necessary or proper, which may also bo amended,
changed or repealed at any and all regular meet-

Proviso.

ings of the stockholders of said company; pro-
vided, however, that such by-laws shall not be re-
pugnant to any law of this State or of the United
States.

Capital stock
limited.

Sec. 2. And be it enacted, That the capital stock
of said company shall be five hundred thousand
dollars, divided into five thousand shares of one
hundred dollars each, And whenever fifty thou-
sand dollars of said capital stock shall be actually
subscribed, the subscribers shall be authorized to
act as a corporate body, and the said capital stock
shall be considered as personal property, and shall
be transferable in such manner as may be pre-
scribed by the by-laws of said company, and each
share shall entitle the holder thereof to one vote
in all meetings of the stockholders of said com-
pany, to be given either in person or by proxy, and
for the purpose of obtaining subscriptions to the

Books to be
opened.

said capital stock, books shall be opened under
the direction of the said S. Willard Wardwell,
St. Felix Colardean, Gustavus W. Delawder,
Daniel E. Offutt, Stephen H. Wardwell and Hor-
ace Ware, Jr., or a majority of them, at such
time or times, at such place or places, in such
manner, and on such terms and notice as the per-
sons who may act in their behalf may deem expe-
dient, and payment may be made of the whole or
any part of such subscription in land or other
property or money, and if in lands or other pro-
perty, then at such price or valuation thereof as
may be agreed upon between those receiving such
subscription and the respective subscribers as
aforesaid for stock, and in case said company shall
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, at any time thereafter, and without open-
ing anew books of subscription to receive further
subscriptions from time to time until the full num-
ber of shares shall have been subscribed, or to
dispose of any shares not actually subscribed for
in such manner in such manner and on such
terms as the said president and directors may
deem best.