T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

shares of fifty dollars each, with liberty to in-
crease the same to any sum not exceeding five
hundred thousand dollars, to wit: by further is-
sue of stock, not exceeding, in all, two hundred

CHAP. 319.

and fifty thousand dollars in like shares of fifty
dollars each, and said stock shall be subscribed

Instalments.

to and paid, in such manner and at such times,
and under such stipulations and conditions as
the board of directors shall direct, the holders of
certificates of said stock shall receive an interest of
six per cent, yearly on the amount thereof, which
shall be paid semi-annually out of the profits of said
company before any other distribution of its funds,
and said certificates shall be transferable only on
the books of the company, personally or by attorney.

Interest.

SEC. 4. And be it enacted, That all the corporate
powers of said company shall be exercised by a board
of directors and such officers, clerks and agents as
said directors from time to time may appoint, they
shall elect a president, who shall be ex-officio, a
director, and the votes of at least two-thirds of the
whole number of the directors shall be necessary to
his election; he shall serve for one year, but he may
hold over, and unless removed at the expiration of
said term of one year by the election of another to
fill his place, he shall be deemed to have been elected
for another year, and the same for each succeeding
year; all other officers, clerks and agents may be
appointed at and during the pleasure of the board

of directors; the board of directors of the company
shall have power to make such by-laws, not incon-
sistent with the Constitution and laws of this State,
as may be deemed necessary for the government of
its officers and the conduct of its affairs.

Corporate
powers.

SEC. 5. And be it enacted, That the board of di-
rectors shall consist of twenty elected members ex-
clusive of the executive officer of the company and
each director shall be a holder of at least twenty
shares of stock during the time that he shall con-
tinue a director; the term of office of the directors
shall be one year, and they shall be eligible for re-
election; in the election of directors, every stock-
holder of the company shall be entitled to one vote
for every share of stock held by him, and such votes
may be given in person or by proxy; the election of
directors shall be held annually within thirty days
after the expiration of the fiscal year of the compa-
ny, and ten days previous notice of each election

Directors —
their number,
qualification,
election, &c.