same are required to be Meeting. produced to the Shareholders as herein-after provided.

107. It shall be the Duty of such Auditors to receive Duty of

Office of Auditor: to be

re Failure of

Accounts by

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Auditors: 14 days before

Auditors.

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Auditors:

from the Directors the half-yearly or other periodical Accounts and Balance Sheet required to be presented

to the Shareholders“, and to examine the same. Powers of 108. It shall be lawful for the Auditors to employ

such Accountants and other Persons as they may think may employ persons, and proper, at the Expense of the Company; and they shall

either make a special Report on the said Accounts, or simply confirm the same; and such Report or Confirmation shall be read, together with the Report of the Directors, at the Ordinary Meeting.

report, or confirm accounts.

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And with respect to the Accountability of the Officers of the Company, be it enacted as follows:

be taken

intrusted with Money.

account, on demand:

Security to 109. Before any Person intrusted with the Custody from Officers or Control of Monies, whether Treasurer, Collector, or

ex. other Officer of the Company, shall enter upon his Office,

the Directors shall take sufficient Security from him for

the faithful Execution of his Office. Officers to 110. Every Officer employed by the Company shall

from Time to Time, when required by the Directors, make out and deliver to them, or to any Person appointed by them for that Purpose, a true and perfect Account in Writing under his Hand of all Monies received by him on behalf of the Company; and such

Account shall state how, and to whom, and for what with vouch- Purpose such Monies shall have been disposed of; and,

together with such Account, such Officer shall deliver the Vouchers and Receipts for such Payments; and every such Officer shall pay to the Directors, or to any Person appointed by them to receive the same, all Monies which shall appear to be owing from him upon

the Balance of such Accounts. Summary 111. If any such Officer fail to render such Account, against Par. or to produce and deliver up all the Vouchers and account, &c.;

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and to pay Balances.

Remedy

ties failing to

a $ 116-8.

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