T. WATKINS LIGON, ESQUIRE, GOVERNOR

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declared to be the erection of buildings for the accom-
modation of visitors, the erection of bathing houses, and
the having and holding of all such real and personal
property and estate, and performing all such acts as
shall be found by said corporation necessary and useful
for the objects and purposes aforesaid of the said corpo-
ration.

SEC. 2. And be it enacted, That the capital stock
of said corporation shall at no time exceed one bun-
dled thousand dollars, to be divided into shares of
twenty-five dollars each, said shares to be held and be
transferable and assignable as personal properly, but
they shall be transferable only on the books of the
corporation by the holder or his attorney.

Capital stock.

SEC. 3. And be it enacted, That for the governing
and transacting the business and carrying into effect the
objects of the said corporation, there shall be chosen
from among the stockholders three directors by ballot
to serve for one year and until successors are chosen; the
first election shall be had on the first Monday of October
next, and thereafter elections shall be held on the same
day in each and every year; a stockholder shall have
as many votes as he holds shares, which may be voted
in person or by proxy.

Transaction
of business.

First election.

Voting.

SEC. 4. And be it enacted, That service of legal
process on any director shall be deemed as service on
the said corporation; it shall not exercise any banking
privileges, and the Legislature shall have the power of
altering, amending and repealing this charter at discre-
tion.

Service of le-
gal process.

SEC. 5. And be it enacted, That this act shall take
effect from the date of its passage.

In force.