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meeting or meetings to be called for that purpose to a sum
not exceeding five thousand shares; and the incorporators
or a majority of them named in this Act shall have power to
open books of subscription at such times and places 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 all of said one thousand shares shall have been sub-
scribed and when fifty per centum thereon has been paid in,
the stockholders may elect not less than seven nor more than
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CHAP. 451
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twenty-five directors from among themselves to serve until
the ensuing annual election 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 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; 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 a majority of the stockholders of said corpoi-ation 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 and
fixed under said resolution or resolutions, then the board of
directors shall have the power to sell said stock for cash to
such persons or corporations as they may see fit, not how-
ever under the 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
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Directors to be
elected.
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in January of every year, and the directors shall elect 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-president as they may
see fit, and shall also have power to elect a secretary and
such assistant secretary, and a treasurer and such assistant
treasurer, as they may see fit, and said secretary and treas-
urer may be one person, and such assistant secretary and
assistant treasurer may be one person, and to appoint and
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Annual
election of
directors.
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