EDWIN WARFIELD, ESQ., GOVERNOR.

619

divided into shares of twenty-five dollars each, which capital
stock shall be personal property, and shall be transferable
in such manner as the by-laws of said corporation may
prescribe; and said corporation, whenever it shall seem to
the directors thereof necessary or expedient for the purpose
contemplated by the Act, shall have power also to issue and
sell on the best terms that can be obtained for the same the
bonds of said company in such sums as may be convenient,
payable after such a number of years as may be deemed
proper, and bearing in the meantime interest; provided, that
the gross amount of said bonds so issued by said company
shall not exceed the sum of four hundred thousand dollars ;
and for the purpose of securing the payment of the principal
and interest of said bonds the said company may execute
and deliver a mortgage or mortgages of their property, or
may convey the same by deeds to such trustees as may be
appointed upon such trusts as may be reasonably advised
or devised for said purpose of securing the payment of the
principal and interest of said bonds.
SEC. 3. And be it enacted, That the said incorporators
herein named shall be and are hereby constituted commis-

CHAP. 338
Capital stock.

sioners to receive subscriptions to said capital stock, and
shall designate the time and places when and at which said
subscription shall be taken by giving at least ten days'
notice thereof, one dollar in every share shall be paid at
time of subscription; and if any subscriber or owner of
stock shall fail to pay any assessment which may be required
by the president and board of directors of said company for
the period of sixty days next after the same is called for and
made payable, the stock upon which said assesment is
required shall be forfeited to the company, and be sold by
the president and said board of directors for the benefit of
said company, but said president and board of directors
may remit such forfeiture upon such terms as they may think
proper; provided, however, that no stockholder shall be
assessed for any purpose more than the par value of the
stock.
SEC. 4. And be it enacted, That as soon as the sum of seventy-
five hundred dollars of the capital stock of the said company

Constituted
commission-
ers to receive
capital stock

shall have been subscribed, and four per centum of the said
money shall have been paid in, the said commissioners, or
any three of them, shall call a meeting of the stockholders

Meeting of
stockholders
to be called.