PRIVATE ACTS. 1355

mote the objects and designs of the corporation hereby incor-
porated.

SEC. 3. And be it enacted, That the capital of said corpora-
tion shall consist of five hundred shares of the par value of
fifty dollars each, Avith the privilege to increase the same from
time to time, by a vote of stockholders at a special meeting or
meetings to be held for that purpose, to any sum or sums not
exceeding one hundred thousand dollars; one-fifth of the
amount subscribed by any subscriber to said capital stock
shall be payable to the president and directors of said corpora-
tion upon the organization thereof under the provisions of
this Act, and the balance in such instalments and at such
times as they may appoint and require; each stockholder shall
be liable for the debts of this corporation to the amount of the
par value of the stock held by him.

SEC. 4. And be it enacted, That when one-half or more of
the capital stock of said corporation shall have been subscribed,
the said commissioners, or a majority of them, may call a
general meeting of subscribers at such time and place as they
may appoint, giving at least ten days1 notice thereof by adver-
tisement in one newspaper published in Dorchester county,
and the subscribers present at such meeting shall elect by bal-
lot, from among their number, five directors or more, which
may be increased at any time to a number not exceeding fif-
teen, to manage the affairs of the corporation until the ensuing
annual election, or until their successors have been elected and
qualified, and the directors so elected, when they have organ-
ized by the election of a president and other officers, and have
collected one-half of the capital stock subscribed for, and not
before, may, and they are hereby authorized and empowered to
have and to exercise in the name and on behalf of said corpora-
tion all rights, powers and privileges which are intended to be
hereby given, and generally to do, execute and enforce all and
singular such acts, contracts, matters and things as may be
necessary to carry out the objects and designs and protect the
interests of said corporation.

SEC. 5. And be it enacted, That the directors shall there-
after be elected annually by the stockholders on the second
Tuesday in April, and they shall elect from their number
at the first meeting of the board after their election, as pre-
scribed by the preceding section, and after all subsequent elec-
tions, a president and vice-president, with power to elect such
other number of vice-presidents whenever said directors shall
consider the same expedient or proper, and shall also have
power to elect a secretary and treasurer, who need not be one