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Capital stock
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SEC. 2. And be it enacted, That the capital stock
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of said company, shall not be more than two hun-
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dred and fifty thousand dollars, to be divided into
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shares of twenty-five dollars each, which shall be
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considered as personal property, and shall be trans-
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ferable in such manner as may be provided by the
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by-laws of said company, and each share thereof,
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shall entitle the holder to one vote in all the meet-
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ings of the stockholders of said company, to be given
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either in person or by proxy, and for the purpose of
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obtaining subscription to the said capital stock, books
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shall be opened under the direction of the persons
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named in the first section of this act, or a majority
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of them, at such time and place as the persons who
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Payments—
how made.
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act in that behalf shall deem expedient, and payment
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may be made for the whole or any part of such sub-
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scriptions, either in patent rights, lands or other
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property, or money, and if in patent rights, lands or
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other property, then at such price and valuation as
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may be agreed upon by those receiving such sub-
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scriptions; and it may be lawful for all persons
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whatever, and bodies corporate to become subscrib-
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ers for and owners of the capital stock of said com-
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pany.
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SEC. 3. And be it enacted, That the affairs of the
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Management.
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said company shall be managed by the persons
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named in the first section of this act, who are hereby
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constituted directors of said company, until directors
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shall be elected as hereinafter provided, and in ease
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of the decease of any one or more of said persons,
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or their refusal to act as directors, the remaining
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person or persons shall have power to select other
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persons as directors for the time being in their stead,
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and whenever an amount of the capital stock of said
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company shall be subscribed sufficient iu the judg-
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ment of the said directors to justify it in proceeding
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in the prosecution of its business, a general meeting
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General meet-
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of the subscribers to the stock of said company, shall
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ing.
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be held at such time and place as the directors for
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the time being may appoint, for the purpose of elect-
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ing a president and directors of said, company to
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serve for one year thereafter, and until the next elec-
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tion shall be held, and subsequent elections for presi-
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Elections.
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dent and directors of said company shall be annually
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