EDWIN WARFIELD, ESQ., GOVERNOR.

857

which may be increased by the president and directors to an

amount not exceeding five hundred thousand dollars; and

in the event that the capital stock subscribed shall prove in-

sufficient for the purposes of the company as hereinafter

set forth, then the president and directors of said company

may issue from time to time in the name of the said company

mortgage bonds' to an amount sufficient in the judgment of

the president and directors to accomplish the purposes of

the incorporation, and secure the payment of such bonds

by mortgage of all or any part of the property, rights, fran-

chises, tolls and revenues of said company.

SEC. 3. And be if enacted, That all the interest and affairs

of said corporation shall be controlled and managed by the

Management
of corporation

persons particularly named in the first section of this Act,

or such of them as shall accept such duty or office as the

board of directors of the said company, for and during the

first year after the passage of this Act, and until their suc-

cessors as such board shall have been duly elected and quali-

fied, pursuant to the by-laws and regulations which shall

be established by such board, and that thereafter the said

interest and affairs shall be managed and controlled by a

board of directors who shall be stockholders in said corpora-

tion, elected by a majority of all the votes of the stock-

holders attending in person, or by proxy at the annual meet-

ing of the stockholders, each share of stock so represented

being entitled to one vote, and such board of directors shall

elect from their number a president and vice-president, and

shall also elect a secretary and treasurer, who may or may not

be the same person, and may or may not be a member of

the board of directors, and may also appoint from time to

time such officers and persons as may lie necessary for the

conduct of the business of the corporation. The board of

directors, from time to time, may and shall make, enact, alter

and to re-enact any and all lawful by-laws, rules and regular

tions touching the organization and conduct of said company,

the taking of subscriptions to its capital stock, the payment

of such subscription, the issue and transfer of certificates of

stock and mode of conducting the affairs of the company,

Full power in

and shall have full power in law and equity to enforce the

law and equi-
ty.

same.

SEC. 4. And be it enacted, That said company shall have

the power and authority to construct, lay down, equip and

Authority to
operate a rail-

operate a railway, with the necessary switches, turnouts and

way.

any and ill mechanical contrivances, devices and appliances