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name shall have perpetual succession, and shall be able to
sue and be sued, implead and be impleaded, in all courts of
law or equity in this state, or elsewhere, and to make and
have a common seal, and the same to break, alter or renew,
at their pleasure, and also to ordain and establish such by-
laws, ordinances and regulations, as shall appear necessary
for regulating the concerns of the said corporation, not be-
ing contrary to this act, or to the constitution and laws of
this state or of the United States.
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CHAP 4.
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Sec. 2. And be it enacted. That the capital stock of the
said company shall consist of two hundred thousand dollars,
to be divided into two thousand shares, each of one hundred
dollars; and should the whole capital not be subscribed at
the passage of this act, the subscription shall be kept open
until five days after the first election of directors shall have
been made as is herein after provided for, unless sooner tak-
en, and should the whole not be subscribed within that
time, the remainder may be disposed of at a price not less
than the par value thereof, by the directors for the time be-
ing, in such manner and at such periods as they may deem
best for the interest of the company. The amount of each
share shall be paid to the said company as follows: Four dol-
lars thereof shall be paid within five days after the first elec-
tion of directors as herein after provided for; sixteen dollars
in four months after the said election: sixteen dollars in six
months; sixteen dollars in nine months; sixteen dollars in
twelvemonths; sixteen dollars in eighteen months; and six-
teen dollars in twenty-four months, after the said first elec-
tion; and the last mentioned six payments shall be secured
by endorsed promissory notes, to be approved by the direc-
tors of the company. And in case default shall be made in
the payment of any of the proportions aforesaid, of any
share, at the times limited for payment as aforesaid, it shall
be lawful for the company to sell or dispose of the said
share, and the persons so failing shall be held liable to said
company for any deficiency upon such sale or disposition
ing from, such default aforesaid, the amount of such defici-
ency or damage to be deducted out of any sum that shall
have been paid to said company by such defaulters for said
share; and to be received from said defaulters, so far as the
sum paid shall not suffice to satisfy such deficiency or da-
mage, and such default shall accordingly work a forfeiture
as aforesaid, but not of any balance of the money paid in;
and said persons shall thereupon cease to be members of
said corporation. The shares of said stock shall be trans-
ferrable and assignable on the books of the corporation, and
not otherwise, by the holder personally, or by his attorney,
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Capital stock
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