JOHN WALTER SMITH, ESQ., GOVERNOR.

373

persons as shall hereafter become stockholders in the company
hereby incorporated, shall be and they are hereby constituted
a body politic and corporate by the name and style of Royal.
Arch Banking and Trust Company, and by that name shall
have perpetual succession, and be capable in law to acquire
and hold and in any wise dispose of property, and to sue and
be sued, plead and be impleaded, in any Court whatever, to
make and use a common seal and to alter the same at pleasure,
and generally to do everything proper to carry into effect the
provisions of this Act.

CHA P. 368.

Body
corporate.

SEC. 2. And be it enacted, That the capital stock of said
company shall consist of ten thousand shares, at ten dollars
each, being one hundred thousand dollars, with the privilege
to increase the same from time to time up to the sum of one
million dollars, by a majority vote of the stockholders at a
special meeting to be called for that purpose ; and the incor-
porators or a majority of them named in this Act shall have
power to open books for subscription at such times and places
as they may deem expedient. And when said ten thousand

Capital stock.

shares have been subscribed, and when fifty per cent, thereon
has been paid in, the stockholders may elect fifteen directors
to serve until the ensuing annual election, or until their suc-
cessors have been duly elected and qualified ; and the directors
of said company may, and they are hereby authorized and
empowered to have and to exercise in the name and on behalf
of said company, all the rights and privileges which are
intended to be hereby given ; and should the capital stock be
at any time increased, the stockholders at the time of such
increase shall be entitled to a pro rata share of such increase
upon payment of the par value of the same, and of such price
in excess of the par value as the board of directors may pre-
scribe.

Directors to
be elected.

SEC. 3. And be it enacted, That the directors shall be elected
annually by the stockholders on the second Wednesday of
January in each year, and they shall elect from their members,
at the first meeting of the board after their election, as pre-
scribed by the second section of this Act, and after all
subsequent elections, a president, a vice-president or vice-presi-
dents, and a treasurer, and shall also have power to elect a
secretary and appoint and employ such other officers, clerks
and agents as the business of the said company from time to
time requires ; all elections shall be by ballot, and at such
elections and all meetings of stockholders every stockholder
shall be entitled to one vote for every share of stock held by
him or her, but no person shall be eligible as a director who
is not a stockholder to the amount of at least fifty shares,
of stock.

President,
vice-presld'nt
and
Treasurer to
be elected.