dollars either by new subscriptions, or by convert-
ing a portion of its net profits into new stock, and
distributing the same among the stockholders ac-
cording to their respective interests in said com-
pany, whenever the same shall be determined by
the board of directors, and every person who shall
be the proprietor of one share or more of said
stock shall be a member of said corporation, and
as such shall be entitled at all elections and in all
meetings of the stockholders to one vote in person
or by attorney, and for every share of said capital
stock which is held by such person; and the capi-
tal stock may in whole or in part consist of and be
vested in lands, buildings, machinery tools, and
machinery or cars, boats, steamboats or other pro-
perty necessary or useful for carrying on the busi-
ness of said company, and the shares of said capi-
tal stock shall be deemed personal estate, and bo
transferable in such manner as shall be provided
and directed by the by-laws.

Affairs of the
Company—
how managed

Sec. 4. And be it enacted, That the affairs of
said company shall be conducted by a Board of
Directors, consisting of not less than five Direc-
tors who shall be chosen by the stockholders from
amongst themselves, in [such manner and at such
time as the by-laws may provide; said directors
shall appoint one of their number as president and
they shall act in their respective offices until their
successors shall be chosen; and the Board of Di-
rectors shall have full power and authority to ap-
point, compensate and remove such officers, agents
and servants as they may deem necessary in the
business of said company, also to contract for and
purchase such real estate and personal property,
and erect such buildings and improvements as they
may deem necessary to carry into effect the object
of said company, and the same or any part to sell
or otherwise dispose of and convey at their discre-
tion; also to declare and pay dividends of the net
profits of said company, and generally to do all
such acts for the conduct and management of said
company as they may think proper, the same not
being contrary to law; and in case a vacancy shall
occur in the office of president or director of said
company either by death, resignation or disquali-
fication, the remaining directors shall have power