and defend, and be answered and defended in all
courts of law or equity; may issue stock, have and
use a common seal, which they may alter or use at
pleasure; establish by-laws, rules and regulations for
membership, and do any and every act or thing
necessary to carry into successful working effect the
provisions, objects, purposes and designs of this
Act.
SEC. 2. And be it enacted. That the officers of this
association shall consist of a President, Treasurer
and a Board of twelve Directors, who shall be
elected annually on the first Tuesday of April, from
among the stock or shareholders, by the members
thereof, and a Secretary and Attorney, who shall an-
nually be elected at the first meeting by the Presi-
dent and Board of Directors, the compensation of
which officers shall be fixed by the Board of Direc-
tors, except their own salaries, which shall not ex-
ceed two dollars per day for each day in actual
service.
SEC. 3. And be it enacted. That the President shall
preside over the deliberations at all stockholders or
board meetings, and with the board keep the seal and
papers of the association, sign all deeds for sale of
property, and all cheeks for moneys, when author-
ized by the board, and annually, in the month of
March, make a full report to the association, under
oath, of the business of the association.
SEC. 4. And be it enacted, That the Board of Di-
rectors shall, by vote, determine upon the purchase or
sale of all property and material for the use of the as-
sociation, and exercise general control of the interest
of the association, and for this purpose shall hold
meetings weekly or oftener if deemed necessary by
them.
SEC. 5. And be it enacted. That the Secretary shall
keep an office, minutes of all proceedings of the
board and association, conduct all correspondence,
and his books shall be open at all times to the inspec-
tion of members.
SEC. 6. And be it enacted. That the Treasurer shall
give bond in the sum of ten thousand dollars for the
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Officers.
"When elect'd
President.
Board of
Directors.
Secretary.
Treasurer.
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