boats, &c., which may be required for the con-
ducting the business of a steam passenger and
freight company.

Sec. 3. Be it enacted, That the capital stock of
said corporation shall not exceed fifty thousand
dollars, and the shares shall be one hundred dol-
lars each.

Capital stock.

Sec. 4. And be it enacted, That the stockhold-
ers shall, except as hereinafter stated, annually
elect three Directors, one of whom shall be Presi-
dent of the company and to be selected by the Di-
rectors at the first meeting after the election; the
said President and Directors shall manage the
business of said corporation, shall make all neces-
sary rules and regulations and by-laws for the
conducting of its affairs, shall appoint all officers
and agents necessary for the proper management
of the business, and fix the compensation of such
agents and employees, shall make all contracts
required in their business, and also fix the com-
pensation of the President of the company.

Directors to
be elected.

Sec. 5. And be it enacted. That the said Andrew
Woodall, Alexander Wilson, John F. Wilson,
Thomas J. Shallcross and Isaac Parsons, or any
two of them be and they are hereby appointed
Commissioners to receive subscriptions and pay-
ments for the shares of capital stock of the said
corporation, and so soon as one hundred and fifty
shares shall have been subscribed for and shall
have been paid in, the said corporation may com-
mence business, and the said Commissioners, An-
drew Woodall, Alexander Wilson, John F. Wil-
son, Thomas J. Shallcross and Isaac Parsons shall
act as Directors of said company, with Andrew
Woodall as President, until the next general elec-
tion which shall take place annually on the second
Thursday in February of each and every year shall
serve for twelve months from date
of said day of election, agreeably to the provisions
of this Act, and until the regular appointment of
Treasurer of the company, the President shall act
as Treasurer.

Commission-ers
appointed.

Sec. 6. And be it enacted. That all elections
for Directors shall take place on the second Thurs-
day in February of each and every year, and each

Elections—
when held.