1844.

THOMAS G. PRATT, ESQUIRE, GOVERNOR.

CHAP. 231.

places, or transport and export the same for sale or other-
wise, as may at any time or times seem expedient, in ves-
sels or by other means of said corporation; and to have
and hold and improve, for the purposes aforesaid of the
corporation, and to acquire and to sell and dispose of any
real estate or personal property, from time to time, as may

Capital stock
not to exceed
$400, 000.

be judged expedient.
SEC. 3. And be it enacted, That the capital stock of
said corporation, shall not exceed four hundred thousand
dollars, to be divided into shares of one hundred dollars
each, and to be subscribed for under direction of the per-
sons named in this act, or of such others as shall be de-
signated by said Bartholomew Trenard; and any person
or persons may subscribe lands, or mines, or mining rights
or privileges, in place of a money subscription to said
stock, to be received in subscription as aforesaid at such
valuation as a majority of all the subscribers shall fix such
subscriptions, subject however to become void, if satisfac-
tory titles or conveyances to the corporation be not made
by a period as said corporation may direct after its organi-
zation.

Go into opera-
tion as soon as
$50, 000 is sub-
scribed.

SEC. 4. And be it enacted, That said corporation may
be organized and go into its operations aforesaid, on hav-
ing subscription made to its capital stock, of fifty thousand
dollars in money; the persons under whose direction sub-
scriptions as aforesaid shall be received, fixing the pay-
ments of such subscription monies.

Affairs mana-
ged by a pre-
sident and five
directors.

SEC. 5. And be it enacted, That the affairs of the corpo-
ration shall be managed, and all its powers aforesaid be
exercised by a president and five directors, to be chosen
by the stockholders on a day to be fixed, and on notice
given, by the persons or a majority of them, under whose
direction subscription of stock shall be made as aforesaid;
which president and directors shall serve for one year
from their said election, or until others shall be chosen;
the president and directors of the corporation being here-
by empowered to pass by-laws, fixing the period of elec-
tions, and to make all regulations in regard to them, and
for any omission to elect at the period appointed, and no
omission of that kind to operate as a dissolution of said

May do all
act necessary
&c.

corporation.
SEC. 6. And be it enacted, That said president and
directors, or a majority of them, may do all acts necessary
for the conducting of the business and carrying out the
objects of the corporation, and may appoint and employ
any agents or other persons by them deemed necessary
for accomplishing said objects; may declare annual or
semi-annual dividends of profits as ascertained by them;