T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

Company, and by that name shall be capable in
law of purchasing, holding, selling, leasing and
conveying property, real, personal and mixed so
far as shall be necessary for the purpose hereinaf-
ter mentioned and no further, and shall have per-
petual succession, and by said corporate name may
sue and be sued, and may have and use a com-
mon seal which they shall have power to alter or
renew at their pleasure, and shall have and en-
joy and may exercise all the powers, rights and
privileges which other like corporate bodies may
lawfully do for the purposes mentioned in this act.

CHAP. 112.

SEC. 3. And be it enacted, That the subscrip-
tion to the capital stock of said company shall be
in shares of ten dollars each, to such amount as
the commissioners aforesaid or a majority of them
may deem necessary, not exceeding ten thousand
shares, and upon every subscription there shall be
paid at the time of subscribing to the said com-
missioners or their agents, the sum of one dollar
on every share subscribed, and the residue thereof
shall be paid in such instalments and at such times
as may be required by the president and directors
of said company, and if any subscriber shall fail
or neglect to pay any instalment or part of said
subscription thus demanded for the space of sixty
days next after the time the same shall be due
and payable, the stock on which it is demanded
shall be forfeited to the company, and may be sold
by the said president and directors for the bene-
fit of the company, but the president and directors
may remit any such forfeiture on such terms as
they shall deem proper.

Subscriptions.

SEC. 4. And be it enacted, That as soon as one
thousand shares of ten dollars each of said capital
stock shall have been subscribed, the said commis-
sioners or a majority of them shall call a general
meeting of the subscribers, and at such time and
place as they may appoint and shall give at least
ten days public notice thereof, and at such meetings
the said commissioners shall lay the subscription
books before the subscribers, then and there pre-
sent, whereupon the subscribers or a majority of
them shall elect five directors by ballot to manage
the affairs of said company, which directors or a
majority of them shall have power to elect a presi-
dent, either from among the directors or others,
and shall allow him such compensation for his ser-

Organization.