JOHN WALTER SMITH, ESQ., GOVERNOR

635

appoint the successor of any commissioner who may die, resign
or refuse to act.

CHAP. 424.

SEC. 6. And be it enacted, That the capital stock of this
corporation shall be divided into shares of a par value of one
hundred dollars each, which may be subscribed for by indi-
viduals or by corporations; and as soon as fifty shares have
been subscribed, and one dollar per share thereof paid in
cash, the subscribers of said stock, their successors and assigns,
shall thereupon and thenceforward be entitled to exercise cor-
porate powers, under the name and title aforesaid, and by that
name shall be capable of purchasing, holding, selling, leasing,
mortgaging and conveying estates and property, real, personal
and mixed, so far as may be necessary for the uses and pur-
poses of this corporation, which shall have perpetual succession,
and by the corporate name may sue and bo sued, may adopt
and use a common seal, which they may alter or renew at
pleasure, and by their corporate title shall have, enjoy and
exercise all the powers, rights and privileges which any other
body corporate may lawfully do.

Capital stock
divided
into shares.

SEC. 7. And be it enacted, That upon every subscription
to said capital stock there shall be paid at the time of subscrib-
ing to the said commissioners or person by them designated to
receive the sum of one dollar per share on each and every
share subscribed, and the residue thereof shall be paid in
such instalments and at such times as it may be required by
the president and directors of said company; provided, no
payment shall be demanded on any instalment of said stock
until at least sixty days' notice of such demand shall have been
given to the subscriber in person or by public notice in some
newspaper published in Kent county ; and if any subscriber
shall fail or neglect to pay any instalment or any part of his said
subscription for the space of seventy days after the same shall
be due and payable, then the stock on which such demand and
default shall have been made shall thereby be forfeited to the
company, and may be sold by the company for its own benefit,
but the president and directors may remit any such forfeiture
on such terms as they shall deem proper.

Manner of
payment of
subscriptions

SEC. 8. And be it enacted, That as soon as fifty shares of
the capital stock of said company shall have been subscribed,
the said commissioners, or a majority of them, shall call a
general meeting of the said subscribers, at such time and place
as they may appoint, and at such meeting shall deliver said
subscription books over to said subscribers there present ; and
the subscribers there present, or a majority of them, shall pro-
ceed to elect twelve directors of said company by ballot, each
shareholder having one vote for each share he has subscribed,

When general
meeting can
be called,
etc.