PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847,

chase and hold all such property real, personal or mix-
ed as they may require for the purposes aforesaid, and
shall have power to make and enter into all manner of
contracts in relation to the business and property afore-

CHAP. 297.

said; provided, that the said company shall at no
time hold or possess in this State more than five thou-
sand acres of land, and may for the purposes aforesaid
have and exercise, except as restricted by this act, the
right to make bye-laws, rules and regulations, and all
the rights, privileges and powers necessary to the ob-
jects of this act and to the use, control and disposition
of the property acquired by them, and not repugnant
to any law of this State or of the United States.

Proviso.

SEC. 2. And be it enacted, That the capital stock
of said company shall he divided into ten thousand
shares of one hundred dollars each, of which the lands
and mines of the said Horatio Bigelow, Pemberton
Ward and Albert Clarke shall constitute a part at such
price as may be agreed upon between them on the one
part, and those who may associate with them and con-
stitute the aforesaid corporation by subscribing; lor
stock payable in money on the other part.

Capital stock.

SEC. 3. And be it enacted, That the subscriptions
to the capital stock shall be made at such place or places
and in such manner as shall be designated by the said
Horatio Bigelow, Pemberton Ward and Albert Clarke,
or a majority of them, and that any person owning one
or more shares of said stock shall he a member of said
corporation, and shall be entitled at all meetings of the
stockholders to one vote for each share so held in per-
son or by proxy, and the shares of said capital stock
shall be assignable or transferable as may he provided
for in the bye-laws of said company, and shall be con-

How & when
subscribed.

sidered as personal property; provided, that no share
shall be so transferred on the books of the company
until all dues and liens thereon in favor of the com-
pany shall have been discharged, and if any holder of
a share or shares shall be in default of payment of any
debt due to the company upon his said share or shares,
it shall be lawful for the president and directors after
thirty days notice in writing to sell the said share or
shares or so many as may be necessary to discharge the
said debt and costs of sale at public auction under the
hand of the treasurer of the company, and the person
or persons purchasing the said share or shares shall
hold the same with all the rights belonging thereto.

Proviso.

SEC. 4. And be it enacted, That the affairs of said
company shall be managed by five directors, who shall

Directors—
how and when
elected.