1869/70_private laws_24_6
OHAPTER XXIII. AN ACT TO INCORPORATE THE YOUNG MEN'S INTELLIGENT AND ENTERPRISING ASSOCIATION.
The capital stock shall be two hundred and fitty thousand dollars, with authority to the stockholders to increase the same to an amount not exceeding one million ; it shall be divided into shares of twenty dollars each, but when two thonsand dollars are actually subscribed and one thousand paid in cash, said board may proceed to business. The capital shall or may be invested in bonds and mortgages on unencumbered real estate, within this state, or in stocks or bonds of the United States or of this state, or in the stocks or bonds of the incorporated cities of this state authorized to be issued by the legislature, or in undoubted personal security approved by the board of directors. All the corporate powers of said association shall be exercised by a board of directors who shall be elected annually by the stockholders, and no person shall be elected a director unless they are a stockholder to the amount of sixty dollars at least. The board of directors shall elect annually from their own body a president. The certificates of stock and of money received in trust shall be assignable on the books of the association according to such regulations as the board of directors shall establish, but no alteration shall be made in the regulations so established unless by a vote of two thirds of the whole number of directors. The directors shall have a discretionary power of investing the moneys received by them in trust or on deposit in public stock of the United States or of this state, or in the bonds and stock of any incorporated city or town in this state authorized by the legislature, but the said association shall not hold stock in any private corporation beyond ten thousand dollars.