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CHAP. 614
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board of directors or managers to serve until the ensuing
annual election, or until their successors have been duly elected
and qualified ; and the directors of said body corporate so
elected may and they are hereby authorized and empowered
to have and to exercise in the name and behalf of the corpo-
ration all rights and privileges which are intend 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.
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Board
of directors.
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SEC. 4. And be it enacted, That the board of directors or
managers of said body corporate shall consist of not less than
seven nor more than twenty-five members thereof, a majority
of whom may constitute a quorum when the number is less
than ten, and seven when the number is ten or more.
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President
and other
officers to be
elected.
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SEC. 5. And be it enacted, That the directors, or a major-
ity of them, shall have power to elect from their own body a
president, vice-president and secretary, to fill all vacancies that
may occur in their offices and in their own body, to appoint
all other officers, agents and servants, as they may deem
necessary to conduct and execute the business of the corpora-
tion, and in their discretion to dismiss them ; to take bonds
for said corporation from all or any of the officers, agents or
servants by them so appointed, with security conditioned in
such form as they shall approve for the faithful performance
of their respective duties, and to secure the corporation
against loss; to prescribe the duties and fix the compensation
of all officers; to invest the funds as they shall deem proper ;
to issue policies of insurance on real, personal and mixed
property and effects against loss or damage by fire, and
generally to do any other act or acts touching the interest of
the corporation that they may deem most safe and advanta-
geous; to admit members upon such terms and conditions as
the by-laws may prescribe, and to make all such by-laws as
may be deemed necessary for the exercise of the aforesaid
powers invested in said corporation, and the same to alter and
repeal at pleasure ; provided always, that such by-laws shall
not be contrary to any law of this State or of the United
States; the powers of the directors shall, however, be under
the control of the shareholders at any general meeting regu-
larly called.
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Who are
eligible for
office.
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SEC. 6. And be it enacted, That no one shall be eligible
as president, vice-president, secretary, treasurer or director of
said body corporate who is not a bona fide holder of at least
ten shares of the stock of the corporation, which, upon his
ceasing to hold, it shall be the duty of the directors to declare
his or their offices vacant, and to fill the vacancy.
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