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Stock to be
considered as
personal pro-
perty.
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scribed, the subscribers shall be authorized to act
as a corporate body, and the said capital stock
shall be considered as personal property, and shall
be transferable in such manner as may be pro-
vided by the by-laws of said company, and each
share shall entitle the holder thereof to one vote
in all meetings of the stockholders of said com-
pany, to be given either in person or by proxy,
and for the purpose of obtaining subscriptions to
the said capital stock, books shall be opened under
the direction of the said Charles M. Thurston,
Henry R. Atkinson, James A. Ferguson and
James J. McHenry, or a majority of them, at
such time or times, at such place or places, in
such manner, and on such terms and notice as the
persons who may act in their behalf shall deem
expedient, and payment may be made of the whole
or any part of such subscriptions in land or other
property, or money, and if in lands, or other
property, then at such price or. valuation therefor
as may be agreed upon between those receiving
such subscriptions, and the respective subscribers
as aforesaid for stock, and in case said company
shall proceed to act as a corporate body before the
full number of shares shall have been subscribed,
the President and Directors of said company shall
have power at any time thereafter, and without
opening anew books of subscription, to receive
further subscriptions from time to time, until the
full number of shares shall have been subscribed,
or to dispose of any shares not actually subscribed
for in such manner and on such terms as the said
President and Directors may deem best.
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Affairs of com-
pany — how
managed.
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Sec. 3. And be it enacted, That the affairs of
said company shall be managed by the persons
named in the first section of this act, who are
hereby constituted Directors of said company until
a President and Directors shall be elected as
hereinafter provided, or by a majority of said
named persons who are hereby for that purpose
vested with all the power herein given to the said
President and Directors, and whenever the said
one-fifth part of the said capital stock shall have
been actually subscribed, and ten thousand dol-
lars paid in, a general meeting of the subscribers
of the stock of said company shall be held at such
time and place as the Directors for the time being,
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