A. W. BRADFORD, ESQUIRE, GOVERNOR.

be a member of said corporation and as such, entitled
at all elections, and in all ineetiugs of stockhold-
ers, to one vote, in person or by proxy, for every
share of said capital stock which shall be held by-
such person, and the said capital stock may, in
whole or in part, consist of or be invested in land,
chattels .real, buildings, machinery, tools find
other personal property necessary or useful for
promoting the objects or carrying on the business
of said corporation; and the shares of said capital
stock shall be deemed personal estate, and be trans-
ferable only in the books of the corporation, and in
such manner as may be provided by the by-laws.

39

Sec. 3. And be it enacted, That the affairs of the
said company shall be conducted by a President
and four Directors, who shall be chosen by and
from the stockholders, by ballot, on the the first
Wednesday in March, in each and every year, or
on such other day as the by-laws may provide,
and the President and Directors so chosen shall
be capable to act in their respective offices for one
year and until their successors shall be chosen; but
for the first year and until their successors shall
be chosen, in March, eighteen hundred and sixty-
six, Edwin Bailey shall be President, and Thomas
Booz, Charles T. Morris, Talbot Denmead and
George Holden, Directors, and said President and
Directors and their successors, or a majority of
them, shall have full power to appoint, employ,
compensate, and at their pleasure, remove all such
officers, .agents and servants, as they may deem
necessary in the business of the company, and also
to contract for, lease or purchase all necessary or
proper lands, chattels, materials, machinery; rights
and privileges, and to cause such buildings, ma-
chinery, engines and other improvements or ap-
purtenances, to be made or contracted as they
shall think necessary to effect or promote the ob-
jects and interests of the company, and the same
or any part thereof, to sell, convey or otherwise
dispose of, in their discretion; and also to prescribe
the mode of issuing and transferring the capital
stock of the company, and the evidence thereof,
and also to procure such further subscriptions to
the capital stock, to an amount not exceeding one
hundred thousand dollars, whenever a majority of
the stockholders shall decide to increase the same,

Affairs of
company —
how conduct-
ed.