JOHN WALTER SMITH, ESQ., GOVERNOR.

ered to have and exercise in the name and behalf of said
company all rights and privileges which are hereby conferred
on said company; and should the capital stock be at any time
increased, the stockholders at the time of such increase shall
be entitled to a pro-rata share of such increase upon paying
the par value of the same.

235

SEC. 3. And be it enacted, That directors shall thereafter
be elected annually by the stockholders on the second Tues-
day in June, and said directors, at the first meeting after
their election, shall elect from their number a president, a
vice-president, secretary and treasurer, and shall also have
power to appoint and employ such other officers, clerks, agents
and employes as the business of said company from time to
time shall require. All elections of directors shall be by
ballot, and at such elections each stockholder shall be entitled
to one vote for every share of stock held by him, but no
person shall be eligible as director, or who is not a stock-
holder to the amount of at least ten shares of stock .

Appoint
Officers.

SEC. 4. And be it enacted, That five days' notice by publi-
cation in two daily newspapers in Cumberland of the time
and place of each annual election, and by card from the.
secretary to each stockholder shall be given, which election
shall be conducted by the stockholders, one of whom shall
act as judge and the other two as inspectors of election.

Notice of
annual
election.

SEC. 5. And be it enacted, That the directors shall have
power to declare such dividends of the profits from time to
time as they may deem proper, but no dividend shall be paid
to the prejudice of any creditor of the company, or when the
value of the capital stock would be impaired thereby.

Dividends.

SEC. 6. And be it enacted, That said corporation is author-
ized to take, receive, have, hold and use all such estate, real,
personal and mixed, as may be obtained by the investment of
its capital stock, and all other moneys or funds that may come
into its possession in the course of its business and its deal-
ings, and the same to sell, grant, mortgage, lease and dispose
of at its pleasure, and to execute, acknowledge and deliver all
deeds and other writings concerning the same.

Power to
invest its
capital stock.

SEC. 7. And be it further enacted, That said company is
hereby authorized to act as agent for the purpose of issuing,
reissuing and cancelling certificates of stocks, bonds or other
evidences of debt of any State, corporation or association or
municipality upon such terms as may be agreed upon, and to
receive money on deposit, and deal in exchange, foreign and
domestic, and in all and every kind of property, personal

May act as
agent.