JOHN WALTER SMITH, ESQ., GOVERNOR.

701

when fifty (50) per cent, thereon has been paid in, the stock-
holders may elect twenty-five directors from among them-
selves, or a less number of directors, not less than nine, how-
ever, to serve until the ensuing annual election, or until their
successors have been duly elected and qualified ; and the
directors so elected of said company, when it shall have been
organized, may, and they are hereby authorized and empowered
to have and to exercise in the name and on behalf of the
company, all rights and privileges which are intended to be
hereby given ; and should the capital stock from time to time
or at any time or times be increased, the stockholders at the
time of such increase shall be entitled to subscribe to a
pro rata share of such increase, upon the payment of the par
value of said stock, or of such price in excess of the par
value as may be determined upon by a vote of a majority of
the stockholders of said company, at the time of such increase,
and in case of the failure of any of the stockholders to sub-
scribe and pay for their pro rata share of said stock at the
price named in any resolution or resolutions passed by the
stockholders, and within the time limited and fixed therein,
then the board of directors shall have the power to sell said
stock, payable in instalments, to such persons as they may see
fit, not, however, under the price fixed in said resolution or
resolutions.

CHAP. 478.

Directors to
be elected

SEC. 3. And be it further enacted. That the directors of
said company shall be elected annually by the stockholders on
the second Tuesday in January in each year, 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 and two or
more vice presidents, an executive committee, to be composed
of tive or more members of the board, of which the president
and vice-presidents shall be members ex officio; and said
directors shall also have power to elect a secretary and a treas-
urer, which offices may be held by one person, and such
assistant secretaries and treasurers as may be necessary, which
offices may be held by one person, and to appoint and employ
such other officers, clerks and agents as the business of said
company may, from time, require; all elections shall be by
ballot, and at such elections and at all meetings of the stock-
holders 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 director who is not a stockholder to the amount
of at least twenty (20) shares of stock.

SEC. 4. And be it further enacted, That ten (10) days'
notice shall be given by publication in one or more daily news-

President
and other
officers to be
elected.