Sec. 4. And be it enacted. That said corpora-
tion may go into operation when and so soon as
one hundred thousand dollars shall have been sub-
scribed in money toward its full capital stock, and
twenty-five thousand dollars of said subscription
paid in, the time and manner of payment of such
subscription to be fixed and determined by the
corporators aforesaid.

When to go
in operation.

Sec. 5. And be it enacted. That the affairs of
the corporation shall be conducted by a President
and Directors, who shall be chosen by the stock-
holders from among themselves in such manner
and at such times as the by-laws may provide, and
who shall act in their respective offices until suc-
cessors shall be chosen, and in case of a vacancy
the President and Directors, or a majority of them,
being a quorum, shall fill the same until the next
general election.

Officers—who
chosen.

Sec. 6. And be it enacted, That no dividend shall
be declared which shall impair the paid in capital
stock of said corporation or from any other source
than the bona fide earnings of the corporation
clearly ascertained at stated periods, and that
no share or shares of stock shall be transferred
and no dividend paid to any stockholder while
said stockholder remains indebted to the corpora-
tion.

Dividends.

Sec. 7. And be it enacted, That if any stock-
holder or his assigns shall refuse or neglect to pay
any instalment for the space of sixty days next
after the same shall be due and payable, the stock
on which such instalment is due and payable shall
be forfeited to the corporation and may be sold by
said corporation for its benefit, but the President
and Directors, or a majority of them, may remit
such forfeiture on such terms as they may think
proper.

Stock—how
forfeited.

Sec. 8. And be it enacted, That this Act shall
not be construed to confer upon said corporation
any banking powers, nor the right to issue any
bill or note in the form of a bank note to circulate
as currency.

No banking
powers.

Sec. 9. And be it enacted, That the General
Assembly expressly reserves to itself the right to
alter, amend, annul or repeal this Act of incorpo-
ration at its pleasure.

Reservation.