LLOYD LOWNDES, ESQUIRE, GOVERNOR.

prising this company, in person or by proxy, on the first Tues-
day in May, in the year 1899, and in each and every year there-
after, from among said shareholders, by ballot, to manage the
affairs of said company from one year thereafter, or until an
election shall take place and their successors shall be duly
qualified. If no election take place on the day named, then
the same may take place at any time thereafter ; the directors
shall qualify at the next weekly meeting of the company suc-
ceeding their election. And five of them shall constitute a quo-
rum and be empowered to transact the business of the corpo-
ration.

SEC. 4. And be it enacted, That the directors, or a majority,

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shall have power to elect from their own body a president, vice-
president and secretary, to fill all vacancies that may occur in
their offices and in their own body, to appoint all other officers,
agents and servants, as they may deem necessary to conduct
and execute the business of the corporation, and in their dis-
cretion to dismiss them ; to take bonds for said corporation
from all or any of the officers, agents or servants by them so
appointed with security conditioned in such form as they shall
approve for the faithful performance of their respective duties,
and to secure the corporation against loss ; to prescribe the
duties and fix the compensation of all officers; to invest the
funds as they shall deem proper ; to issue policies of insurance
on real, personal and mixed property and effects against loss or
damage by fire, and generally to do any other act or acts touch-
ing the interest of the corporation that they may deem most
safe and advantageous; to admit members upon such terms and
conditions as the by-laws may prescribe, and to make all such
by-laws as may be deemed necessary for the exercise of the
aforesaid powers invested in said corporation, and the same to
alter and repeal at pleasure ; provided, always, that such by-
laws shall not be contrary to any law of this State or of the
United States ; the powers of the directors shall, however, be
under the control of the shareholders at any general meeting
regularly called.
SEC. 5 And be it enacted, That the capital stock of this .

Elect officers.

company shall not exceed tive hundred thousand dollars, divided

into five thousand shares of the par value of one hundred dol-
lars each, and each member or stockholder at the time of sub-
scribing shall sign his name on the books of said company,
stating the amount of stock subscribed, which he may, however,
increase, diminish or with the consent of the directors discon-
tinue ; but before such diminution or discontinuance shall be

Capital stock.