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Capital stock.
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Sec. 3. And be it enacted, That the capital
stock of the said company, whether the same be
real or personal, or both, shall amount to the sum
of one hundred thousand dollars, which shall be
divided into two thousand shares of fifty dollars
each, and shall be considered as personal property,
and shall be assignable and transferable in such
manner as may be provided by the by-laws of said
corporation; and subscriptions to the said capital
stock shall be made at such places and in such
manner as shall be designated by the said John J.
Morrison, Thomas Devecmon and Henry G. Davis,
or a majority of them, and which subscriptions
may be paid either in lands, at a valuation to be
determined by those receiving the said subscrip-
tions, or in money, and the stockholders shall be
entitled to one vote in person, or by proxy, for
each share of stock held by him; and in case a
sufficient amount is not subscribed to the capital
stock of said company for its lawful purposes, at
at such time as may be designated by the said
John J. Morrison, Thomas Devecmon and Henry
G. Davis, or a majority of them, then further
subscriptions may be from to time received to the
said capital stock at such other times and places
as the President and Directors of said company
may appoint.
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Management.
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Sec. 2. And be it enacted, That the affairs of said
company shall be managed by a President and
four Directors, who shall be chosen annually by
the stockholders, to serve for one year and until
others shall be elected; and in case of any vacan-
cy occurring in the Presidency or Directors of said
company, the remaining Directors shall have
power to fill such vacancy until the next general
meeting of the stockholders shall be held; and
until the first election of Directors shall be held,
as herein provided, the said John J. Morrison,
Thomas Devecmon and Henry G. Davis, or a ma-
jority of them, shall have full power and authority
to exercise all corporate power of said company.
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