Sec[Section] 8^th. The said Corporation may purchase and hold such real estate as may be necessary for the transaction of its business, the purchase money of which not exceeding one hundred and sixty acres; and to take and hold any real estate as secureties mortgaged and pledged to the said Corporation, to secure the payment of any debt in any manner due, or to become due to the said Comporation; and also to purchase in sales made by virtue of any judgment at law, or any decree of a court of equity or otherwise to take and receive any real estate in payment, or towards satisfaction of any debt previously contracted or due the said corporation, and to hold the same not exceeding five years, or until it can be conveniently and advantageously disposed of without loss to the said Corporation; and shall have power to lease sell convey said real estate or any part thereof.

Sec 9^th. Harrison R Norfolk, Nathan Ellington[,] John M Eastin, Reuben Canterberry, Andrew Clark, Thomas B Prower, Stephen Miller, Col[Colonel] Stephen B Shelledy[,] Joseph Fowler, James Atkins, A P Dunbar and F. L. Moore are hereby appointed Commissioners for superintending subscriptions to said capital stock; and the said Commissioners or a majority of them, shall open one or more subscription Books for said stock, on the second Monday of may next, at the Courthouse in Charleston, and shall receive subscriptions from all persons desirous of subscribing to said stock, and shall continue the said Books open from time to time until the whole amount shall be subscribed when the same shall be closed.

Sec 10^th The stock property and concerns of said Corporations shall be managed and conducted by thirteen Directers, who shall hold their offices for one year, and until their successors are duly elected and qualified; and shall at the time of their election be Citizens of this State, and holders respectively of not less than ten shares of the Capital Stock of said Company.

Sec 11^th. The first election under this act, shall be held at such time, and place, in the Town of Charleston, as a majority of said Commissioners shall direct, said Commissioners or a majority of them shall preside at said election as Judges thereof; and on the same day in every year there after an election shall be holden for directors. Absent Stockholders, at any election may vote by proxy authorised in writing; and each share shall entitle the holder to one vote.

Sec12^th. The directors when elected, shall meet as soon as may be after the election, and by a majority of the whole Board, shall chose out of their number a President and Vice President, a Secretory and other subordinate officers, who shall severally be sworn or affirmed faithfully to discharge the duties of their respective offices, shall remain in office for one year, and until their successors respectively are elected and qualified. The Board may require such bonds from its officers as may be deemed necessary.

Sec13^th. The President or Vice President, and any six directors, shall be a board competent to transact business, and all questions shall be decided by a majority of votes, which vote shall be given viva. voce

place which shall be equal to the amount of the Capital stock of the said Company, paid in or secured to be paid in; and the President and Directors, after knowing of such loss or losses having taken place, shall subscribe to any policy of insurance, their estate; jointly, and severally, shall be accountable for any and every loss, which shall take place under policies so subscribed.

Sec 19^th This act is hereby declared to be a public act, and shall be liberally construed for every purpose herein contained, and shall be in force from and after its passage.