dent and Directors thereof,, from time to time issue
preferred or common stock at twenty-five dollars
per share, so as to increase the capital stock of
said company to an amount not exceeding three
hundred thousand dollars.

Stock—how
described.

Sec. 4. And be it enacted. That the preferred
stock shall be described as such in the certificates
issued therefor, and shall be entitled to dividends

Proviso.

of ten per cent. per annum; provided, the net
earnings of the company on its present diminished
capital and on the capital hereafter obtained shall
suffice to pay that amount, and after such divi-
dends shall be provided for, dividends, in the dis-
cretion of the Board of Directors thereof, may be
declared on the common stock of the company,
and if in any year the net earnings of the com-
pany shall not suffice to pay said ten per cent. on
said preferred stock, the same be paid out of
the net earnings of subsequent years, with inter-
est from the end of each fiscal year of the com-
pany, before any dividend shall be paid or declared
on the common stock of the company;; and in
case said corporation shall become insolvent or be
dissolved, said preferred stock at the par thereof
of twenty-five dollars per share, with ten per cent.
dividends thereon as aforesaid, shall, after the
debts of the company shall have been paid, be
paid out of the assets of the company to the re-
spective holders of such stock before any payment
shall be made to the holders of the common stock
of the company, and only the residue of said assets
be divided among the holders of such common
stock; at any time the holder of preferred stock
shall have the right to surrender it to the com-
pany and to receive instead therof common stock
of the company.

Affairs—how
managed.

Sec. 5. And be it enacted, That said company
shall have all the powers necessary or proper for
carrying out the purposes of said company as above
described, including the power of making by-laws,
and the right to purchase lease and dispose of real
estate, and to erect buildings thereon;; and that
the business thereof shall bo managed by a Board
consisting of seven Directors to be annually elected
from among the stockholders, and said Board shall
choose one of their own number to be President,