ALBERT C. RITCHIE, GOVERNOR. 1263

said twenty-two hundred and eight shares have been subscribed,
and when forty per cent, thereon has been paid in, the stock-
holders may elect not less than nine directors nor more than
sixteen, as the stockholders may determine, to serve until
the annual election in May, in the year nineteen hundred,
or if said twenty-two hundred and eight shares be not then
subscribed, or if forty per cent, of said stock be not then
paid in until the annual election in May, nineteen hundred
and one, and the directors so elected of said company when it
shall have been organized may and they are hereby authorized
and empowered to have and to exercise, in the name and in
behalf of the company, all rights and privileges which are in-
tended to be hereby given; and should the capital stock be at
any time increased, the stockholders at the time of such in-
crease shall be entitled to a pro rata of such increase upon the
payment of such sum per share and on such terms and condi-
tions as the directors, or a majority of them may by resolution
adopt; provided, however, the said Company shall be subject
to the provisions of Article 11 of the Public General Laws of
the State, entitled "Banks, " and any amendment thereof and
the liability of the stockholders thereof shall at all times be
determined by the laws of the State in force at the time the
said liabilities may attach; and further, provided said Com-
pany shall not be subject, to Section 25 of said Article 11.

4. The directors shall be elected annually by the stock-
holders on the first Monday in May, and they shall elect from
their number at the first meeting of the board after their elec-
tion, as prescribed by the second section of this Act, and after
all subsequent elections, a president, first vice-president, second
vice-president, and shall also have power to appoint a treasurer
and a secretary and employ such other officers, clerks and
agents as the business of the said company from time to time
requires; all elections. shall be by ballot, and at such elections
and all 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 at least twenty shares of stock.

13. The said corporation is authorized to take, have, hold
and enjoy all such estates, real, personal and mixed, as may be
obtained by the investment of its capital stock, all other
moneys or funds that may come into its possession in the
course of its dealings and business, and the same to sell, grant,