EDWIN WARFIELD, ESQ., GOVERNOR.

685

SEC. 2. And be it enacted, That the said corporation under

Powers of

the above name shall be capable in law of purchasing, holding,

corporation

possessing, selling and conveying property, real, personal and

mixed, for the purposes hereinafter mentioned, and by said cor-

porate name may sue and be sued, and may make, have and use

a common seal, and shall have and enjoy and may exercise all

the powers, rights and privileges, acts, matters and things inci-

dent and necessary for the purposes of said corporation, as cre-

ated by this Act.

SEC. o. And be it enacted. That the capital stock of said com-

Capital stock

pany shall be ten thousand ($10,000) dollars, with the privilege

privilige
to increase

of increasing the same to five hundred thousand ($500,000)

same.

dollars, or such portion thereof as the president and directors

may elect, and which slock shall be divided into shares of fifty

($50) dollars each, which shall be collected by the president

and directors of said corporation in such instalments and at

such times and places as they may appoint and require, and if

any subscriber to the capital stock of said corporation shall neg-

lect or fail to pay any instalments, or parts of his. her or their

subscriptions thus demanded, for the space of twenty days next

after the time when the same shall be due and payable, the

stock on which it is demanded shall, at the pleasure of said

president and directors, be forfeited to the company and sold

for its benefit ; but the said president and directors may, in their

discretion, remit such forfeiture or recover in the name of the

company such instalments or parts of subscription by suit or

action at law, or in any other way, and upon such terms as they

may deem proper; and in the event that the amount of capital

stock issued or subscribed for shall prove insufficient to con-

struct, complete and fully equip the railroad and power com-

pany hereinafter mentioned, or to pay for any railroad equip-

ment, power or plant, the acquisition of which may be used bv

the said directors considered desirable for the purposes of this

corporation, then the directors of said company may issue from

time to time, in the name of said company, mortgage bonds to

an amount sufficient, in the judgment of said president and di-

rectors, to complete and fully equip said railroad and power
company, or to pay for any railroad equipment, power or plant

To complete
and equip
railroad.

subsequently acquired, and secure the payment of such bonds,

by mortgage or mortgages of all or any part of the property

rights, franchises, tolls and revenues of said company.

SEC. 4. And be it enacted, That the affairs of said company

Board of Di-

shall be managed by a Board of fifteen directors, one of whom

rectors.

shall be elected president, and said incorporators shall have

power, at any time after the passage of this Act, to organic bv

the election of a president and such directors for the proper

management of the affairs of said company ; that the president

and directors thus appointed and elected, shall serve for one

year after rhe date of their organization, or until their election

and qualification of their successors, and directors shall there-

after be elected by the majority vote of the stockholders un-