pleasure, and generally to do and perform all
things relative to the objects of this institution,
which now is or may be lawful for any individual
or body politic or corporate to do.

Capital stock.

Sec. 2. And be it enacted, That the capital stock
of this company shall consist of a sum not exceed-
ing five hundred thousand dollars, divided into
fifty thousand shares of ten dollars each,, five dol-
lars to be paid at the time of subscribing, two
dollars in sixty days after the company aball have
gone into operation; two dollars in ninety days
thereafter, and one dollar in four months thereaf-
ter; any stockholder refusing or neglecting to pay
an instalment when required by this charter or by
the Directors, shall forfeit all his interest in this
company, and be held liable for his proportion of
any loss which may have occurred previous to such
neglect or refusal.

May remit
forfeitures.

Sec. 3. And be it enacted, That should any for-
feiture occur, it may be remitted by a majority of
the Board of Directors present at any meeting at
which the motion for such remission shall be
made, upon the payment by the person incurring
the forfeiture of the principal of said instalment
and interest thereon up to the time of such pay-
ment, as also of his proportion of such loss as
may have occurred previous to such forfeiture.

When com-
petent to trans-
act business.

Sec. 4. And be it enacted, That so soon as five
thousand shares are subscribed for and paid, or
secured to be paid, this company shall be compe-
tent to transact all kinds of business for which it
is established.

Affairs—how
managed.

Sec. 5. And be it enacted. That the affairs of
the company shall be managed by a Board of Di-
rectors composed of not less than twelve, or more
than eighteen, who shall be elected at any time in
the discretion of the commissioners hereinbefore
named, to serve until their successors shall be
elected as hereinafter provided, and they shall
proceed to organize the company by electing a
President and Secretary thereof.

Books to be
opened.

Sec. 6. And be it enacted, That as soon as
practicable after the passage of this Act, the per-
sons named in the first section thereof shall open
books for subscription to the capital stock of the