T. WATKINS LIGON, ESQUIRE, GOVERNOR.

301

ing of coal and iron, for erecting and carrying on furna-
ces, mills and manufactories and the beneficial manage-
ment of its property, and for the transportation of coal and
other proceeds, issues and products of its mines, mills,
manufactories and property to market, and shall have
power and authority to purchase, lease and hold any
property, real, personal and mixed, which may be
deemed by said company necessary for its purposes ;

Provided, however, that said company shall not, at any
time actually hold as owners thereof, more than five
thousand acres of land.

Proviso.

SEC. 2. And be it enacted, That the capital of
said company shall be five hundred thousand dollars,
divided into shares of the par value of one hundred
dollars each.

Capital stock

SEC. 3. And be it enacted, That for the purpose
of obtaining subscriptions to the capital stock of said
company, books shall be opened, under the direction
of the said Luther R. Marsh, Allen Clark and Charles
Day or the majority of them, at such time or times, at
such place or places as the persons who may act in that
behalf shall deem expedient, and payment may be made
of the whole or any part of the subscription obtained
or received as aforesaid, in land or other property or mo-
ney as may be agreed on, in case of subscriptions ob-
tained whilst the books are open, between the respective
subscribers and the persons under whose direction the
said books may be opened, and in case of subscriptions
received by the president and directors between the re-
spective subscribers and the said president and direc-
tors.

Subscription
books to be
opened.

SEC. 4. And be it enacted, That in all meetings of
the stockholders of said company, each share of stock
shall entitle the bolder thereof to one vote, to be given
in person or by proxy, and said shares shall be consid-
ered 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 the affairs of said

company, shall be managed by the persons named in
the first section of this act, and who are hereby consti-
tuted directors of said company, until directors shall be
elected as hereinafter provided and in case of the de-
cease of any one or more of said persons, or in case of
the refusal of any one or more of said persons to act as
directors, the remaining person or persons shall have
power to select other persons as directors for the time
being in their stead.

Management.