LLOYD LOWNDES, ESQUIRE, GOVERNOR.

assigns, and all persons who may hereafter become stockhold-
ers in the company hereby incorporated, shall be a body corpo-
rate by the name and style of "Income, Security and Trust
Company," and by that name shall have perpetual succession,
and shall be competent to sue and to be sued in any court of
law or equity whatever, and may have and use a common seal,
and generally to do, execute and enforce, all and singular such
acts, contracts, matters and things as may be necessary to carry
out the objects, and protect the interests of said body corpo-
rate, and to exercise the powers by this act conferred upon it.

SEC. 2. And be it further enacted, That the capital stock of
said corporation shall consist of not less than five hundred
shares of the par value of one hundred dollars each, being

705

fifty thousand dollars, with the privilege to increase the same
from time to time by a majority vote of all the stock at special
meetings to be called for the purpose, until the capital stock
shall have amounted to five hundred thousand dollars; and the
above-named incorporators, or the majority of them, shall
have power to open books for subscription at such times and
places as they may deem expedient, and when not less than
five hundred shares have been subscribed, and fifty per cent,
thereon has been paid, the stockholders may elect twelve or
more directors to serve until the ensuing election, or until
their successors have been duly elected and qualified; and the
directors of said company so elected may, and they are hereby
authorized and empowered to have and exercise in the name,
and on behalf of the company, all rights and privileges which
are hereby intended to be given; and should the capital stock
at any time be increased, the stockholders at the time of such
increase, shall be entitled to & pro rata share of such increase,
upon the payment of the par value of the same, and of such
price in excess of the par value as the board of directors may
prescribe; provided, however, that said corporation shall not
exercise the powers conferred upon it by sections Nos. 7, 8 and
9, of this act, until the said capital stock shall have been in-
creased to at least two hundred thousand dollars, and sub-
scribed for, and fifty per cent, thereof paid in.

Capital stock.

SEC. 3. And be it further enacted, That the directors shall
be elected annually by the stockholders on the second Monday
in April, in each year, and they shall elect from their number
at the first meeting of the board after their election, as pre-
scribed by the second section of this act, and after all subse-
quent elections, a president and vice-president or vice-presi-
dents; and the said directors shall also have power to elect a
45

Directors and
officers.