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126 JOURNAL OF PROCEEDINGS [Jan. 27,
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 company, all rights and privileges which
are intended to be hereby given; and should the capi-
tal stock be at any time increased, the stockholders,
at the time of such increase, shall be entitled to a pro
rata share of such increase upon the payment of the
par value of the same.
3. And be it enacted, That the directors shall be
elected annually by the stockholders on the second
Monday of January, 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 not more than three vice-presidents, and shall
also have power to elect a secretary and treasurer,
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 stockholders,
every stockholder shall be entitled to one vote for each
share of stock held by him, but no person shall be
eligible as a director who is not a stockholder to the
amount of twenty shares of stock.
13. And be it enacted, That whenever the said com-
pary shall be appointed assignee, receiver, trustee,
guardian, executor, administrator, or whenever de-
posits of money or of valuables of any kind shall be
made with said company, the capital stock and its
property and effects as paid in shall be taken and con-
sidered as the security required by law for the faith-
ful performance of its duties, and shall be absolutely
liable, and no bond or other security shall be required
from it; when appointed executor, administrator,
guardian, receiver, trustee, assignee or depository,
and in case of a dissolution by a Court of Law or
equity, or otherwise, the debts, dues, moneys and
obligations due from it as aforesaid shall have prefer-
ence.
Section 2. And be it enacted, That this Act shall
take effect from the date of its passage.
Which was read and adopted.
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