Jackson,  William  B. Slaughter,  John  D. Ansley,
to'rewi^  Mb!  ^^^  James  D. Doty,  be,  and  they  are^hereby  ap-
Bcriptions. pointed  commissioners  to  receive  subscriptions
for  said  stock,  each  of  the  said  persons  shall  fiur-
nish  himself  with  a  book,  which  shall  be  kept
open  for  the  purpose  of  receiving  subscriptions
for  two  years,  unless  one  tenth  of  the  whole
number  of  shares  now  created,  shall  be  sooner
subscribed. Each   subscriber  shall  pay  to  the
Uoiwfor^todt,  commissioner  receiving  his  subscription,  one
^^'  tenth  of  the  amount  of  one  share  per  each  share

which  he  shall  subscribe,  and  the  residue  to  the
president  and  directors  to  be  elected,  at  such
time  and  place  as  they  shall  from  time  to  time,
require. As  soon  as  ten  thousand  dollars  shall
have  been  subscribed,  the  said  commissioners
shall,  by  advertisement  to  be  published  in  two  of
the  newspapers  printed  in  the  said  territory,  give
at  least  thirty  days  notice  of  the  time  and  place
when  and  where  the  subscribers  shall  meet  to  -
choose  directors. At  the  election  so  appointed
Of  elections,  j^q  commissioners  present,  shall  preside ;  and
the  subscribers  present,  or  their  proxies,  by  a


65

plarality  of  votes  shall  choose  by  ballot  nine
stockholders,  to  be  directors  of  said  corporation
daring  the  ensuing  year :  The  commissioners
shall  deliver  their  respective  subscription  books
to  the  directors  so  to  be  chosen,  at  their  first
meeting,  and  shall  then  pay  over  to  such  direc-
tors the  money  received  by  them  respectively
on  such  subscriptions. An  election  for  direc-
tors shall  be  annually  held  on  the  same  day  on
ivhich  the  first  was  held,  and  at  each  election
including  the  first,  the  stockholders  present  by
a  plurality  of  votes,  shall  elect  by  ballot  three
persons  to  preside  at  the  next  succeeding  elec-
tion ;  and  the  persons  presiding  at  any  election,
shall  immediately  after  receiving  the  ballots^
openly  estimate  the  votes,  and  thereupon  make
and  subscribe  a  certificate  of  the  result  of  such
election,  and  after  the  first  election  make  return
thereof  to  the  president  and  directors,  at  their
next  meeting  after  such  election. Every  stock-
holder in  person  or  by  proxy,  shall,  at  each  elec-
tion, be  entitled,  on  the  shares  then  held  by  him
to  one  vote  for  each  share. 