PRIVATE ACTS. 1227

any provisions in said by-laws, said election shall be held on the
second Wednesday of January in each and every year; and said
Board of Directors, immediately after their election, for the
purposes of organization, shall elect a president, a secretary,
and a treasurer, and if the by-laws provide, one or more vice-
presidents ; the president and at least one of the vice-presidents
shall be chosen from among the directors; the secretary and
treasurer need not be directors of the company; and any two
officers except those of president and vice-president, may be
filled by the same person; and until such choice of a Board of
Directors, the said Richard D. Johnson, Claiborne M. James,
Edward K. Magruder, Creede W. Wilson and Simon H. Snow-
den are hereby constituted a Board of Directors, to manage
the business and affairs of said body corporate, with power and
authority to organize by the election of a president, a secre-
tary and a treasurer, and to appoint such other officers and
agents as the business of the company may from time to time
require, and shall further have full power and authority to
exercise all of the corporate powers of said company; and in
case a vacancy shall occur in the presidency or directorship of
said company, the remaining directors shall have power to fill
such vacancy or vacancies by appointing some stockholder to
such office, with power to hold the same until the next annual
meeting of stockholders for the election of directors.

SEC. 5. And be it enacted, That the said body corporate
shall have the right to purchase and hold, bargain and sell,
grant, assign and convey lands or any interest or estate there-
in, and all forms of real and personal property or interests
therein; to borrow money for the development and improve-
ment of its property and estate, and to secure the same by ob-
ligations, pledges, mortgages or otherwise; to issue bonds and
debentures, and to secure the same by pledges, deeds of trust
or mortgages upon the whole or any part of the property held
by the company, and to sell or pledge such bonds or debentures
for corporate purposes, as and when the Board of Directors
shall determine; provided, however, that no mortgage or other
lien shall be created by the company unless there shall first be
obtained the consent in writing of the holders of seventy-five
per cent, of the capitol stock of the company outstanding at
the time.

SEC. 6. And be it enacted, That the said company shall have
the right and power to act as agent for the purchase of any
lands, chattels and properties, whether real, personal or mixed,
and may sell and convey the same, or any part thereof, upon
the installment plan, or upon such other plan as the directors
of said company shall determine, for the purpose of aiding the