THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

tal stock may in whole or part consist of and be vested

CHAP. 79

in lands, buildings, machinery, tools and materials

Vesting; capital

necessary or useful for promoting the objects or carry-

ing on the business of said corporation, and the shares

of said capital stock shall be deemed personal estate,

Personal estate

and be assignable and transferable only on the books

of the corporation, and in such manner as shall be pro-

vided by the by-laws.

SEC. 3. And be it enacted, That the affairs of the

Election of President and Direct-

said company shall be conducted by a President and

ors.

four Directors, who shall be chosen by and from amongst

the stockholders by ballot, on the second Tuesday of the

month of April next, and annually thereafter on the same

day or on such other day as the by-laws may provide,

and the President and Directors, who shall be so chosen,

shall be able and capable to act in their respective offi-

ces for the term of one year, and until successors shall

be chosen; and they, or a majority of them, shall have

full power and authority to appoint, employ, compen-

sate, and at their pleasure, to remove all such officers,

Their powers

agents and servants as they may deem necessary in the

business of said company, also to contract and agree

for or purchase such lands, chattels, materials, rights

and privileges, and to cause, all such buildings, machi-

nery and other improvements to be made, as they shall

think necessary to effect the objects of said company,

and the same or any part thereof to sell and convey or

otherwise dispose of, in their discretion, also to pre-

scribe the mode of issuing and transfering capital stock

in said company,.and the evidence thereof, also to make

er declare, and pay annual or semi-annual dividends of

the nett profits of said company; and generally to do

all such acts, and pass all such ordinances and regula-

tions, for the benefit and well ordering of the business

of the said company, as they shall think proper, the

same not being contrary to the by-laws passed by the

By-laws

stockholders, nor to any law of this state; and in case

of any vacancy happening in the Presidency or Direc-

tory of said company, the remaining Directors shall

fill the same by choosing a President or Director, as

Vacancies

the case may be, from amongst the stockholders to serve