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Sec. 3. And be it enacted, That the capital stock
of said company shall amount to one hundred
thousand dollars, with the privilege of extending
it to two hundred thousand dollars, which shall
be divided into five thousand shares of twenty dol-
lars each, and shall be considered as personal pro-
perty, and assignable and transferable on the
books of said company, and in such manner as
the by-laws of said company may prescribe, and
subscriptions to said capital stock shall be made
at such times and places, and in such manner as
the said George A. Pearie, Thomas Johns, James
Smith, John A. Smith, Henry G. Worthington,
or a majority of them may determine, of which
three weeks notice shall be given in one or more
newspapers published in the place where said
subscriptions are proposed to be received, which
subscriptions may De paid for in lands or other pro-
perty adopted to the business of said company, at
valuations agteed upon by the subscribers and the
persons receiving the subscriptions', and the stock-
holders snail have one vote each in person or by
proxy, for every share of said stock each of them
may own at the time of voting, and the subscri-
bers shall be authorized to act as a corporate body
whenever two thousand five hundred shares of
capital stock are subscribed, and if a sufficient
number of shares to constitute the subscribers a
corporate body," are not subscribed at the first
time and place designated by the said George A.
Pearie, Thomas Johns, James Smith, John A.
Smith, Henry G. Worthington, or a majority of
them, they or a majority of them shall have power
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Capital stock
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to receive further subscriptions from time to time,
at such other times and places as they, or a ma-
jority of then may designate, giving notice thereof
as herebefore required; and if a sufficient number
of shares shall npt be subscribed to carry on as
fully as desired, the lawful business of the com-
pany, the President and Directors thereof, may
receive further subscriptions thereto, at such times
and places, and in such manner as they may de-
termine; and there shall be paid at the time of
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May receire
further sub-
scriptions.
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