ART. 40. ] FORMATION, POWERS, AND REGULATION OP CORPORATIONS. 349

CO-OPERATIVE 8TOEES. 17 0. No railroad or mining company, formed or organized: under any of the provisions of this State, or which have organized under any existing laws, charter, or act of the General Assembly of this State, shall own, conduct, or carry on any store, or have any interest in any store, or receive any portion of the profits thereof;	1868, c 471, s 217. Stores con- nected with railroad or mining com- panies
nothing herein contained, however, shall prevent the employe's of any corporation from forming co-operative stores. STEAMSHIPS AND STEAMBOATS	Co-operative stores
171. Any railroad company incorporated under the laws of this State, may own and operate any line of steamships or steamboats, or may subscribe to or hold the stock of any company owning and operating such steamships or steamboats, where such steamships and steamboats can be used wholly or in part in connection with the business of said railroad company. PREFERRED STOCK.	Id s 218 Steamships or steamboats connected with railroad com- panies
172. Every corporation incorporated under the laws of this State, which has the power to issue bonds as evidences of indebt- edness, and to secure the same by mortgage of the property of such corporation, or which has the power to obtain money upon mortgage, may, whenever in the judgment of said corporation, it is expedient so to do, in place of issuing such bonds and securing the same by a mortgage of the property of the said corporation, or instead of obtaining money upon mortgage, issue a preferred stock for any amount for which the said corporation may be authorized to issue its bonds, or for any amount for which the said corporation may be authorized to obtain upon mortgage of its property, and may dispose of the said stock by sale, on such terms as it may pie- scribe, or by permitting the same to be subscribed for, as in the judgment of said corporation may be deemed expedient, and every corporation creating such preferred stock as aforesaid, may execute an agreement under seal, guaranteeing to the purchasers of or sub-	Id s 219 Preferred stock
scribers to such preferred stock, a perpetual dividend of six per centum per annum out of the profits of the said corporation, pay- able yearly or half-yearly, as said corporation shall determine, before any dividend is distributed to any of the stockholders of the said corporation, other than the holders of said preferred stock so created, and the holders thereof shall have all the incidents, rights, privileges, and immunities and liabilities to which the capital stock of said corporation, or the holders thereof, may be entitled or sub-	Perpetual dividend
ject; provided, however, that no corporation shall exercise any power under this section, unless the creation of the said preferred	Proviso.
stock shall be authorized by a general meeting of the stockholders of said corporation.	General meet- ing of stock- holders