PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

iron is a component part, and for working, opening,
transporting to market and vending the produce of their
lands, mines and manufactories, and shall have power to
take, purchase and hold all such property, real, personal
or mixed 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

CHAP. 300.

aforesaid; 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 objects of
this act, and to the use, control and disposition of the pro-
perty 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 be divided into ten thousand
shares of one hundred dollars each, of which the lands
and mines of the, said James Hall, Thomas Morey
and Jeremiah Myers 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 constitute
the aforesaid corporation by subscribing for stock paya-
ble in money on the ether 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
James Hall, Thomas Morey and Jeremiah Myers, or a
majority of them, and that any person owning one or
more shares of said stock shall be 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 transferrable as may be provided
for in the bye-laws of said company, and shall be con-

Subscriptions
—how taken.

sidered as personal property; provided, that no share
shall be so transferred on the books of the company un-
til all dues and liens thereon in favor of the company
shall have been discharged, and if any holder of a share
or shares shall be in default of payment of any debt due
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.