Sec. 2. And be it enacted, That the capital of
said Company shall be five thousand shares of the
par value of one hundred dollars each, and when-
ever fifteen hundred (1500) shares shall have. been
actually subscribed the said Company shall be au-
thorized to organize and act as a body corporate.

Capital stock.

Sec. 3. And be it enacted. That for obtaining
subscriptions to the capital stock of said Company
books shall be opened under the direction of the
said Kennedy H. Butler, C. M. Graham and
Josiah Englar or a majority of them, at such time
or times and such place or places, and upon such
notice as they may deem expedient, and in case
said Company shall organize and proceed to act
as a corporate body before the full number of
shares shall have been subscribed, the President
and Directors of said Company shall have power
and authority, at any time thereafter, and with-
out opening anew books by subscription to receive
further subscriptions from time to time until the
full number of shares shall have been subscribed,
and payment may be made of the whole or any
part of the subscriptions obtained or received as
aforesaid, in lands or other property or money as
maybe agreed on, in case of subscriptions received
by the said Kennedy H. Butler, C. M. Graham
and Josiah Euglar, or a majority of them, between
the respective subscribers and the said Butler,
Graham and Josiah Buglar, or in case of sub-
scriptions received by the President and Directors
between the respective subscribers and the said
President and Directors.

Books to be
opened.

Sec. 4. And be it further enacted, That in all meet-
ings of the stockholders of the said Company, each
share of stock shall entitle the holder thereof to
one vote to be given in person or by proxy, and
said shares shall be considered as personal proper-
ty, and shall be transferable in such manner as
may be provided by the by-laws of said Company.

Votes of the«
Stockholders.

Sec. 5. And be it further enacted, That the affairs
of said Company shall be managed by the persons
named in the first section of this Act, and who are
hereby constituted directors of said Company un-
til Directors shall be elected as hereinafter pro-
vided; and in case of the decease of any one or
61

Directors.