THOMAS SWANN, ENQUIRE, GOVERNOR. 829
vessels, boats, barges or rafts, and transportation
of merchandise or otter articles, and shall also
have power to purchase and hold lands not ex-
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ceeding one hundred acres at one time, and to hold
all other kinds of property, real, personal and
mixed, and to build wharves and to erect all need-
ful buildings and other conveniences that shall be
necessary for the objects of this Company, and the
same to lease or sell again at pleasure ; provided,
however, that in no case shall the navigation of
any river be impeded by the erection of any wharf
or any other convenience or otherwise.
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Hold lands.
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Sec. 2. And be it enacted, That the capital stock
of said Company shall be two hundred thousand
dollars, divided into shares of the par value of fifty
dollars each; and whenever twenty-five thousand
dollars of said stock shall be subscribed, and ten
thousand dollars paid in, the said Company shall
be organized, and authorized to act as a body cor-
porate.
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Capital stock.
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Sec. 3. And be it enacted, That the shares of
said capital stock shall be considered as personal
property, and shall be assignable and transpos-
able in such manner as the by-laws of said Com-
pany may prescribe, and the subscription to said
capital stock shall be made and received at such
time and places and in such manner as the per-
sons named in the first section of this Act, or a
majority of them, may designate and appoint, and
such subscriptions may be placed either in lands
or other property, at a valuation to be fixed and
agreed upon between those making such subscrip-
tions and the persons receiving the same as hereby
authorized, in money ; and the stockholders shall
be entitled to one vote, in- person or by proxy, for
each share of stock held by them.
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Shares assign-
able.
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Sec. 4. And be it enacted, That the affairs of
said Company shall be managed by a President
and four Directors, who shall be chosen annually
by the stockholders, to serve one year, and until
others shall be elected ; and in case of a vacancy
occurring in the President and Directors' of said
Company, the remaining Directors shall have
power to fill such vacancy until the next general
meeting of the stockholders shall be held ; and
until the first election for Directors shall be held
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Time of ser-
vice.
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