A. W. BBADFORD, ESQUIRE, GOVERNOR

the stockholders for the purpose of choosing the
first Board of Directors, each stockholder shall be
entitled to one vote for every share of stock which
he, she or they may hold to the number of not
exceeding five, one vote for every five shares ex-
ceeding five to the number of fifty, one vote for
every ten shares exceeding fifty, but in no case
shall a stockholder vote more than twenty votes;
and when the said Board of Directors, or a majori-
ty of them, have qualified, said Commissioners
shall hand over to them all funds belonging to
the institution.

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Sec. 4. And be it enacted, That should any for-
feiture occur, it may be remitted by a majority of
the Board of Directors present at any meeting at
which the motion for such remission shall be made
upon the payment by the person incurring a for-
feiture of the principal of such instalment and in-
terest thereon up to the time of said payment.

Forfeiture
may be remit-
ted.

Sec. 5. And be it enacted, That the affairs of
this company shall be managed by a President
and a Board of Directors, a majority of whom,
shall constitute a quorum for the transaction of
business, composed of twenty stockholders to be
elected annually after the first election shall have
taken place, who shall hold their offices for the
term of one year and until their successors shall
have been elected and qualified, and the President
and Directors previous to entering on the duties
of their office shall take the following oath or

Affairs of
company— how
managed.

affirmation : I do solemnly swear (or affirm as
the case may be) that I will faithfully, diligently
and honestly fulfil the duties of my office to the
best of my ability.

Oath.

Sec. 6. And be it enacted, That the President
and Directors of said company, shall be and are
hereby authorized to make all kinds of insurance
on property against loss or damage by fire, and to
transact and perform all business incidental there-
to, to invest the funds and dispose of the property
of this company in such manner as they may
deem best for the interest of the stockholders and
not contrary to law.

Authorized
to make insur-
ance.

Sec. 7. And be it enacted, That should any loss
or damage by fire occur it shall be adjusted by
assessors appointed as follows :

Assessors to
be appointed.