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CHAP. 392
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SEC. 2. And be it enacted, That the capital stock
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Capital stock
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of said company shall be divided into shares of one
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hundred dollars each, and shall at no time exceed five
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Shares
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thousand shares, and every person who shall be the
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Membership
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proprietor of one share or more of said stock, shall in
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virtue thereof be a member of said corporation, and as
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such, entitled at all elections, and in all meetings of
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the stockholders, to one vote, in person or. by proxy,
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for each and every share of said capital stock which
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shall beheld by such person, and the said capital stock
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may in whole or part, consist of and be vested in land,
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buildings, machinery, tools and materials, necessary
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or useful for promoting the object, or carrying on the
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Shares personal
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business of said corporation, and the shares of said
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estate
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capital stock shall be deemed personal estate, and be
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assignable and transferable only on the books of the
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corporation, and in such manner as shall be provided
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by the by-laws.
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President and Di-
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SEC. 3. And be, it enacted, That the affairs of the
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rectors
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said company shall be conducted by a president and
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four directors, who shall he chosen by and from
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amongst the stockholders by ballot, on second Tuesday
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of the month of April next, and annually thereafter, on
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the same day, or on such other day as the by-laws may
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provide, and the president and directors who shall be
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Term of service
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so chosen, shall be able and capable to act in their re-
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spective offices for the term of one year, and until
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Their powers
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successors shall be chosen, and they or a majority of
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them shall have full power and authority to appoint,
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employ, compensate, and at their pleasure to remove
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all such officers, agents and servants as they may
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deem necessary, in the business of said company, also
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to contract and agree for. or purchase such lands,
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chatties, materials, rights and privileges, and to cause
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all such buildings, machinery and other improvements
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to be made as they shall think necessary to effect the
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objects of said company, and the same or any part
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thereof to sell and convey or otherwise dispose of in
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their discretion, also to prescribe the mode of issuing
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and transferring capital stock in said company, and
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the evidence thereof, also to make or declare and pay
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annual or semi-annual divinends of the nett profits of
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