JOHN WALTER SMITH, ESQ., GOVERNOR.

981

subscribed the stockholders may elect not less than seven
nor more than twenty-five directors, from among them-
selves, to hold until the ensuing annual meeting, or until
their successors have been fully elected and qualified; and
the directors so elected of said company when it shall have
been organized 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, and should the capital stock,
from time to time, or at any time or times, be increased, the
stockholders, at the time of such increase or increases, shall
be entitled to subscribe to a pro rata share of such increase or
increases upon the payment of such price at par or above par
for said stock as may be determined upon by a vote of the
majority of the stockholders of the said corporation at the
time of such increase or increases, and in case of the failure
of any of the stockholders to subscribe and pay for their pro-
rata share of said stock at the time named in said resolution
or resolutions, and within the time limited and fixed under
said resolution or resolutions, then the board of directors
shall have the power to sell said stock for cash or payable in
instalments to such persons or corporations as they may see
fit, not, however, under the price fixed in said resolution or
resolutions.

May elect
certain number
of directors.

SEC. 3. And be it enacted, That the directors shall be
elected annually by the stockholders on the second Tuesday
in July, and they shall elect from their number at the first,
meeting of the board after their election, as prescribed by the
second section of this Act, and after all subsequent elections,
a president and such vice-presidents as they may see fit, and
shall also have power to elect a secretary, or such assistant
secretaries, and a treasurer, or such assistant treasurers, and
an auditor, and said secretary and treasurer may be one per-
son, and to appoint and employ such other officers, clerks and
agents as the business of said company from time to time re-
quires; all elections shall be by ballot, and at such elections
and all meetings of the stockholders every stockholder shall
be entitled to one vote for every share of stock held by him,
but no person shall be eligible as directors who is not a
stockholder to the amount of two shares of stock.

Annual elec-
tion of direc-
tors, president
and other
officers.

SEC. 4. And be it further enacted, That said body corporate
shall have the right to purchase and hold, bargain and sell,
grant, assign and convey land or any interest or estate
therein, chattels, choses in action, checks, notes, bills
receivable, bills payable, bills of exchange, due bills, certi-

Rights and
privileges.