A. W. BRADFORD, ESQUIRE, GOVERNOR.

appointed to receive such subscriptions, the sum of
one dollar for each share subscribed, and the resi-
due thereof shall be paid at such times and in such

147

instalments as shall be required by the President
and Directors of said company; provided, that not
more than three instalments of five dollars each
shall be required in any one year after the com-
mencement of the work, nor payment of any in-
stalment demanded until at least sixty days
public notice thereof shall have been given by the
said President and Directors, and if any subscriber
shall fail or neglect to pay any instalment, or a
part' of such subscription so demanded, the stock
on which it is demanded may in the discretion of
the President and Directors, be forfeited to the
company, and may be sold by them for the benefit
of the said company.

Proviso.

Sec. 5. And be it enacted. That if the sum ne-
cessary for the incorporation of said company shall
not be subscribed within four years after the pas-
sage of this act, then this act and all the subscrip-
tions under it shall be null and void, and the said
commissioners, after discharging the expenses of
the books, shall return the residue of the money
paid in upon such subscriptions, to the several
subscribers, in proper proportion to the same
respectively subscribed by them.

Sec. 6. And be it enacted, That when twenty-
five hundred shares of said capital stock shall have
been subscribed, and on or before ten days there-
after, the said commissioners, or a majority of
them, shall call a general meeting of the stock-
holders at such time and place as they may ap-
point, and shall give at least twenty days public
notice thereof, and at such meeting the said com-
missioners shall lay trie subscription books before
the subscribers then and there present, and there-
upon the said subscribers, or a majority of them,
shall elect twelve Directors, by ballot, to manage
the affairs of said company which twelve Directors,
or a majority of them, shall, have the power of
electing a President of said company, and on all
occasions wherever a vote of the stockholders of
said company is to be taken, each stockholder shall

To be null
and void.

Election of
Directors.

be allowed one vote for every share owned by him,
her or them: provided, said stockholder shall not

Proviso.