Section 227. Organization

Whenever  the  whole  capital  stock  of  such
  corporation or an amount of such capital stock proportioned to the  part
  of  such railroad directed by the commissioners to be constructed, shall
  have been subscribed by not less than fifteen  persons,  and  the  fixed
  percentage  of  such  subscriptions  shall  have been paid, in cash, the
  commissioners shall, by written or printed notice of  ten  days,  served
  personally   or  by  mail,  call  a  meeting  of  such  subscribers  for
  organization, and appoint the inspectors of election to  serve  thereat.
  At  such  meeting,  or  at  any  subsequent one to which the same may be
  adjourned, a majority in number and amount of such subscribers may elect
  persons, of a number to be theretofore determined by  the  commissioners
  not  less  than  nine,  who  shall  be  directors  for  one  year of the
  corporation formed for the purposes of constructing and  operating  such
  railroad.