its officers, Directors and agents as may be deemed
necessary or proper, which may be also amended,
changed or repealed at any and all regular meet-
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.

Sec. 2. And be it enacted, That the capital
stock of said company shall be not more than
three hundred thousand dollars, to be divided into
shares of fifty dollars each, which shall be con-
sidered as personal property, and shall be trans-
ferable in such manner as may be provided by the
by-laws of said Company, and each share thereof
shall entitle the holder to one vote in all meetings
of the stockholders of said company to be given
either in person or by proxy, and for the purpose
of obtaining subscriptions to the said capital stock
books shall be opened under the direction of the
persons named in the first section of this Act, or
a majority of them, at such time and place as the
persons who act in that behalf shall deem expe-
dient, and payment may be made for the whole or
any part of such subscriptions, either in land or
other property or money, and if in lands or other
property, then at such price and valuation as may
be agreed upon by those receiving such subscrip-
tions, and in case the said company shall organize
and proceed to act as a corporate body, before a
sufficient amount is subscribed to the said capital
stock for the lawful purposes of said company, the
President and Directors of said company shall
have power at any time thereafter and as often as
they deem necessary, and without opening anew
books of subscription, to receive further subscrip-
tions to said capital stock until the full amount
authorized by this Act has been subscribed, and
it may be lawful for all persons whatsoever and
bodies corporate to become subscribers for and
owners of the capital stock of said company.

Directors and
their powers.

Sec. 3. And be it enacted, That the affairs of
said Company, shall be managed by the persons
named in the first Section of this Act, who are
hereby constituted Directors of said Company,
until Directors be elected as hereinafter provided;
and in case of the decease of one or more of said