grants of corporate privileges, or otherwise to
hold, use and dispose of property, real, personal
and mixed therein as above mentioned.

Capital stock.

Sec. 2. And be it enacted, That the said corpora-
tion may issue stock in such shares or sums, and
sell or dispose of the same, in such manner and
on such terms, as the said corporation may deem

Proviso.

expedient; provided, the capital stock of said cor-
poration shall not exceed, at its par value, the
sum of five hundred thousand dollars; and the
said corporation may, from time to time declare,
and pay dividends on its stock, and transfer the
same on its books, as may be provided for by its
by-laws.

Directors.

Sec. 3. And be it further enacted. That the said
corporation shall be managed and conducted by
five Directors, and such other officers and agents
as may be provided for by its by-laws; and a
majority of the Directors shall constitute a quo-
rum for the transaction of business, and may fill
all vacancies that may occur in their number.

Powers of
Directors.

Sec. 4. And be it further enacted, That the
corporators herein before named are hereby con-
stituted the Directors of said corporation for the
first year, and until their successors are elected,
and as such may make by-laws for the government
of said corporation, not inconsistent with this Act
or the laws of this State, and the same to amend
and repeal; and the said inspectors may, in their
respective individual capacities, purchase and hold
stock in said corporation, and sell and dispose of
the same.

General meet-
ings.

Sec. 5. And be it further enacted, That a gene-
ral meeting of the stockholders in said corporation
shall be held in the city of Westminster in May,
in the year eighteen hundred and sixty-eight, and
annually thereafter; and the Directors shall give
at least twenty days' notice of the time and place
of said meetings by advertisement in one or more
newspapers published in said city; and the said
stockholders shall, at their said first meeting, and
annually thereafter, elect by ballot, five Directors
of said corporation, who shall be stockholders
therein, and at least three of whom shall be citi-
zens and residents of the State, and the Directors