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Sec. 14. And be it enacted, That the capital stock
of said Company shall not be more than three
hundred thousand dollars, to be divided into shares
of fifty dollars each, which shall be considered as
personal property, and shall he transferable in
.such manner as may he 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 be deemed
expedient, 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 organ-
ize and proceed to act as a corporate body, before
a sufficient amount is subscrihed 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
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Capital stock.
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they deem necessary, and without opening anew
hooks 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.
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Again open
books.
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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 he elected as hereinafter provided ; and.
in case of the decease of one or more of said per-
sons or their refusal to act as Directors, the re-
maining person or persons shall have power to
select other persons as Directors for the time being
in their stead, and whenever an amount of the
capital stock of said Company shall be subscribed
sufficient in the judgment of the said Directors
to justify it in proceeding in the prosecution of its
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Directors,
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