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CHAP. 719
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by a vote of the majority of the stockholders of said cor-
poration 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 directors 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.
SEC. 3. And be it enacted, That after the year 1906 the
directors shall be elected annually by the stockholders on
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President and
other officers
to be elected.
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the second Tuesday in April, 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 such vice-presidents as
they may see fit, and shall also have power to elect a secre-
tary, or such assistant secretaries, and a treasurer, or such
assistant treasurers, and an auditor, or such assistant audi-
tors, and said secretary and treasurer may be one person,
and to appoint and employ such other officers, clerks and
agents as the business of said company from time to time
requires; all elections shall be by ballot, and at such elec-
tions and all meetings of the stockholders every stockholder
shall be entitled to one vote for every share of stock held by
him, but no person shall be eligible as director who is not a
stockholder to the amount of two shares of stock.
SEC. 4. And be it further enacted, That said body corporate
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Right to pur-
chase,
bargain and
sell land,
etc.
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shall have the right to purchase and hold, bargain and sell,
grant, assign and convey land or any interest therein, chattels,
choses in action, checks, notes, bills receivable, bills payable,
bills of exchange, due bills, certificates of deposit, warehouse
receipts, stocks, bonds, mortgage on real, leasehold or chattel
property, and any and every evidence of debt; to advance
money upon the security thereof by receiving and holding
the same on such terms as may be agreed upon or established
by the said company, or of accepting mortgages or other
liens thereon, and generally to deal in every and all descrip-
tions of property or properties, personal effects, securities,
mortgages, land, certificates of indebtedness, stock of incor-
porated companies, loans on bonds of the United States, or
of any State, city or town, municipality, or of any incorpo-
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