T. WATKINS LIGON, ESQUIRE, GOVERNOR.

183

and to ordain and establish such by-laws and regula-
tions as shall be necessary or convenient for conducting
the affairs of the corporation, not repugnant to the
laws of this State, or of the United States.

SEC. 2. And be it enacted, That the objects of said

corporation are declared to be the introduction into use
valuable inventions and discoveries in the application of
steam, for which letters patent of the United States
have been granted, applicable to motive power, and for
boiling, drying, evaporating, heating and all other pur-
poses for which steam is used, and to purchase, hold
and sell land in fee simple or otherwise, necessary to
the conduct of the business, and to erect thereon all
needful and necessary buildings and machinery.

Objects.

SEC. 3. And be it enacted, That the capital stock
of said corporation shall not be less than two millions
of dollars, nor more than six millions of dollars in
shares of twenty-five dollars each.

Capital stock.

SEC. 4. And be it enacted, That for the manage-
ment of the affairs of the company the stockholders
shall elect a president, a vice president, and not less
than seven directors, who shall remain in office for one
year, or until successors shall be elected; a majority of
the directors shall constitute a board; that a majority
of stockholders in amount shall call a meeting upon
advising the stockholder of the time and place of hold-
ing said meeting.

Management.

SEC. 6. And be it enacted, That in all meetings
of the stockholders of the said company, each share of
stock shall entitle the holder thereof to one vote, to be
given in person or by proxy, and said shares shall be
considered as personal property, and shall be transferable
in such manner as may be provided by the by-laws of
said company.

Voting.

SEC. 6. And be it enacted, That nothing contain-
ed herein shall be construed as granting banking privi-
leges to said company, or exempting their property and
effects from general taxation.

Banking for-
bid.

SEC. 7. And be it enacted, That the legislature re-
serves the right to alter and amend this act of incorpo-
ration whenever the public interest may require it.

Reservation.

SEC. 8. And be it enacted, That this act shall
take effect from the date of its passage.

In force.