every year, an election for seven Directors shall
be held, who, on the same day shall elect one of
their number as President, and they shall continue
in office until the next election and their succes-
sors are elected, and if from any cause an election
should not take place in any year on the first Mon-
day in January, or if the President and Directors
should fail to call a meeting therefor, it shall be
competent for said stockholders to hold an election
within sixty days from said first Monday of Jan-
uary, and for a majority of said stockholders to
call a meeting for that purpose.

Sec. 5. And be it enacted, That the said Presi-
dent and Directors shall have full power and authority
to appoint all such clerks, agents and ser-
vants as they may deem necessary to conduct the
business of said corporation, and to fix their rates
of compensation, and to dismiss them at pleasure
and appoint others in their stead, and to manage
and conduct the business and affairs of the said
corporation in all respects subject only to such re-
strictions as the by-laws of the corporation made
at general meetings of the stockholders may im-
pose, and the said President and Directors shall
cause full and accurate books to be kept of all
purchases and sales of goods, and receipts and
payments of money, with names, dates, items and
amounts, and shall cause said books to be audited
at the end of every three months, and lay them
before a general meeting of the stockholders,
which shall be held at that period for examination
and scrutiny, and shall exhibit to said meetings,
to be held at the end of every three months, a full
and explicit statement of all the business and con-
dition of said corporation, and the said President
and Directors shall annually declare a dividend
among the shareholders from the profits of ten per
cent.; and it the profits exceed ten per cent. the
surplus shall be divided among the stockholders
according to the amount of goods purchased by
each within the year, and not according to the
shares of stock held.

Powers of
Directors.

Sec. 6, And be it enacted. That nothing herein
contained shall authorize the said corporation to
exercise banking privileges, or issue any note,
token or device to pass as currency, and that no

No Banking
privileges.