Section That all such persons as shall become subscribers to the stock herein after described shall be and they are hereby constituted and declared a body politic and corporate by the name and style of the “Vulcan Foundery,” from and after the passage of this act; and by that name, they, and their successors, shall have succession, and shall in Law be capable of suing, and being sued, pleading, and being empleaded, in all Courts and places whatsoever: may have a common Seal, alter and change the same at their pleasure, and they and their successors may also by that name and style, be capable in Law of contracting, and being contracted with, of purchasing, holding, and conveying away, real & personal estate, for the purposes and uses of said Corporation as hereinafter limited.

Section 2. The President and Directors of said Company hereinafter provided for, shall have power, and are hereby author^I^sed to carry on the manufacture of Iron and other metals in all its various branches; the building of machinery of Iron and wood work, of all descriptions; and other useful branches of business, in Alexander County, in this State: And to erect mills, works, and Buildings, as

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they may deem necessary to carry on their operations; and to enter into all contracts which may concern the use and management of said property; and the affairs of the Company.

Section 3 The Capital Stock of said Company shall consist of One Hundred & fifty thousand dollars, divided into shares of One hundred dollars each.

Section 4 That for the purposes, of carrying into effect the objects of this Corporation, James Berry, Wilson Thomas Howard, Wilson Able,are hereby appointed Commissioners to obtain subscriptions to the Capital Stock of said Company, and said Commissioners, or a majority of them, after giving general notice thereof in some paper printed in this State, may open Books for the subscription of said stock, at such times, and places, as they may direct, and keep the same open ‘till at least five hundred shares of Capital Stock is subscribed: If the requisite number of shares shall not be subscribed within thirty days after the books are opened, said Commissioners, or a majority of them, shall take such meaures for completing such subscriptions they may deem expedient and proper: Every Subscriber shall, at the time of subscribing, pay to said Commissioners the sum of one dollar for each share subscribed: When such subscription is complete, or within thirty days thereafter, said Commissioners or a majority of them, shall call a meeting of the Stockholders at Trinity, by a printed notice in some Newspaper of general Circulation within this State

Section 5. That at said meeting, the stockholders of said Company shall procede to elect five Directors, who shall manage, direct, and govern the affairs of said Company one year from the period of said Election, and until their Successors, who shall be vested with the same authority, are elected.

Section 6 And that at said election, each Stockholder shall be entitled to give one vote for each ^share^ of stock he may hold; and a majority of all votes given, shall be required to make an election.

Section 7 That the period of election, shall be annually the first Monday in the month in which the first election was held.

Section 8 That immediately after the Directors are chosen as above, they shall hold a meeting, at which, and all subsequent meetings, a majority shall constitute a quorum; that they shall procede to the election of a President, from one of their number; a Sesretary, who shall be sworn by a Justice of the peace to the faithfull discharge of his duty, and who shall record all votes of the Corporation, in a Book to be by him kept for that purpose; a Treasurer, who shall give bond to such amount and in such manner as the President and Directors shall direct; and appoint also such other officers, and agents, as to them may seem necessary.

Section 9 That the said President & Directors shall have power from time to time to make all

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such By Laws, and rules, not inconsistent with the constitution and Laws of this State, which may be necessary for the payment or collection of subscriptions to its Stock, and the transfer of the same; the conveyance of property, or that in any other way may concern the interest, management, and direction of the affairs of said Company.

Section 10^th This act shall continue in force for the term of thirty years: Provided however that during that time, upon any departure from, or violation of the provisions of this act, the Legislature may alter, modify, or repeal the same, if the Public good shall require it.