EDWIN WARFIELD, ESQ., GOVERNOR.

733

of any of the stockholders to subscribe and pay for their pro
rata share of said stock at the price named in the said reso-

CHAP. 405

lution or resolutions, and within the time limited and fixed
under said resolution or resolutions, then the board of direc-
tors shall have the power to sell said stock for cash to such
persons or corporations as they niay see fit, not, however,
under price fixed in said resolution or resolutions.

SEC. 3. And be it enacted, That the directors shall be
elected annually by the stockholders on the second Tuesday

Power to sell
stock.

of January of every year, and the directors shall elect at
the first meeting of the board after their election, as pro-
scribed by the second section of this Act, and after all sub-
sequent 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 as they may see fit, and said secretary
and treasurer may be one person, and any assistant secretary
or treasurer may be one person, and to appoint and employ
such other officers, clerks and agents as the business of the
said company from time to time requires; all elections shall
be by ballot, and at such annual meeting of the stockholders
and all other meetings of 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 enacted, That said company shall have

Election of
directors.

power to receive and hold on deposit, in trust and as security,
any estate or property, real, personal and mixed, including
cash, notes, bonds and obligations of States, companies,
corporations and individuals, and the same to purchase, col-
lect, adjust, settle, sell and dispose of, and upon such terms
as may be agreed upon between them and the parties con-
tracting with them; and said company shall have power to
receive money subject to check, to buy and sell exchange,
both domestic and foreign, stocks, bonds, coin and buillion,
and to lend money on personal or other security.

SEC. 5. And be it enacted, That the said company be and

Power of
company.

it is hereby authorized to act as trustee in or under mort-
gage, bond or other instrument of evidence of debt issued
by any municipality, body politic or corporation of the
United States of America, or of any State or of any one of

Authorized to
act as
trustee.