exceed five hundred thousand dollars, and every
person who shall be the proprietor of one share or
more of said stock shall be a member of said cor-
poration, and as such shall be entitled, at all elec-
tions and in all meetings of the stockholders, to
one vote in person or by attorney for each and
every share of said capital stock which is held by
Such person, and the said capital stock may in
whole or in part consist of and be vested in lands,
buildings, machinery, tools and materials neces-
sary or useful for carrying on the business of said
corporation, and the shares of said capital stock
shall be deemed personal estate, and be transfer-
able in such manner as shall be provided and
directed by the by-laws.

Sec. 3. And be it enacted. That the affairs of
the company shall be conducted by a President
and Directors, who shall be chosen by the stock-
holders from amongst themselves in such manner
and at such time as the by-laws may provide, and
who shall act in their respective offices until their
successors shall be chosen, and they or a majority
of them shall have full power and authority to
appoint, compensate and remove such officers,
agents and servants as they may deem necessary
in the business of said company, also to contract
for and purchase such real and personal estate,
and erect all such buildings and improvements as
they may think necessary to carry into effect
the object of said company, and the same or any
part thereof to sell, convey or otherwise dispose of
at their discretion; also to prescribe the mode of
distributing, registering and transferring the cap-
ital stock of the corporation and the certificates
thereof, and to declare and pay dividends of the
net profit of said company, and generally to do
all such acts for conducting the business of said
corporation as they may think proper, the same
not being contrary to law, and in case a vacancy
shall happen in the Presidency or Directory of
said corporation, the stockholders, after ten days
notice at aspecial meeting to be held for that pur-
pose, shall fill the same by choosing a President
or Director to serve until the next election, and
for the transaction of any business hereby con-
fided to the said President and Directors a ma-
jority of them shall be a quorum.

Officers-their
powers.