. . . commissioners shall give public notice to the stockhoders by publication in a newspaper printed in Peoria, that an election will be held at some place in said town of Peoria for five directors to be chosen by said stock holders, at which election the said commissioners shall be inspectors, each share shall be entitled to one vote which may be given in person or by proxy; and the five persons having the highest number of votes shall be declared duly elected, and shall be directors of said company until others are elected and qualified. They shall choose one of their number as President of the board, and appoint such other officers and agents as may be necessary for the management of their business.

Sec[Section] 6. The said President and directors shall have the management of the concerns of said company; they shall have power to make such by laws as they shall think necessary for the good government of their concerns: Provided such by laws are not repugnant to the constitution and laws of the state.

Sec 7. The election of Directors shall be annually held on the first monday of the month in which the first set of directors are elected The stock of said company shall be deemed personal property, and transferable on the books of said company; but no person indebted to said company shall be permitted to transfer his stock until such debt be discharged to the satisfaction of the directors of said company.