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Hugh Shields ~ Feb. 1f17 â€" 8. present at the Directors‘! meeting, in order that they may have an opportunity of setting férth their views as to the differont byâ€" laws, and the shareholders again meet after the Directors‘ meot» ing is adjourned to approve, ratify and adopt the byâ€"laws passed at the Directors‘ mseting. As you will see by the byâ€"laws we have provided for the following officers, vis., President and Viceâ€"President, Seoretary Treasurer and Managing Divrector. Your Compamy maxy not require a Managing Director, but may require some other officer to look after the business of the Compamy, and he can be substituted in lieu of the Managing Director. If there are any points in connection with the meeting, or any of the afiairs of the Company upon which you are not ole ar, the writer will be glad to take them vup vith you in CGobden on Thursday next. £ Each subscribter, as you are aware, is entitled to seven | i,shares in the Company, and the assets of the Company are limited to the poles, wire, etc., on the highway, each subscriber being the owner of the line erected on his property to comnect with the | main line, and also owns his telephone instrumenrt, so that in the event of & sale, a sharsholder would transfer his shares in the Company for a price to be agreoed on and would also make a separate sale of the lines on his property and his telephone instrument. It would be advisable to explain this matter fully at - the Shareholders‘ meeting, as questions often arise on the purchase of a farm as to whether or not the interewt in the line and the. telephone pass on the sale of the farm to the purchasor. We also prepsared for you Stock Certificates for each