E. LOUIS LOWE, ESQUIRE, GOVERNOR.
487
subscribed before the said commissioners in the
manner
directed and prescribed by the second section of this act.
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SEC. 4. And be it enacted,
That when one-fourth
or more of the shares of said stock shall have been
subscribed, the said commissioners, or a majority of
them, who opened the said subscription books, shall
give thirty days notice in two newspapers published in
the county aforesaid, or the time and place appointed
by them for the subscribers to meet, in order to organize
said company, and to choose, by a majority of votes of
the said subscribers, by ballot, to be delivered in person
or by proxy duly authorised, managers from among the
stockholders, to conduct the business of said company
until the first Monday of June, eighteen hundred and
fifty-four, and until their successors shall be chosen in
the manner hereinafter provided; at all elections each
stockholder shall be entitled to one vote for every share
held by said stockholder, not exceeding two hundred.
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Meeting of
subscribers.
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SEC. 5. And be it enacted,
That the subscribers
for stock of said company shall be, and they are hereby
incorporated and constituted a body politic, by the
name of the Knoxville and Middletown road company,
and by the same name the said stockholders,
their successors and assigns, shall have all the privileges
and franchises of, or incident to a corporation, and shall
be capable of taken and holding the said capital stock,
and the increase and profits thereof, and of enlarging
the same by new subscription on the original terms, if
necessary, to fulfil the intent of this act, and of purchasing
and holding to them and to their successors, in
fee simple, or for any less estate, such lands and estate,
real or personal, as shall be necessary to them in the
prosecution of their works; Provided, said lands or
real estates shall not exceed two acres, in any one lot or
parcel, for the use of the gate-keeper; and of sueing
and being sued, answering and being answered in any
court of law or equity in this State; and the said company
shall have power to make a seal, and alter and
break the same, and renew it at their will and pleasure,
and to do all other acts necessary for the purposes for
which they are incorporated, as fully as any other corporation
may do.
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Incorporated.
Proviso.
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SEC. 6. And be it enacted,
That the same so subscribed
shall be paid to the managers of said company
in such instalments, and at such times as they may
direct, by giving one month's notice of the payments
required, in any one or more of the newspapers of the
county.
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Instalments.
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