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proportions may be made preferred stock, and such pro-
portions common stock, as the president and directors may
determine.
SEC. 3. And be it enacted, That the said corporation shall
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CHAP. 147.
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have power and authority to issue mortgage bonds in such
sums and form, and payable at such time or times, and bearing
such rate of interest, not exceeding six per cent., as the presi-
dent and directors may determine ; provided, the amount of
such mortgage bonds shall not exceed one million dollars, and
the creation of such mortgage or mortgages shall be authorized
and directed by a vote of a majority of the stockholders in
person or by proxy, at a regular or special meeting thereof,
duly called in accordance with the by-laws of the said
company.
SEC. 4. And be it enacted, That the incorporators named
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Authority
given to issue
bonds.
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in the certificate of incorporation of the said company, or
their successors in office, or a majority of them, shall have
power to open books for subscriptions to the said stock at
such times and places as they may deem expedient, and may
re-open the same from time to time, and subscriptions to the
said capital stock may be made in any property necessary for
the business of the said corporation at a valuation to be
determined by the said incorporators, directors or their succes-
sors in office, or a majority of them ; and when not less than
one hundred shares of the capital stock have been subscribed,
and when five dollars shall have been paid in on each share
so subscribed, the stockholders may organize 'said corporation.
In the organization of said corporation, the directors thereof
may choose a president, a vice-president and such other officers
of the said corporation as they may think necessary, who shall
serve until the ensuing annual election, or until their successors
are elected and qualified.. The directors shall have and they are
hereby authorized to exercise in the name and behalf of the
said corporation all the rights, powers and privileges intended
to be given hereby to the said corporation. The residue of
the subscriptions to said shares of stock shall be paid in such
instalments and at such time as may be required by the
president and directors of the company; and if any subscriber
shall fail or neglect to pay any instalment or part of said sub-
scriptions thus demanded or required for a. period of thirty
days after the same shall be payable, the said shares of stock
on which said payment or demand has been made shall be
forfeited to the company, and be sold by the president and
directors for the benefit of the company ; provided, they may
remit any such forfeiture on such terms as they may deem
proper.
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Books may. be
opened for
subscriptions
to stock.
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