EDWIN WARFIELD, ESQ., GOVERNOR.

255

named in this Act shall have power to open books of subscrip-

tion at such times and places as they may deem expedient,

and they shall have power to compel all subscribers to said

stock to subscribe and pay therefor at par, or at such sum above

par as they may decide; and when all of said five thousand

shares shall have been subscribed, and when fifty per centum

thereon has been paid in, the stockholders may elect twenty-

five directors, to serve until the ensuing annual election, or until

their successors have been duly elected and qualified; and the

directors so elected of said company, when it shall have been

organized, may, and they are hereby authorized and em-

powered, to have and to exercise, in the name and on behalf

of the company, all rights and privileges which are intended

to be hereby given, and should the capital stock from time to

time or at any time or times be increased, the stockholders, at

the time of such increase or increases, shall be entitled to sub-

scribe to a pro rata share of such increase or increases upon the

payment of such price at par or above par for said stock as may

be determined upon byavote of the majority of the stockholders

of the said corporation at the time of such increase or increases ;

and in case of the failure of any of the stockholders to sub-

scribe and pay for their pro rata share of said stock at the

price named in said resolution or resolutions, and within the

time limited and fixed under said resolution or resolutions.

Power of di-
rectors to

then the board of directors shall have the power to sell said

sell stock.

stock for cash to such persons or corporations as they may

see fit, not, however, under the price fixed in said resolution

or resolutions.

SEC. 3. And be it enacted, That the directors shall be elected

annually by the stockholders on the second Tuesday of January

Date of elec-
tion of direc-

of every year, and the directors shall elect at the first meeting

tors.

of the board after their election, as prescribed by the second

section of this Act, and after all subsequent elections, a presi-

dent, and such vice-presidents as they may see fit; and shall

also have power to elect a secretary or such assistant secre-

taries and a treasurer or such assistant treasurers as they may

see fit, and said secretary and treasurer may be one person,

and any assistant secretary or treasurer may be one person,

and to appoint and employ such other officers, clerks and agents

as the business of said company from time to time requires;

all elections shall be by ballot, and at such annual meeting of

the stockholders and all other meetings of stockholders every

stockholder shall be entitled to one vote for every share of stock

held by him, but no person shall be eligible as director who

is not a stockholder to the amount of two shares of stock.