T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

company, and each share thereof shall entitle the
holder thereof to one vote in all meetings of the
stockholders of said company, to be given either in

CHAP. 265.

person or by proxy, and for the purpose of obtain-
ing subscriptions to the said capital stock, books
shall be opened under the direction of the said
John J. Morrison, James D. Armstrong, and Wil-
liam Combs, or the majority of them, at such time,
and at such place or places, as the persons who
may act in that behalf, shall deem expedient, and
payment may be made for the whole or any part of
such subscriptions, either in land or other property,
or money, and if lands or other property, then, at
such price and valuation as may be agreed upon by
those receiving such subscriptions, and in case the
said company shall organise and proceed to act as
a corporate body, before a sufficient amount is sub-
scribed to the said capital stock for the lawful pur-
poses of said company, the president and directors
of said company shall have power at any time
thereafter, and as often as they may deem necessary,
and without opening anew, books of subscription,
to receive further subscriptions to said capital stock,
and to augment the same to such extent as may be
authorized and fixed at any general meeting of the
stockholders of said company, and it may be lawful
for all persons and bodies corporate or politic what-
soever, to become subscribers for and owners of the
capital stock of said company.

Subscriptions.

SEC. 3. And be it enacted, That the affairs of
said company shall be managed by the ' persons
named in the first section of this act, who are
hereby constituted directors of said company,
until directors shall be elected as hereinafter
provided, and in case of the decease of one or more
of said persons, or their refusal to act as directors,
the remaining person or persons shall have power
to select other persons as directors, for the time
being, in their stead, and whenever an amount of
the capital stock of said company shall be subscribed,
sufficient, in the judgment of the said directors, to

Affairs of the
company —
how managed.

justify it in proceeding to the prosecution of its bu-
siness, a general meeting of the subscribers to the
stock of said company shall be held at such time
and place as the directors for the time being may
appoint, for the purpose of electing a president and
directors of said company, to serve for one year
thereafter, and until the next election shall be
held, and subsequent elections for president and

General
meeting.