LLOYD LOWNDES, ESQUIRE, GOVERNOR.

503

SEC. 2. And be it enacted, That said corporation, under the
above name, shall be capable in law of purchasing, holding,
selling and conveying property, real, personal and mixed, as
far as shall be necessary, for the purpose hereinafter mentioned
and no further, and shall have perpetual succession, and by
such corporate name may sue and be sued, and to make, have
and use a common seal, and the same to alter and renew at
their pleasure, and shall have and enjoy and may exercise all
the powers, rights and privileges, acts, matters and things inci-
dent and necessary to the purpose of said corporation as created
by this act.

Corporate
powers.

SEC. 3. And be it enacted, That the capital stock of said
company shall be $50,000, with privilege to increase the same
to $100,000, and shall be divided into shares of twenty-five
dollars ($25) each, which shall be collected by the president and
directors of said corporation in such installments and at such
times and places as they may appoint and require; and if any
subscriber to said corporate stock shall neglect or fail to pay
any installments or part or parts of their subscription thus de-
manded, for the space of twenty days next after the time the
same shall be due and payable, the stock on which it is demanded
shall at the pleasure of said president and directors be forfeited
to the company and sold for its benefit; but the said president
and directors may in their discretion remit such forfeitures or
recover in the name of the company such installments by suit
or action at law or in any other way and upon such terms as
they may deem proper.

Capital stock.

SEC. 4. And be it enacted, That the president and directors
thus appointed or elected shall serve for one year from the
passage of this act, or until their successors shall be elected,
and to continue the succession of said corporation a general
meeting of the stockholders shall be held annually on the first
Monday in January, at which meeting a board of nine direct-
ors shall be elected by the stockholders in said corporation by
ballot to manage the affairs of said company, which directors
shall all be stockholders in said corporation, and shall have
power to elect a president from among their number, and in
said election for directors and all other elections by the stock-
holders of said company each shareholder shall have or be
allowed one vote for every share owned by him or her, and
every stockholder shall vote either in person or by proxy, and
the directors so elected shall serve for one year or until their
successors shall be elected; and other meetings of the stock-
holders may be called by the president and directors or a ma-

Election of
directors.