LLOYD LOWNDES, ESQUIRE, GOVERNOR.

609

dollars each, being fifty thousand dollars, with the privilege to
increase the same, from time to time, up to the sum of two
hundred and fifty thousand dollars, by a vote of the stock-
holders, at a special meeting to be called for that purpose, 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 the may deem expedient, and when said tive hun-
dred shares have been subscribed, and when forty per cent,
thereon has been paid in, the stockholders may elect not less
than seven directors nor more than twelve, as the stockholders
may determine, to serve until the annual election in May, in
the year eighteen hundred and ninety-nine, and the directors
so elected of said company when it shall have been organized
may and they are hereby authorized and empowered to have
and to 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 stock-
holders 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.

SEC. 4. And be it enacted, That directors shall thereafter be

Capital stock.

elected annually by the stockholders, on the first Monday in May,
and they shall elect from their number, at the first meeting of
the board after their election, as prescribed by the third section
of this Act, and after all subsequent elections, president, first
vice-president, second vice-president and treasurer ; and shall
also have power to elect a secretary, and to appoint and employ
such other officers, 'clerks and agents, as the business of
said company, from time to time, requires; all elections
shall be by ballot, and at such elections and all 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 at
least of ten shares of stock.

SEC. 5. And be it enacted, That ten days' notice shall be

Board of
directors

given by publication in some newspaper published in Carroll
county, of the time and place of said annual election, which
election shall be conducted by three stockholders to be named
from the body of stockholders, one of whom shall be desig-
nated to act as judge, and the other two as inspectors.

Notice of
election.

SEC. 6. And be it enacted, That the directors shall have
power to declare such dividends of the profits of the said com-
pany as they may deem proper ; provided, that no dividend

39

Dividends
declared.