A. W. BRADFORD, ESQURIE, GOVERNOR.

to divide the same into preferred and common
stock, as hereinbefore mentioned, then it shall and
may be lawful for the President and Directors of
the said company, at any time hereafter, to con-
vert a portion of the capital stock of said company
into shares of preferred stock upon such terms and
at such time or times as the said President and
Directors may determine, and the said portion of
the said capital stock so converted into preferred
stock, shall thenceforth be entitled to all the pri-
vileges in respect to dividends hereinbefore secured

247

to, those who may become subscribers to such pre-
ferred stock; provided, however, that before the said
President and Directors shall issue or create any
such preferred stock, a previous direction and au-
thority therefor shall be conferred and given by a
resolution passed at some general or special meet-
ing of the stockholders of said company, called in
pursuance of and after notice given as directed by
the by-laws of the said company; and provided,
further, that en opportunity shall be afforded all
the stockholders in said company without distinc-
tion or discrimination, and they shall be entitled
to convert a portion of their stock into such pre-
ferred shares upon the same and equal and like
terms and conditions, and in. the proportions in
which they may hold such stock respectively.

Provisos.

Sec. 6. And be it enacted, That nothing herein
contained shall be construed to give to said com-
pany banking privileges, and this act shall take
effect from the day of its passage.

Banking pro-
hibited.

Sec. 7. And be it enacted, That the General As-
sembly reserves to itself the right to alter, amend
or repeal this act at pleasure.

In force.