JOHN WALTER SMITH, ESQ., GOVERNOR.

any law of this State or of the United States; the powers of
the directors shall, however, always be under the control of
the shareholders at any general meeting regularly called.

873

SEC. 4. And be it enacted, That the capital stock of this
company shall not exceed five hundred thousand dollars,
divided into five thousand shares of the par value of one hun-
dred dollars each, to be paid by each member or stockholder
at the time of subscribing, which he may, however, increase
or diminish, or, with the consent of the directors, discon-
tinue; but before such diminution or discontinuance shall be
allowed all back dues and fines must be paid to the date of his
subscription, and every member or stockholder, in person or
by proxy, shall have one vote for each share he may hold.

Capital stock.

SEC. 5. And be it enacted, That no one shall be eligible as
president, vice-president, secretary or director who is not a
bona fide holder of at least five shares of the stock of this
corporation, which, upon his or their ceasing so to hold, it
shall be the duty of the directors to declare his or their offices
vacant and to fill the vacancy.

Who eligible
for office.

SEC. 7. And be it enacted, That no stockholder of this com-
pany shall be answerable, in person or individual property,
for any contract of said company, or for any loss or deficiencies
or failures of the capital stock of this company, but the whole
of said capital stock, together with all the property rights and
credits belonging thereto, be answerable for debts and liabil-
ities of said company.

Liability for
debts.

SEC. 8. And be it enacted, That the stock of this corpora-
tion may be assigned or transferred on the books of this cor-
poration, in person or by attorney only, but no stockholder
indebted to the corporation shall be permitted to make a
transfer of his stock or receive any dividend until such debt
is paid or secured to the satisfaction of the president and
directors.

Transfer of
stock, etc.

SEC. 9. And be it enacted, That the said company shall have
authority and may take insurance of any kind of property
against loss or damage occasioned by lightning, whether fire
shall result therefrom or not, and may make such by-laws and
regulations concerning liability for loss or damage by light-
ning as may be deemed necessary.

May insure
against loss by
lightning.

SEC. 10. And be it enacted, That the directors may call a
general meeting of the stockholders for any purpose relating
to the affairs of the corporation by giving at least ten days'
notice thereof in one or more of the newspapers published in

Directors may
call general
meeting of
stockholders.