JOHN WALTER SMITH, ESQ., GOVERNOR.

privilege to increase the same from time to time by a majority
vote of all the stock at any annual stockholders' meeting, or
at any special meeting to be called for that purpose, to any
amount not exceeding fifteen hundred thousand dollars, and
the above-named incorporators, or a majority oi them, shall
have power to open books for subscription to said capital at
such time and place as they may deem expedient, and when
not less than five hundred shares shall have been subscribed
and fifty per cent, paid thereon, the stockholders may elect a

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board of directors, to consist of not less than five nor more
than thirty, to serve until the ensuing annual election, or
until their successors have been duly elected and qualified ,
and the directors of said company so elected, may and
they are hereby authorized and empowered to have and
to exercise in the name and on behalf of the company all
rights and privileges which are intended to be hereby given.
The stockholders at the time of organization may declare
what, if any, price in excess of the par value shall be placed
on the existing capital stock for the purpose of providing a
surplus fund, and all subscriptions shall be at that rate.
Should the capital stock be increased at any time the stock-
holders, at the time of such increase, shall be entitled to sub-
scribe for only such portion of such increase as may be pre-
scribed and designated by the board of directors; and the said
board of directors shall fix the price at which any and all
increase of capital may be subscribed.

Directors.

SEC. 3. And be it enacted, That the directors shall be
elected annually by the stockholders on the second Wednesday
in March, and they shall elect from their number, at the first
meeting of the board after their election, and after all subse-
quent elections, a president, one or more vice-presidents, and
shall have power to elect a secretary, treasurer and assistants,
and to employ and appoint such other officers, clerks and
agents as the business of the corporation may require from
time to time. All elections by stockholders shall be by ballot,
and at all meetings of stockholders every stockholder shall be
entitled to one vote for every share of stock held by him, but
no person shall be a director who is not a stockholder to the
amount of ten shares.

Annual
election of
directors.

Officers.

SEC. 4. And be it enacted, That ten days' notice shall be
given by publication in one more newspapers published in
the city or county where the principal office is located, of
the time and place of all stockholders' meetings, and the
meetings so held shall be organized and conducted as may
be prescribed by the by-laws of the company.

Published
notice of
meetings.