ROBERT M. McLANE, ESQUIRE, GOVERNOR.

571

value of one hundred dollars each, and may be in-

creased from time to time if a majority in interest of

the stockholders shall so determine, to an amount not

exceeding in all five hundred thousand dollars.

SEC. 3. And be it enacted, That the affairs of said

corporation shall be managed by a board of eleven

How managed.

directors, a majority of whom shall be a quorum, who

shall be elected by the stockholders immediately after

the organization of said corporation, and on the first

Monday in March annually thereafter. The directors

elected shall hold office until their successors are

Hold office.

elected, and shall be authorized to elect a president

and vice-president from their own number, and also a

secretary and treasurer, and such other officers as they

may deem necessary and proper to conduct the busi-

ness of the corporation.

SEC. 4. And be it enacted, That said corporation

.

may make and may procure copies and abstracts from

the public records of the state, and gather information

Make copies
and abstracts.

therefrom and from other sources relating to con-

veyance of property, real and leasehold; may make

and procure and furnish plats and other matters rela-

tive to property; may examine the titles to property,

and guarantee or insure owners and mortgagees of

property, real or leasehold, against loss by reason of

defective title, liens or other encumbrances; and

shall have ttie right to acquire by purchase or other-

Acquire prop-
erty.

wise, and to hold, manage and dispose of, or in any

way not contrary to law deal in any property, real,

personal or mixed, which may be necessary to enable

the corporation to carry on its business or fulfil the

powers and purposes herein named.

SEC. 5, And be it enacted, That the persons named

in the first section of this act be and they are hereby

appointed commissioners to receive subscriptions to the

capital stock of said body corporate, and they, or a

majority of them, may cause books to be opened at

Commissioners
to receive sub-

such time and place as they may direct for the pur-

scriptions.

pose of receiving such subscriptions, and as soon as

one-half of the capital stock shall have been subscribed

for, the said commissioners, or a majority of them, may

call a general meeting of the subscribers for the pur-

pose of organizing and electing a board of directors.

SEC. 6. And be it enacted, That when the said cor-

poration shall have been organized, and the board of

directors elected, and when the said board of directors