WILLIAM GRASON, ESQUIRE, GOVERNOR.

1839.

iron and other articles, and of vending the same; and for
the aforesaid purposes, to purchase, hold and use estate,
real, personal and mixed, and to construct such buildings
and improvements on their land as may be deemed neces-
sary, and the said estates, or any part thereof, to sell and
convey, or otherwise dispose of; and generally to do all
such acts, and to ordain, establish and enforce all such by-
laws and regulations as shall be necessary and proper for
conducting the business of said corporation, the same not
being contrary to law or the provisions of this act.

CHAP. 338.

SEC. 2. And be it enacted, That the capital stock of
said company shall be divided into shares of one hundred
dollars each, and shall at no time exceed one hundred
thousand dollars, and every person who shall be the pro-
prietors of one share or more of said stock, shall in vir-
tue thereof be a member of said corporation, and as such
entitled at all elections, and in all meetings of the stock-
holders, 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 said capital stock may in whole or
in part consist of and be vested in land, buildings, machi-
nery, tools and materials, necessary or useful for promoting
the object, and carrying on the business of said corpora-
tion; and the shares of said capital stock shall be deemed
personal estate, and be assignable and transferable only
on the books of the corporation, and in such manner as
shall be provided by the by-laws.

Capital stock—

shares, &c.

Votes rated.

How vested.

SEC. 3. And be it enacted, That the affairs of the said
company shall be conducted by a president and four di-
rectors, who shall be chosen by and from amongst the
stockholders, by ballot, within thirty days after the pas-
sage of this act, and annually thereafter, on the same day,
or on such other day as the by-laws may provide; and the
president and directors who shall be so chosen, shall be
able and capable to act in their respective offices for the
term of one year, and until successors shall be chosen;

Officers— when
elected.

Term of office.

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 com-
pany; also to contract and agree for or purchase such
lands, chattels, materials, rights and privileges, and to
cause all such buildings, machinery and other improve-
ments to be made as they shall think necessary to effect the
objects of said company, and the same or any part there-

Duties, &c. of
officers.