PHILLIPS LEE GOLDSBOROUGH, ESQ., GOVERNOR. 1165

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
the par value or such sum above par as may be agreed upon
on any share shall have been fully paid the same shall there-
upon become non-assessable and non-liable for or on account of
any purpose whatsoever, the said body corporate shall not, how-
ever, begin the prosecution of any business under its charter
until its stock to the amount of sixty shares shall have been
subscribed, and when sixty of the one hundred shares shall
have been subscribed the stockholders may elect not less than
five nor more than nine directors from among themselves to
hold until the ensuing annual meeting 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 empowered to have and to
exercise in the name and in 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 payment of such price at
par or above par for said stock as may be determined upon by
vote of a majority of the stock of the said corporation at the
time of such increase or increases, and in the case of the fail-
ure of any of the stockholders to subscribe and pay for their
pro rata share of said stock at the price named in said resolu-
tion or resolutions, then the board of directors shall have the
power to sell said 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 further enacted, That the directors shall
be elected annually by the stockholders on the first Monday in
December, and they shall elect from their number at the first
meeting of the board after their election as prescribed by the
second section of this act and after all subsequent elections a
president and such vice-president as they may see fit, and shall
have power to appoint a secretary or such assistant secretary
and treasurer and such assistant treasurer and said secretary
and 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 elections and all meetings of the stock-
holders every stockholder shall be entitled to one vote for every
share of stock held by him, but no person shall be eligible as