land or elsewhere, and use and sell the same, and
also to manufacture lumber, flour, meal and cotton
or woollen, yarn or goods or paper.

Capital stock
limited.

Sec. 3. And be it enacted, That the capital stock
of this corporation be two hundred thousand dol-
lars, divided into four hundred shares of five hun-
dred dollars each, and that the said corporation
shall have power at any time to increase its capi-
tal stock to any sum not exceeding six hundred
thousand dollars by new subscriptions or by con-
verting a portion of the net profits into new
stock and distributing the same among the stock-
holders according to their respective interest in
said corporation whenever the same shall be deter-
mined by the Board of Directors.

Restricted.

Sec. 3. And belt enacted, That this corporation
shall not commence the business for which it is
incorporated until one hundred and fifty thousand
dollars of its capital stock shall have been paid
in, either in cash or in real and personal property
belonging to either or any of the corporators at
such rate as may be agreed upon by the corpo-
rators.

Affairs—how
managed.

Sec. 4. And be it enacted, That the stock, pro-
perty, concerns and business of said corporation
shall be managed and conducted by a Board of
Directors to consist of not less than three and not
more than seven persons; the Directors shall be
elected by the stockholders from among their num-
ber, and whenever a Director ceases to be a stock-
holder his office shall be vacated; the Directors
shall apoint one of their number as President, who
shall be elected annually at such time as the said
corporation by its by-laws may direst, and that
the first election shall be held at the time of the
acceptance of this Act of incorporation or as soon
thereafter as may be convenient, and in case of the
death, resignation or disqualification of a Director
the place of said Director may be filled by a vote
of a majority of the remaining Directors, and in
all cases the Director shall act until their suc-
cessors are chosen; in the election of .Directors
every stockholder shall be entitled to give, in per-
son or by proxy, one vote for each share of the
capital stock standing in his or her name on the
books of the corporation.