said corporation, and as soon as it appears to the
said Commissioners, or any two of them, that one
hundred shares of stock have been subscribed they
shall appoint a meeting of the subscribers, who
shall proceed to the election of a President and
two Directors, to serve until their successors are
elected and have accepted, from among the sub-cribers
to manage the affairs of the corporation,
and on their acceptance the said Commissioners
shall deliver to them the books, papers, money
and all other property of the corporation in their
hands.

Sec. 3. And be it enacted, That all subscrip-
tions to the capital stock of the corporation shall
be paid by instalment as required by the President
and Directors, and on the failure of any subscriber
to pay his subscriptions according to the call of
the President and Directors, the same may be col-
lected by suit in any court having jurisdiction of
like cases, and in any such sit it shall not be ne-
cessary to declare specially, but the indebtedness
may be proved under any of the appropriate money
counts, and in case of failure to pay any instal-
ment called by the President and Directors within
twenty days alter the time limited for the payment
thereof the said stock, with all previous payments
thereon, may be forfeited and sold for the benefit
of the company.

Instalments.

Sec. 4. And be it enacted, That this Act shall
be in force from the date of its passage, and the

In force.

General Assembly reserves to itself the right to
change, modify or repeal this Act at pleasure.

Reservation.