JOHN WALTER SMITH ESQ., GOVERNOR.

371

of the same, but it is hereby provided, that two or more of
said offices or positions may be held by the same person, and
the directors of the said company are hereby authorized and
empowered to elect from among their number an executive
committee, consisting of five directors, which committee is
hereby authorized and empowered, when said board is not in
session, to exercise all the powers delegated thereto by said
board of directors as fully as said board or a majority thereof
might itself do, and a majority of the board of directors may,
and it is hereby authorized and empowered to have and to
exercise through its officers, agents or servants, in the name
and on behalf of said company, all rights and privileges which
are by this Act given and conferred upon said Company.

CHAP. 267.

SEC. 4. And be it enacted, That the board of directors shall
have power to declare such dividends out of the profits of
the said company as they may deem proper; provided, that
no dividend shall be declared when the capital stock of said
company would be thereby impaired.

Dividend
declared.

SEC. 5. And be it enacted, That the stockholders of said
company shall have power to enact and adopt such rules, regu-
lations and by-laws for the government and management of
the affairs of said company as they may deem advantageous
to the interests thereof, and in the absence of any special pro-
vision by the stockholders, the board of directors of said
company may adopt such rules, regulations or by-laws as they
may deem proper, which shall have the force of by-laws,
until the next annual meeting of the stockholders ; provided,
said rules, regulations or by-laws shall not conflict with the
constitution or laws of this State or of the United States. All

Power given
to adopt
rules, regula-
tions,
by-laws, etc.

elections at stockholders' meetings shall be by ballot, and at all
meetings of the stockholders of said company every stock-
holder shall be entitled to one vote, to be cast either in person
or by proxy, for every share of stock on which all instalments
theretofore called have been paid, standing in his name upon
the books of the company ; provided, however, that subscribers
to and holders of the preferred stock of said company, in con-
sideration of their preference, may waive, by the terms of
their subscriptions, or conditions of their holdings, any and
all rights and privileges herein conferred upon the stock-
holders of said company generally.

Election to
be by ballot.

SEC. 6. And be it enacted. That said company, within the
scope of the full and perfect enjoyment of the purposes and
powers hereinbefore mentioned, shall have and enjoy, besides
the powers and privileges in this Act particularly enumerated,
all other general powers and privileges conferred by the
general incorporation laws of this State, and particularly the

Certain
powers and
privileges
granted.