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hundred thousand dollars, and every person who shall
be the proprietor of one share or more of said stock shall,
in virtue thereof, be a member of said corporation, and
as such entitled, at all elections and in all meetings of
the stockholders, 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, be vested in lands, buildings, cars,
boats, machinery, tools and materials, necessary or use-
ful for promoting the object and carrying oh the busi-
ness of said corporation, and the shares of said capital
stock shall be deemed personal estate, and be assignable
and transferrable only on the books of the corporation,
and in such manner as shall be provided by the bye-
laws.
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CHAP. 511.
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SEC. 3. And be it enacted, That the affairs of the
said company shall be conducted by a president and four
directors, who shall be chosen by and from amongst the
stockholders, by ballot, within as short a time after the
passage of this act as may be convenient, and annually
thereafter on the same day, or on such other day as the
bye-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, 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 company; also to con-
tract and agree, rent or purchase such lands, chattels,
materials, rights and privileged, and to cause all such
kilns, buildings, cars, vessels, machinery, and other im-
provements to be made, as they shall think necessary to
effect the objects of said company, and the same, and
any part thereof, to sell and convey, or otherwise dis-
pose of, in their discretion, also to prescribe the mode of
issuing and transferring capital stock in said company,
and the evidence thereof, also to make or declare and
pay annual or semi-annual dividends of the nett profits
of said company, and generally to do all such acts, and
pass all such ordinances and regulations, for the benefit
and well ordering of the business of the said company,
as they shall think proper, the same not being contrary
to the bye-laws passed by the stockholders, nor to any
law of this State, and in case of any vacancy happening
in the presidency or directory of the said company, the
remaining directors ahull fill the same, by choosing a pre-
sident or director as the case may be, from amongst the
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Affairs—how
managed.
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