DIRBCTOES — TEEM  OF  FIEST  BOAED.  781

tion,  at  the  time  when  it  accepts  the  provisions  of  this  chapter,
may  change  the  par  value  of  its  shares,  as  the  stockholders
thereof  in  general  meeting,  or  the  board  of  directors  under
authority  given  them  by  the  stockholders,  may  determine ;
in  wliich  case  the  statement  to  be  filed  as  aforesaid  with  the
secretary  of  state  shall  show  the  proposed  change,  and  the
same  shall  have  effect  from  the  date  of  the  certificate  of  in-
corporation .^

Sec.  591.    Directors— Term  of  Office  of  the  First.—

When  a  certificate  of  incorporation  is  issued  pursuant  to  the
twelfth  sectiou,^  the  board  of  directors  and  officers  then  in
office  may  continue  to  act  in  their  respective  capacities  until
the  next  annual  meeting  of  the  stockholders,  and  thereafter
until  their  successors  have  been  chosen  and  qualified,  or  until
a  general  meeting,  called  pursuant  to  the  forty-first  section
of  chapter  fifty-three^  of  the  code,  shall  elect  a  new  board  or
make  such  order  in  the  matter  as  they  deem  right.*

Sec.  593.  First  Meeting  of  Stockholders.— When  a  cer-
tificate of  incorporation  is  issued  under  the  ninth  section,  the
corporators  named  in  the  agreement  recited  therein,  or  a
majority  of  them,  shall  appoint  the  time  and  place  for  hold-
ing a  genera]  meeting  of  the  stockholders  to  elect  a  board  of
directors,  make  by-laws,  and  transact  any  other  business
which  may  lawfully  be  done  by  the  said  stockholders  in  gen-
eral meeting.  The  time  appointed  for  the  meeting  shall  not
be  less  than  twenty-one  nor  more  than  ninety  days  from  the
date  of  the  certificate,  and  at  least  two  weeks'  notice  of  such
meeting  shall  be  given  by  advertisement  in  the  manner  pre-
scribed in  the  forty-first  section  of  chapter^  fifty  three  of  the
code.®

Sec.  593.  Sale  of  Additional  Stock  before  Organiza-
tion.— After  a  certificate  of  incorporation  has  been  issued
pursuant  to  the  ninth  section,  and  before  a  board  of  directors
have  been  elected  or  qualified,  additional  shares  of  the  capi-
tal stock  may  be  disposed  of,  so  that  the  maximum  capital  be
not  exceeded  in  such  manner,  on  such  terms,  at  such  times

1  W.  Va.  Code  1887,  c.  54,  §  13.    *  W.  Va.  Code  1887,  c.  54,  §  14.
