ODEN BOWIE, ESQUIRE, GOVERNOR. 241

money required to pay such dividends, shall be equal in value to the whole sum of money repre- sented by all the stock issued by said association at the time such dividend is declared.
Sec. 4. And be it enacted, That a statement of the affairs of said association, made in accor- dance with the provisions of the preceding section, shall be published in one, at least, of the news- papers of said County, immediately after the making of the estimate as provided for in said section.	Publish statement.
Sec. 5. And be it enacted, That all subscription of stock in said association, made before the pas- sage or adoption by the members of said associa- tion, as hereinafter provided for, of this Act be, and the same are, hereby legalized, and declared valid in the same manner, and to the same extent, as if said subscription had been obtained after the passage of this act; and that all stock heretofore	Acts legal- ized.
issued by said association shall he equally valid and placed on an equal footing with that issued by said association, after the passage of this Act, and its adoption by the members of said Association.	Stock valid.
Sec. 6. And be it enacted, That all stock which shall have been issued by said Association before the passage of this Act; and its adoption by the members of said Association, which has been legalized, and declared valid by the provisions of	Stock limited.
the preceding section, shall be considered and re- garded as part of the three hundred shares of stock, the issuing of which is provided for in the first section of this Act.	Not to exceed.
Sec. 7. And be it enacted, That the Board of Managers as at present constituted, and after the expiration of their term of office, the Board of Di- rectors, shall have full power and authority' to make such by-laws, and prescribe such rules and regulations, and appoint such agents as may be necessary for the government, and conduct of said	Powers of Board.
Association and conducive to its interest; Pro- vided, that after the first set of by-laws, rules and regulations, shall have been adopted, no new by-laws, rules, or regulations shall be adopted, nor any old one altered, or amended unless notice is given of such proposed new by-laws, rule or regu- 16	Rules and Regulations.