The capital of the Company shall be $500,000 in shares of stock, and as soon as one hundred shares or more of the stock shall be subscribed, the subscribers of such stock, with such other persons as shall associate with them for that purpose, their successors and assigns shall be and they are hereby declared and created a body corporate and politic by the name and style of "The ___ Gas and Light Company", with perpetual succession.
And by that name shall have all the privileges, franchises, and immunities incident to a corporation; they shall be capable in law of contracting and being contracted with, suing and being sued, and defending and being defended in all Courts and places; they shall be capable in law of purchasing, holding, selling, leasing, and conveying estate, personal, real, or mixed, so far as the same may be necessary and proper for the construction, extension, management, and usefulness of the works of said Company, for the good government of the same: they may have a common seal which they may alter or renew at pleasure, and generally may do all and singular the matters and things which to them it shall in law appertain to do for the well-being of the said corporation.
Section 3. The affairs of said company shall be managed by a Board of 5 Directors, who shall be chosen by ballot, each share of stock being entitled to one vote, the votes to be delivered in person or by proxy.