T. WATKINS LIGON, ESQUIRE, GOVERNOR.

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be and are hereby incorporated and made a body
politic by the name and style of the Central and
South American Trading Company, and by that
name shall have succession, and be able to sue and
be sued, plead and be impleaded in any court of law
and equity, and may have and use a common seal,
and the same alter and renew at pleasure; and the
said company shall have all the privileges and rights
necessary for carrying on a general trade with the
Governments and inhabitants of South America, and
the right to accept, exercise, and enjoy any privileges
which may be granted by any of said Governments,
and shall have power to make such by-laws, rules, and
regulations as may be necessary; Provided they be
not repugnant to any law of this State, or of the
United States.

SEC. 2. And be enacted, That the capital stock
of the said Company shall be one million of dol-
lars, with the privilege of increasing, if necessary,
to two millions of dollars divided into shares of one
hundred dollars each, and shall be considered as per-
sonal property, and shall be assignable and transfer-
able in such manner as may be provided by the by-
laws of the said corporation.

Capital stock.

SEC. 3. And be it enacted, That the said Com-
pany shall be managed by a President and five Di-
rectors who shall be chosen annually by the stock-
holders, to serve for one year and until others shall
be elected; and in case of any vacancy occurring in
the Presidency or Directors of said Company, the
remaining Directors shall have power to fill such va-
cancy until the next general meeting of the stock-
holders shall be held; and until the first election of
Directors shall be held, the said Nathan Rogers, W.
W. Spence, Alien A. Chapman, A. B. Patterson,
Wm. T. Murdock, or a majority of them, shall have
full power and authority to exercise all corporate
powers of said Company.

Shall be man-
aged.

SEC. 4. And be it enacted, That the Legislature
reserves the right to alter, amend, or repeal this act
at pleasure.

Reservation.