mocks, and through Massey's Shoals, and otherwise
improve the navigation of said bays.
SEC. 2. And he it enacted. That the seven persons
named above, or a majority of them, may cause books
to be opened at such times and places as they may
direct, giving at least twenty days public notice
thereof, for tlic purpose of receiving subscriptions to
the capital stock of said company, which shall be
divided into shares of five dollars each, and be lim-
ited to two thousand shares in the whole, one dollar
for every share of stock subscribed* in at the time of
making the subscription, but if not paid at that time,
the failure to do so shall not release the subscriber
from the obligation to pay the whole of his sub-
scription, when called upon to do so by the President
and Directors as hereinafter provided.
SEC. 3. And be it enacted, That so soon as five hun-
dred shares of said stock shall be subscribed, and
two hundred and fifty dollars shall be paid in, the
said seven persons above named, or a majority of
them, shall call a general meeting of the stockhold-
ers at such time and place as they shall appoint,
giving at least twenty days notice, by public adver-
tisement of the same, and at such meeting the said
stockholders shall elect by ballot a President and six
Directors, from among the stockholders, to manage
the affairs of the company, until the first Monday
in May following, or their successors shall be elected
and qualified; at every election or stockholders
meeting, every stockholder shall be entitled to one
vote for each share of stock owned by him, which
may be delivered either in person or by proxy.
SEC. 5. And be it enacted, That the President and
Directors, or a majority of them, shall have power to
call for the payment of the subscription to the cap-
ital stock at such times and in such amounts as they
may deem necessary, by giving at least thirty days
notice of the same, to appoint all agents and officers
to manage the affairs of the company, to purchase
and lease property, real and personal, powers and
privaleges, to erect dams and wharves, and piles, and
all machinery and works necessary for the purposes
hereinbefore stated, to make and pay over dividends
|
Open books
of subscript'n
Number of
shares.
Call meeting-
Advertise
meeting-
1
Shares, how
voted.
Powers of
President
and Directors
, Dividends,
|
