10

Directors, as hereinafter provided for, the President and Di-
rectors may from time to time open books for additional sub-
scriptions to the stock of said company. Until such sub-
scriptions shall be made to the amount of the eaid capital
stock of the said company shall be found to be insufficient for
the purposes of this act, then the President and Directors of
said company may from time to time increase the stock of
said company, by the addition of as many shares of stock as
they may deem necessary, and may receive subscriptions to
the same, or sell the same at a price not below their par value,
after giving at least thirty days's notice of opening the books
for subscriptions or of selling such shares: Provided, That
the President and Directors shall not increase the said capital
stock beyond the sum or amount of three million dollars.

Appointment of Officers.

SEC. 10. And be it enacted, That in all proceedings of the
President and Directors of the said company, the President
shall have one vote, and all questions shall be decided by a
majority of votes. And the said President and Directors
may appoint any and all such officers, engineers, agents, or
servants whatsoever, as they may consider necessary for the
transaction of the business, and the accomplishment of the
purposes of the company, and may dismiss or change the
same at pleasure, and may fix and determine by general reg-
ulations, or by special contract, the compensation of all such
officers and others, and may determine by the by-laws and
regulations the manner of settling and adjusting all accounts
of any of the said officers against the company, and also the
manner and evidence of the transfers of the stocks of the
company, and they shall have power to pass, and from time
to time, at their own pleasure change or annul, all by-laws
and regulations which they may deem necessary for exercis-
ing the powers vested in the company hereby incorporated,
and for carrying the objects of the act into effect. Provided,
Such by-laws be not contrary to the laws of the United States
or of this State, or the provisions of this act.

Power to Borrow Money.

SEC. 11. And be it enacted, That the President and Direc-
tors shall have power to borrow money for the purposes of
this act, and to issue bonds, certificates, or other evidences of
such loans, and to pledge the property of the company for
the payment of the same.

Invested Rights.

SEC. 12. And be it enacted, That the President and Direc-
tors of the said company shall be, and they are hereby, in-
vested with all the rights and powers necessary to the con-