1891_public laws_128_16
CHAPTER 127 An act to incorporate the Carolina and Virginia Railway Company. The General Assembly of North Carolina do enact :
The board of directors hereinbefore provided for shall consist of not less than five nor more than nine, who shall be elected from the stockholders, and shall be elected by the stockholders at their annual meeting to be held on such day as the stockholders in their first meeting may direct, and shall continue in office for the term of one year from and after the date of their election and until their successors are elected and accept the duties of the office. And in case of the death, resignation or incapacity of any member of the board of directors during his term of office, the said board shall elect his successor for the unexpired term; and in case of the death,,resignation or incapacity of the president during his term of office, then the said board of directors shall elect one of their number to fill the unexpired term and also to elect a member of their board as hereinbefore provided for to fill the vacancy occasioned by the election of the president.