LLOYD LOWNDES, ESQUIRE, GOVERNOR.

485

SEC. 4. And be it enacted, That directors shall thereafter
be elected annually by the stockholders, on the first Monday
in May, 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, first vice-president, second vice-president and treas-
urer; and shall also have power to elect a secretary, 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 meet-
ings of stockholders, every stockholder shall be entitled to one
vote for every share of stock held by him, but no person shall
be eligible as director who is not a stockholder to the amount
at least of ten shares of stock.

SEC. 5. And be it enacted, That five days' notice shall be

Election of
officers.

given by publication in two daily newspapers in Carroll county
of the time and place of said annual election, which election
shall be conducted by three stockholders to be named from the
body of stockholders, one of whom shall be designated to act
as judge, and the other two as inspectors.

Notice of
election.

SEC. 6. And be it enacted, That the directors shall have
power to declare such dividends of the profits of the said com-
pany as they may deem proper; provided, that no dividend
shall be declared where the capital stock would be impaired
thereby.

Dividends.

SEC. 7. And be it further enacted, That said company shall
have power to receive money on deposit, to act as agent for the
purpose of issuing, registering or countersigning certificates of
stock, bonds or other evidence of debt of any State, corporation,
association, municipality or public authority, on such terms as will
be agreed upon; to deal in exchange, foreign and domestic, and
in every and all descriptions of property, personal effects, securi-
ties, mortgages, land, certificates of indebtedness, stocks of
incorporated companies, notes, loans on bonds of the United
States, or of any city, county or municipality, or of any incor-
porated company or any individual.

May receive
money on
deposit, etc.

SEC. 8. And be it further enacted, That any and every court
into which moneys may be paid or deposited by agreement of
parties, order, judgment or decree of such court, may order and
direct the same to be deposited with said company, and any
individual or administrator, guardian, committee, receiver,
assignee, trustee, State, county or municipal government or cor-
poration, or public officer, or any person or persons acting for

Deposits by
courts, etc.