THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

shall have power to obtain, by purchase or gift, to hold

CHAP. 255.

and lease or sell all such property as they may require

for the purpose aforesaid; Provided, that the said com-

Real estate limited

pany shall at no time-hold or possess in this State, for

its said mines and manufactories, more than thirty

thousand acres of land; and shall not purchase more

than ten thousand acres of said land subsequent to the

organization of said company, and that by said name

the said company shall have succession, and may sue

and be sued, and may hare a common seal which they

may alter at pleasure, and may have and exercise for

the purposes aforesaid, under the restrictions herein

mentioned, the powers usually incident to corpora-

tions.

SEC. 2. And be it enacted, That the capital stock

Capital stock

of said company shall consist of ten thousand shares

of one hundred dollars each, of which the lands and

mines of the said Duff Green and his associates may

constitute a part, at a price to be made known by the

commissioners authorised to receive Subscriptions to

the capital Stock of said company, at or before the

times of subscription; and which price or value. shall be

Valuations of lands, &c,

estimated and fixed by disinterested persons; one of

whom shall he appointed by the Governor and Council,

one by the above named proprietors, and the third by

these two, and who, or a majority of them shall esti-

mate and fix, on oath, the value of said lands and mines

and make return thereof in writing to the said com-

missioners before they shall receive any subscriptions

to the said capital stock; and the President and Direc-

May increase the capital

tors of said company shall have power from time to

time to increase the capital stock to such amount

as may be found necessary for the accomplishment of

the objects of this incorporation; Provided, that the

same does not exceed thirty thousand shares.

SEC. 3. And be it enacted, That the subscriptions to

Subscription

the capital stock of said company shall be received

under the directions of Duff Green, James Lyons,

Bevcrly R. Welford, William M. Green, Richard K.

Cralle, Archibald M. Green and Robert Hord, or a

majority of them, who shall act us commissioners at

40