FRANK BROWN, ESQUIRE, GOVERNOR.

661

SEC. 9. And, be it enacted, That the compensation of every
such officer shall be paid by the said association, and he shall
not be entitled to any public compensation.

SEC. 10. And be it enacted, That the directors of said cor-

Compensa-
tion.

poration shall have full power to adopt such by laws, rules and
regulations for the direction and management of said corpo-
ration as may in their judgment be necessary for the purposes
of their incorporation, not inconsistent with the provisions of
this charter, and the laws and Constitution of this State; and
the president and directors of said corporation, or a majority
of them, shall contribute, appoint and employ such officers,
agents and servants for the transaction of all business of said
corporation, with full power to fix their compensation, and to
remove them at pleasure.

Directors
may pass
by laws.

SEC. 11. And be it enacted, That should such president and
directors determine to increase the capital stock of said corpo-
ration, as authorized in the second section of this act, they or
a majority of them shall give the same notice of the time and
place of subscribing such additional stock as is provided in
section three of this act, preliminary to the election of a presi-
dent and directors.

Increase of
capital stock.

SEC. 12. And be it enacted, That upon every subscription
of said stock, whether under section two or section eleven of
this act, there shall be paid to the incorporators or their agents
the sum of one dollar on each and every share subscribed, and
the residue shall be paid in such instalments and at such times
as the president and directors shall prescribe and require; and
if any subscriber shall neglect to pay any instalment for the
space of thirty days after the same shall be due and payable,
the stock on which it is due and demandable shall, at the dis-
cretion of said president and directors, be forfeited to the cor-
poration; provided, nevertheless, that nothing herein contained
shall be construed to prevent said corporation from suing for
and recovering such unpaid instalments in like manner as other
debts and claims are recoverable.

SEC. 13. And be it enacted. That neither the property nor

Payment of
subscrip-
tions.

the stock, nor the bonds, if there shall be any issued, of the
said corporation, shall be liable to taxation of any kind for
State or municipal purposes, whether in the nature of bonds
upon the capital stock or otherwise.

Property
exempt from
taxation.