WILLIAM GRASON, ESQUIRE, GOVERNOR.

. 1838.

hundred thousand dollars, and every person who shall
be the proprietor of one share, or more, of said stock,

CHAP. 349.

Capital $100, 000.

shall in virtue thereof, be a member of said corpora-
tion, and as such, entitled at all elections and in all
meetings of the stockholders, to one vote in person, or
by proxy, for each and every share of said capital
stock, which shall be held by such, person, and the

Membership.

said capital stock may, in whole or in part, consist of,
and be vested in land, buildings, machinery, tools, ma-
terials necessary or useful for promoting the objects,
or carrying on the business of said corporation, and

Capital invested.

the shares of said capital stock shall be deemed per-

sonal estate, and be assignable and transferable only
in the books of the corporation, and in such manner as
shall be provided by the by-laws.

Shares personal

property.

Sec. 3. And be it enacted, That the affairs of the

said company, shall be conducted by a president and
three directors, who shall be chosen by and from
amongst the stockholders, by ballot on the second

Officers.

Tuesday of May, and annually thereafter, on the same
day, or on such other day as the by-laws may provide,

Annual elections.

and the president and directors who shall be so chosen
shall be capable and able to act in their respective offices
for the term of one year, and until successors shall be
chosen, and they or a majority of them, shall have full
power and authority to appoint, employ, compensate and
at their pleasure to remove all such officers, agents and
servants as they may deem necessary in the business of
said company, also to contract and agree for, or pur-
chase such lands, chattels, materials, rights and pri-
vileges, and to cause all such buildings, machinery
and other improvements to be made, as they shall think
necessary to effect the objects of said company, and
the same, or any part thereof, to sell and convey, or
otherwise dispose of, in their discretion, also prescribe
the mode of issuing and transferring capital stock in

Powers of Presi-

dent and Direct-

ors.

said company and the evidence thereof, also to make

or declare and pay annual or semi-annual dividends of
the nett profits of said company, and generally to do all

Declare dividends.

such acts, and pass all such ordinances and regula-
tions for the benefit and well ordering of the business

of the said company, as they shall think proper, the

same not being contrary to the by-laws passed by the
stockholders, nor to any law of this State; and in case

Make ordinances.