A. W. BRADFORD, ESQUIRE, GOVERNOR.

or otherwise, as may at any time or times seem ex-
pedient, in vessels or steamers, or by other means
of said corporation, to acquire, have, hold and im-
prove real estate or personal property, from time
to time, with the right to sell and dispose of the
same, as may from time to time be deemed expe-
dient.

159

Sec. 3. And be it enacted, That the capital
stock of said corporation shall not exceed two mil-
lions of dollars, divided into shares of one hundred
dollars each, to be subscribed for under the direc-
tion of some one or more of the corporators named
in this act; and any person may subscribe lands or
mines, or mining privileges or patent rights per-
taining to the business of said corporation, in place
of a money subscription to said stock, to be received
in subscription at such valuation as the majority
of the corporators or their successors shall agree
upon.

Capital stock.

Sec. 4. And be it enacted, That said corporation
may go into operation when and so soon as two
hundred and fifty thousand dollars shall have been
subscribed in money towards its full capital stock,
and twenty-five thousand dollars of said subscrip-
tion paid in the time and manner of payment of
such subscriptions to be fixed and determined by
the corporators aforesaid.

May go into
operation.

Sec. 5. And beit enacted, That the affairs of the
corporation shall be managed for the first twelve
months by the corporators above named, who shall
from among their number elect a President and
Vice President, and shall appoint the other officers,
agents, Superintendent and other employees of
the corporation; that before the expiration of the
said twelve months the said corporators above
named shall convene the stockholders upon a day
to be fixed, and notice to be given, who shall pro-
ceed to elect a President, Vice President and a
board of riot less than five nor more than nine
Directors to serve for one year, and until their
successors are elected; said election to be held on
the same day of the week in each year thereafter,
at such election each share of stock subscribed for
shall entitle the holder to one vote; the President
and Vice President shall be ex officio members of
the board, and entitled to vote therein; the corpo-
rators for the first twelve months, and thereafter

Affairs of com -
pany — how
managed.