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Capital stock.
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each, being thirty thousand dollars, with the privilege to in-
crease the same by a majority vote of the stockholders at a
special meeting to be called for that purpose, to not more than
one hundred and fifty thousand dollars; and the incorporators,
or a majority of them, named in this Act, shall have power to
open books for subscription at such times and places as they
may deem expedient, and when not less than four hundred
shares have been subscribed, and when ten per centum thereon
has been paid in, the said company shall then be organized by
the election of seven directors, five of whom shall be elected
by the stockholders of said company, and two by the city
council of the city of Laurel, all of said directors to serve
until the ensuing annual election or until their successors shall
have been duly elected and qualified ; and the city of Laurel
shall, at each annual election, be entitled to elect two directors
of said corporation, who shall have like powers and privileges
as the directors elected by the stockholders of said company,
and in the same manner shall serve until their successors are
elected and qualified ; and the directors so elected of said com-
pany, or a majority thereof, when it shall have been organized
may, and they are hereby authorized and empowered to have
and exercise, in the name and in behalf of the company, all
rights and privileges which are intended 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 upon the payment of the par
value of the same.
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Election of
president.
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SEC. 4. And be it enacted. That five of the seven directors
of said company shall be elected annually by the stockholders
on the first Monday in May, and two on the same day by the
City Council of the city of Laurel ; and they shall elect from
their number at the first meeting of the board after their elec-
tion, as prescribed by the third section of this Act, and after
all subsequent elections, a president, and shall also have power
to elect a secretary and treasurer, 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 elections and all meetings of the stockholders
every stockholder shall be entitled to one vote for every share of
stock held by him, bat no person shall be eligible as a director
who is not a stockholder to .the amount of five shares, except
the two directors elected by the City Council of the city of
Laurel as aforesaid ; ten days' notice shall be given by publi-
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