PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

aforesaid; provided; that the said company shall at no
time hold or possess in this State more than five thousand
acres of land, and may for the purposes aforesaid have
and exercise, except us restrained 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
property acquired by them, and not repugnant to any law
of this State or of the United States.

CHAP. 306.

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 John Withers, George L. Ward
and George H. Deane 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 for 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 at places
and in such manner as shall be designated by the said
John Withers, George L. Ward and George H.
Deane, 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
person or by proxy, and the shares of said capital stock
shall be assignable or transferable as may be provided
for in the bye-laws of said company, and shall be con-

Authority to
receive sub-
scriptions.

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 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 law-
ful for the president and directors,after thirty days notice
in writing, to sell the said share or shares or so many of
them 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
be stockholders and citizens of the United States, any
three of whom, the president being one, shall be a quo-
rum for business, said directors shall be chosen annually
by the stockholders to serve for one year and until others

Directors —
how and when
elected.