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CHAP. 605.
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at its pleasure, and to make and adopt a constitution and by-
laws for the government of said body corporate and its officers,
agents and employes, and from time to time to amend the
same ; provided such constitution, by-laws or amendments
thereto shall not conflict with the constitution and laws of this
State or the United States; to elect or appoint directors and
officers, and generally to do, execute and enforce all and
singular such acts, contracts, matters and things as may be
necessary to carry on the objects and purposes, and to protect
the interests of said body corporate and to exercise the power
or powers by this conferred upon it.
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Capital stock
with
privilege to
increase
same.
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SEC. 2. And be it enacted, That the capital stock of the
said body corporate shall consist of two hundred and fifty
shares of the par value of one hundred dollars each, being
with the privilege to increase the same from time to time by
a vote of the stockholders at a special meeting or meetings to
be called for the purpose to a sum not exceeding five hundred
thousand dollars ; and the incorporators, or a majority of them
named in this Act shall have power to open books of subscrip-
tions at such times and places in the city of Salisbury and
elsewhere as 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, or any share shall have been fully paid, the
same shall thereupon become non assessable and non-liable for
or on account of any purpose whatever. The said body
corporate shall not, however, begin the prosecution of busi-
ness under its charter until its said stock, to the amount of two
hundred and fifty shares of stock shall have been subscribed,
which may be payable in such instalments as the directors
of said corporation may stipulate, and when all of the two
hundred and fifty shares shall have been subscribed, the stock-
holders may elect not less than seven nor more than fifteen
directors from among themselves, to hold until the ensuing
annual meeting, or until their successors shall 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.
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President
and other
officers to he
elected.
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SEC. 3. And be it enacted, That the directors shall be
elected annually by the stockholders on the first Monday in
January, and that 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
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