DANIEL MARTIN, ESQUIRE, GOVERNOR.

1828

in law to sue and be sued, and to implead and answer, in
any court of law or equity, to make and use a common seal,
and the same to alter at pleasure, and to do and perform all
such other acts, in relation to the objects and purposes of
their incorporation hereinafter declared, and necessary for
the exercise of the rights and powers granted to the said
corporation by this act, which any other corporate body may
lawfully do, provided that the same shall not be repugnant
to any law of this state or of the United States.

CHAP. 32.

Sec. 2. And be it enacted, That the objects and purpose
of the corporation are declared to be the manufacturing and
Tending of cotton and woollen goods, or either of them,
and the carrying on any other manufactory that the said
corporation may deem proper and necessary, to connect
therewith, and for those objects and purposes, the said cor-
poration is hereby authorised and empowered to purchase
and hold one or more sites, or factories, and lands not ex-
ceeding five hundred acres, in fee simple, or for any other
estate, and to erect buildings and other improvements on
such lands as may be deemed convenient, and to procure by
purchase or other lawful means, all kind of necessary ma-
chinery, materials, goods and chattels, and to hold the same
for the use of the company hereby incorporated.

Objects of incor-
poration

Sec. 3. And be it enacted, That the capital stock of the
said corporation shall not exceed two hundred thousand
dollars, and shall be divided into shares of one hundred
dollars each; and every person becoming the proprietor of
one or more shares of the said stock shall, in virtue thereof
be a member of the said corporation, and the said capital
stock may, in whole or in part, consist of or be vested in
lands, buildings, machinery, tools or materials, necessary
or useful for carrying on the manufactory aforesaid.

Capital stock

Sec. 4. And be it enacted, That the said Thomas Ely
Asher Ely, Beale Randall, Hugh Balderston and William

Ely, or a majority of them, be and they are hereby ap
pointed commissioners to receive subscriptions and pay
ments for shares in the said capita! slock of this incorpora-
tion, and when, in their opinion, a sufficient amount of the
said capital stock shall have been subscribed to enable the
said Ely's-Ville Manufacturing Company to commence ope-
rations, they shall convene a general meeting of the stock
holders, and the powers, rights and privileges, granted to
and vested in the said Ely's Ville Manufacturing Company
by this act, may, and then shall be exercised by a majori-
ty of the said stockholders thereof for the time being, they
being also the proprietors of the major part of the shares of
capital stock of the said corporation; and such majority of
the said members shall have power to prescribe the evidence
of ownership and transfer of shares of stock in the said
company; to provide for the appointment and employment

Subscriptions