EDWIN WARFIELD, ESQ., GOVERNOR.

383

their successors have been duly elected and qualified ; and the

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

Election of
directors.

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

ered 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 subscribe

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

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

be determined upon by a vote of the majority of the stock-

holders of the said corporation at the time of such increase or

increases ; and in case of the failure of 'any of the stockholders

to subscribe and pay for their pro rata share of said stock at

Failure to pay
for pro rata

the price named in said resolution or resolutions, and within

share of

the time limited and fixed under said resolution or resolutions,

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

stock for cash to such persons or corporations as they see fit,

not, however, under the price fixed in said resolution or reso-

lutions.

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

Date of an-

annually by the stockholders on the second Tuesday in Jan-

nual election

uary of each year, and the directors shall elect at the first meet-

of directors.

ing 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 to such assistant treasurers as they may

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

any assistant secretary and treasurer may be one person, and to

employ and appoint 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 the 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

Eligibility.

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

SEC. 4. And be it enacted, That said company shall have

power to receive and hold on deposit, in trust and 'as security,

Powers of com-

any estate or property, real, personal and mixed, including

pany.

cash, notes, bonds and obligations of States, companies, cor-

porations and individuals, and the same to purchase, collect,

adjust, settle, sell and dispose of and upon such terms as may

be agreed upon between them and the parties contracting with