JOHN WALTER SMITH, ESQ., GOVERNOR.

973

other officers, agents and servants as they may deem necessary
to conduct and execute the business of the corporation, and in
their discretion to dismiss them; to take bonds for said
corporation from all or any of the officers, agents or servants
by them so appointed with security conditioned in such form
as they shall approve for the faithful performance of their
respective duties, and to secure the corporation against loss;
to prescribe the duties and fix the compensation of all officers;
to invest the funds as they shall deem proper; to issue policies

Shall execute
bonds.

of insurance on real, personal and mixed property and effects
against loss or damage by fire, and, generally, to do any other
act or acts touching the interest of the corporation that they
may deem most safe and advantageous; to admit members,
upon such terms and conditions as 'the by-laws may prescribe,
and to make all such by-laws as may be deemed necessary for
the exercise of the aforesaid powers invested in said corpora-
tion, and the same to alter and repeal at pleasure; provided,
always, that such by-laws shall not be contrary to any law of
this State or of the United States; the powers of the directors
shall, however, be under the control of the shareholders, at
any general meeting regularly called.

May issue
policies of
insurance, etc.

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
handled dollars each; and each member or stockholder, at the
time of subscribing, shall sign his name on the books of said
company, stating the amount of stock subscribed, which he
may however, increase, diminish or, with the consent of the
directors, discontinue; but before such diminution or dis-
continuance 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 ten shares of stock of this corpora-
tion, which upon his ceasing to hold, it shall be the duty of
the directors to declare his or their offices vacant and to fill
the vacancy.

Who eligible
to office.

SEC. 6. And be it enacted, That as soon as one thousand
shares are subscribed for, and the sum of twenty thousand
dollars paid, or secured to be paid, this corporation shall be
competent to transact all kinds of business for which the same
is established.

When compe-
tent to traus-
act business.