Chap. 188.—An ACT to incorporate the Contractors Association.

Passed February 26, 1866,

1. Be it enacted by the general assembly, That George F.
Maynard, James D. Brown, William 'l. Chaffe, George H.
Johnston, and such other persons as they may associate with
them, and the owners of the shares herein authorized to be
issued, be and they are hereby made a body politic and cor-
porate, under the name and style of The Contractors Asso-
ciation; and may have continued succession; and may pur-
chase, have, hold, possess and acquire any estate and property,
real and personal ; and the same may use, lease, let, sell,
mortgage, transter and convey; and may sue and be sued ;
plead and be impleaded; contract and be contracted with;
and have, possess, exercise and enjoy all the rights, powers,
franchises and privileges which are or may be necessary or
proper for them to have, use, possess, exercise or enjoy to
enable them, as an incorporated company, to manutacture
iron and steel, or any other article or commodity whatsoever;
and also to contract for the construction of houses, bridges,
railroads, canals, or any other work or improvement, public
or private; and to do’ and perform whatever may be proper
for them to do in furtherance of the contracts so made, and
to make their labor available in the proper development of
their property and estate: provided they shall not, at any
one time, hold in this state more than thirty thousand acres
of land.

2. The capital stock of the company shall consist of shares
of one hundred dollars each; and when fifty thousand dollars
shall have been subscribed, the persons named in section one
may organize the company by the election of five or more
directors ; and the directors for the time being may, for and
in behalf of the company, exercise, have and enjoy all the
rights, powers and privileges which are herein given to the
company; and may make by-laws and regulations for the
management of the aftairs of the company; and may from
time to time increase the resources of the company, by bor-
rowing money or credit on a pledge of the property of the
association, or without such pledge, or by new subscriptions :
and the shareholders shall be bound, each for himself or her-
self, to pay the sums respectively due on the shares sub-
scribed for or held by them; and the amount of their respec-
tive subscriptions having been paid, such shareholders shall
not be liable for any further payment on account of such
shares.

38. The by-laws may prescribe the number of and the
manner in which the directors, officers and agents of the
company shall be selected, and may prescribe their terms of
service and thgir powers, duties and compensation; and until
a further organization be made, the persons named in section
one shall be a board, a majority of whom are hereby autho-
rized to act as directors, with all the rights, powers and
privileges herein given to the company.

4, This act shall take effect from and after its passage, and
may be modified or repealed, at the discretion of the general
assembly.

Chap. 188.—An ACT to incorporate the Contractors Association.

Passed February 26, 1866,

1. Be it enacted by the general assembly, That George F.
Maynard, James D. Brown, William 'l. Chaffe, George H.
Johnston, and such other persons as they may associate with
them, and the owners of the shares herein authorized to be
issued, be and they are hereby made a body politic and cor-
porate, under the name and style of The Contractors Asso-
ciation; and may have continued succession; and may pur-
chase, have, hold, possess and acquire any estate and property,
real and personal ; and the same may use, lease, let, sell,
mortgage, transter and convey; and may sue and be sued ;
plead and be impleaded; contract and be contracted with;
and have, possess, exercise and enjoy all the rights, powers,
franchises and privileges which are or may be necessary or
proper for them to have, use, possess, exercise or enjoy to
enable them, as an incorporated company, to manutacture
iron and steel, or any other article or commodity whatsoever;
and also to contract for the construction of houses, bridges,
railroads, canals, or any other work or improvement, public
or private; and to do’ and perform whatever may be proper
for them to do in furtherance of the contracts so made, and
to make their labor available in the proper development of
their property and estate: provided they shall not, at any
one time, hold in this state more than thirty thousand acres
of land.

2. The capital stock of the company shall consist of shares
of one hundred dollars each; and when fifty thousand dollars
shall have been subscribed, the persons named in section one
may organize the company by the election of five or more
directors ; and the directors for the time being may, for and
in behalf of the company, exercise, have and enjoy all the
rights, powers and privileges which are herein given to the
company; and may make by-laws and regulations for the
management of the aftairs of the company; and may from
time to time increase the resources of the company, by bor-
rowing money or credit on a pledge of the property of the
association, or without such pledge, or by new subscriptions :
and the shareholders shall be bound, each for himself or her-
self, to pay the sums respectively due on the shares sub-
scribed for or held by them; and the amount of their respec-
tive subscriptions having been paid, such shareholders shall
not be liable for any further payment on account of such
shares.

38. The by-laws may prescribe the number of and the
manner in which the directors, officers and agents of the
company shall be selected, and may prescribe their terms of
service and thgir powers, duties and compensation; and until
a further organization be made, the persons named in section
one shall be a board, a majority of whom are hereby autho-
rized to act as directors, with all the rights, powers and
privileges herein given to the company.

4, This act shall take effect from and after its passage, and
may be modified or repealed, at the discretion of the general
assembly.