HENRY LLOYD, ESQUIRE, GOVERNOR.

tion, or until their successors are duly elected
and qualified; and thereupon, the said com-

155

pany shall have all the powers, rights and
privileges hereby granted, and the said di-
rectors are hereby authorized and empowered
to have and exercise in the name and behalf
of the said company, all said powers, rights
and privileges, subject however, to such limita-
tion as may be prescribed by the by-laws of
said company, and should the capital stock be
at any time increased, the increased number of
shares shall be subscribed for in such manner
as the company by its by-laws may direct.

SEC. 3. And be it further enacted, That the
directors shall be elected annually in such
manner and at such time and have such quali-
fications as the company, by its by-laws may

Powers and
privileges.

direct, each share of stock being entitled to
one vote at such elections, and the said di-
rectors shall elect one of their number to act
as president of said corporation, and another
of their number to act as vice-president of
the said corporation.

SEC. 4. And be it further enacted, That the
said company, in a meeting of the share-
holders for that purpose called, shall have
power to pass such by-laws as they may deem

How elected.

best for the government of said company, (not
contrary to law, nor to the provisions of this
act), and may alter and repeal the same in such
manner as the said by-laws may prescribe, and
in such meeting each share of stock shall be
entitled to one vote.

SEC. 5. And be it further enacted, That the
officers of said company shall consist of a presi-

By-laws.

dent, vice-president, and such other officers as
the by-laws of said company may prescribe ;
and the duties and powers of the president
and other officers of the company shall be
defined, declared in the by-laws of said com-
pany.

Officers.