PRIVATE ACTS. 1309

in this Act shall have the power to open books for subscrip-
tions at such time and place as they may deem expedient, and
when not less than twenty shares have been subscribed, and
when fifty per centum thereof has been paid in, the stockhold-
ers may organize the company and may elect not less than
five nor more than twelve directors, to serve until the ensuing
annual election or until their successors have been duly elected
and qualified, and the directors so elected of said company,
when it shall have been organized, may and they are hereby au-
thorized and empowered to have and to exercise in the name
and behalf of the company all rights and privileges which are
intended to be hereby given, and should the capital stock be
increased at any time the stockholders at the time of such in-
crease shall be entitled to a pro rata share of such increase
upon the payment of the par value thereof.

SEC. 3. And be it enacted, That the directors shall be elected
annually in such manner and at such time and have such quali-
fications as the company, by its by-laws, may direct, and the
said directors shall elect from their number a president, and
shall have power to elect a vice-president, a secretary and a
treasurer, and to employ such other servants and agents as the
business of the company may demand; all elections shall be by
ballot, and every share of stock shall be entitled to one vote.

SEC. 4. And be it enacted. That ten days' notice shall be
given by publication in one or more newspapers, published in
Cecil county, of the time and place of such annual election,
which election shall be conducted by three stockholders, to be
chosen by the body of stockholders in such a way as the ma-
jority thereof may determine, one of whom shall be designated
to act as judge, and the other two as inspectors.

SEC. 5. And be it enacted, That the directors shall have
power to declare such dividends out of the profits of said com-
pany as they may deem proper, provided that no dividend shall
be declared when the capital stock would be impaired thereby.

SEC. 6. And be it enacted, That the board of directors shall
make all by-laws, rules and regulations necessary for conduct-
ing the business of the company; the directors shall also have
power to require payments from each and every stockholder of
the amount remaining unpaid on the stock of the company held
by such stockholders at such times as they may think proper.

SEC. 7. And be it enacted, That the said company shall
have power to import, buy, sell or raise stock from imported or
registered stock of any kind, such as horses, cattle, swine,
sheep, poultry or any other domestic animals, for the purpose
of improving stock in Cecil county; it shall have power to ac-
quire by purchase in fee-simple lands and real estate for the