JOHN WALTER SMITH, ESQ., GOVERNOR.

773

they may deem expedient, and they shall have power to compel
all subscribers to said stock to subscribe and pay therefor at
par, or at such sum above par as they may decide, and when
the par value, or such sum above par as may be agreed upon
on any share shall have been fully paid, the same shall there-
upon become non-assessable and non-liable for or on account
of any purpose whatsoever. The said body corporate shall not,
however, begin the prosecution of any business under its
charter until its said stock to the amount of one hundred
shares shall have been subscribed, which may be payable in
such instalments as the directors of said corporation may
stipulate, and shall have been subscribed to, and when all of
the one hundred shares shall have been subscribed, the stock-
holders may elect not less than seven nor more than twenty-

CHAP. 533.

five directors from among themselves, to hold until the
ensuing annual meeting, 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 privi-
leges 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 or
increases shall be entitled to subscribe to a pro rata share of
such increase or increases upon the payment of such price at
par or above par for said stock as may be determined upon by
a vote of the majority of the stockholders of the said corpo-
ration at the time of such increase or increases, and in case of
the failure of any of the stockholders to subscribe and pay for
their pro rata share of said stock at the price named in said
resolution or resolutions, and within the time limited or fixed
under said resolution or resolutions, then the board of direc-
tors shall have the power to sell said stock for cash or payable
in instalments to such persons or corporations as they may see
fit ; not, however, under the price fixed in said resolution or
resolutions.

Directors to
be elected.

SEC. 3. And be it enacted, That the directors shall be elected
annually by the stockholders on the second Tuesday in Feb-
ruary, and tney shall elect from their number at the first meet-
ing of the board after their election, as prescribed by the
second section of this Act, and after all subsequent elections,
a president and such vice-presidents as they may see fit, and
shall also have power to elect a secretary, or such assistant
secretaries, and a treasurer, or such assistant treasurers, and an
auditor, or such assistant auditors, and said secretary and treas-
urer may be one person, and to appoint and employ such other

President
and other
officers to be
elected.