A. W. BRADFORD, ESQUIRE, GOVERNOR.

shall not be subscribed when the books are first
opened, the said aforenamed corporators, or any two
of them may again open the books for further sub-
scriptions from time to time, until the whole be
subscribed ; and when two-fifths of the said capi-
tal stock shall be fully paid in, either in money
or land, or both, or when fifty thousand dollars
either in land or money or both, shall be bona fide
paid upon the whole capital stock, then the said
stockholders then in being shall proceed to elect
a President and four Directors to manage its affairs
lor the first year, and until others are duly elected
as hereinafter stated in such manner, as the per-
sons then holding a majority of the capital stock
so paid in or paid up, may determine.

261

Sec. 4. The President and Directors shall be
chosen after the first year annually, by the stock-
holders in such manner, at such times and places
as the by-laws may prescribe, to manage the
affairs of the said company, and in case of vacan-
cies occurring during the year, in the Presidency
or Directorship, the remaining members of the
board, including therein the President as one
thereof, where vacancy occurring is in the Direc-
torship, shall have power to elect others to fill
such vacancies until the next general meeting of
the stockholders, and until others are duly elected,
and the first general meeting of the stockholders
shall be held as soon as the company is organized,
for the purpose of electing the President and four
Directors for the first year, as aforesaid, and for
the passage of by-laws and such other business as
may be proper and necessary.

President and
Directors

Sec. 5. And be it enacted, That said company ,
shall have power to negotiate a lien upon its lands,
secured by a mortgage of its property, to an
amount or amounts not exceeding together at any
time, two-thirds of its capital stock, bona fide paid
in ; but nothing herein shall be construed to au-
thorize the company to issue any note, token or
device to be used as currency, or to exercise any
banking powers or privileges.

May negoti-
ate lien.

Sec. 6. And be it enacted, That the said com-
pany shall at no one time hold more than fifteen

hundred acres of land ; and that it may increase
its capital stock to any sum not exceeding at any

May increase
capital stock.