JAS. BLACK GROOME, ESQUIRE, GOVERNOR. 477

books for subscription at any time; the directors
shall elect a President from their own body annually;	Elect President
they shall make such by-laws, rules, and regulations
as may be necessary for the prosecution of the busi-
ness of the bank; they shall call for the capital stock
to be paid in as they shall think proper, on due no-
tice to the stockholders, and on failure to make such
payment they shall collect the same by suit, or sale
of stock after due notice, the purchaser thereof tak-
ing the same as the directors may determine. The	Declare dividend.
Board of Directors shall have power to declare divi-
dends on the stock of said bank at any time after the
accumulation of profits of said corporation shall ex-
ceed five per cent, on the amount of capital actually
paid in ; provided, said dividend does not reduce
their surplus of profit of the bank below five per
cent, on the amount of capital actually paid in.

SEC. 5. And be it enacted, That the election of di-
rectors of this bank shall be held annually at the	Election
bank, and the board shall give at least ten days' no-
tice thereof to the stockholders; every election shall
be by ballot, and the majority of votes shall elect;
every stockholder shall be entitled to one vote for
each share of the capital stock standing in his or her
name on the books of the bank, and may vote in per-
son on by proxy ; any omission to elect the directors
shall not impair the rights of stockholders, depositors,
or others interested.
SEC. 6. And be it enacted, That at any time after
the payment of the original capital of fifty thousand	Increase the
dollars into the bank as herein set forth ; the Board	capital Block.
of Directors may increase the capital of the corporation
to the amount limited, or any part thereof, in shares
of fifty dollars each, and such increased stock shall
be subject to all the liabilities, immunities and privi-
leges of the original stock; stockholders shall have
the option of subscribing to such increased stock
within such time as the directors may limit.
SEC. 7. And be it enacted, that the Stockholders of
said Bank shall be liable to the amount of their re-
spective share or shares of stock in said bank or	Liability
banking institution, for all its debts and liabilities
upon note or notes, bill or bills, or otherwise ; the