PRIVATE ACTS. 1219

pany, all rights and privileges which are intended to be hereby
given; and should the capital stock from time to time, or at
any time or times, be increased, the stockholders at the time
of such increase or increases shall be entitled to subscribe to a
pro rata share of such increase or increases upon the payment
of such price at par or above par for said stock as may be
determined upon by a vote of the majority of stockholders of
the said corporation at the time of such increase or increases;
and in case of the failure of any of the stockholders to subscribe
and pay for their pro rata share of said stock at the price named
in the said resolution or resolutions, and within the time limited
and fixed under said resolution or resolutions, then the board
of directors shall have the power to sell said stock for cash to
such persons or corporations as they may see fit; not, however,
under price fixed in said resolution or resolutions.

SEC. 3. And be it enacted, That the directors shall be elected
annually by the stockholders on the second Tuesday of July
of every year, and the directors shall elect at the first meeting
of the board after their election, as prescribed by the second
section of this Act, and after all subsequent elections, a presi-
dent and such vice-presidents as they may see fit; and shall
also have power to elect a secretary or such assistant secretaries
and a treasurer or such assistant treasurers as they may see fit,
and said secretary and treasurer may be one person, and any
assistant secretary or treasurer may be one person, 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 annual meetings of
the stockholders and all other 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 of five shares of stock.

SEC. 4. And be it enacted, That the said company shall have
power to receive and hold on deposit, in trust and as security,
and estate or property, real, personal or mixed, including cash;
notes, bonds and obligations of States, companies, corporations
and individuals, and the same to purchase, collect, adjust,
settle, sell and dispose of, and upon such terms as may be agreed
upon between them and the parties contracting with them;
and said company shall have power to receive money subject to
check, to buy and sell exchange, both domestic and foreign,
stocks, bonds, coin and bullion, and to lend money on personal
or other security.

SEC. 5. And be it enacted, That the said company be and
is hereby authorized to act as trustee in or under mortgage,
bond or other instrument of evidence of debt issued by any