EDWIN WARFIELD, ESQ., GOVERNOR.

821

chasing, holding, possessing, selling and conveying property,

real, personal and mixed, for the purposes hereinafter men-
tioned, and by said corporate name may sue and be sued,

Powers, rights
and privilegess

defend and be defended, contract and be contracted with, and

may make, have and use a common seal, which they shall have

power to alter and renew at their pleasure ; and shall have and

enjoy and may exercise all powers, rights and privileges, acts,

matters and things incident and necessary for the purpose of

said corporation as created by this Act.

SEC. 3. And be it enacted, That the capital stock shall be

fifty thousand dollars, with the privilege to increase the same
to three million dollars, and which stock shall be divided into

Capital stock
and right to
increase same.

shares of twenty-five dollars each, which shall be collected by

the president and directors of said corporation in such in-

stalments and at such time and places as they may appoint

and require; and if any subscriber to the capital stock of the

aforesaid corporation shall neglect or fail to pay any instal-

ment or part of his, her or their subscription thus demanded for

a period of thirty clays next after the time the same shall be due

and payable, the stock on which it is demanded shall, at the

pleasure of the said president and directors, be forfeited to

the company and sold for its benefit; but the said president

and directors, in their discretion, may remit such forfeiture

or recover in the name of the company such instalments from

such subscribers by suit at law or in equity, or in any other

way and upon such terms as they may deem proper ; and in the

event the amount of capital stock issued or subscribed for

shall prove insufficient to construct, complete and fully equip

said railroad, its branches, works and improvements herein-

after mentioned, then by the consent of the majority (in

value) of the paid-up stockholders, the president and a ma-

jority of the directors may increase the capital stock of the

said company to any amount satisfactory to the majoritv of

the stockholders as aforesaid, sufficient or necessary to con-

struct, complete and fully equip the said railroad, its branches,

works and improvements, and may issue from time to time,

in the name of said company, common stock, preferred stock

Can issue com-

and bonds, and secure the payment of such loans by mortgage

mon and pre-
ferred stock.

or mortgages of all or any part of the property, rights, fran-

chises, equipments and revenues of said companv.

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

shall be managed by a board of seven directors; the incorpor-

Board of di-

ators shall te the directors for the first year, and the number

rectors.

of directors may be increased to nine by majority vote of the