I. Be it enacted by the Lieutenant Governor, Council, and Assembly, That William Walker, James Kirk, John Robertson, William Leavitt, Isaac Woodward, Angus M'Kenzie, John V. Thurgar, James T. Hanford, Elisha De W. Ratchford, Moses H. Perley, John Wilson, and Thomas Wyer, and all and every such other person and persons as shall from time to time become proprietors of shares in the Corporation hereby established, their successors and assigns, shall be and they are hereby erected into a Company, and declared to be a body politic and corporate, by the name of the Saint John Mills and Canal Company, and by that name shall have succession and a common seal; and by that name shall and may sue and be sued, plead and be impleaded, answer and be answered unto, defend and be defended in any Court or Courts of law or equity or place whatsoever, and be able and capable in law to have, hold, purchase, get, receive, take on lease, erect, set up, possess and enjoy, houses, lands, tenements, hereditaments, mills, milldams, booms, waters, water privileges, rents and profits, in fee simple, leasehold, or otherwise, and also goods and chattels, and all other things, real, personal and mixed, and also to give, grant, sell, let, assign or convey the same or any part thereof, and to do and execute all other things in and about the same as shall and may be thought necessary and proper for the benefit and advantage of the said Company; and also that the said Company or the major part of them shall from time to time and at all times have full power, authority and license to constitute, ordain, make and establish such bye laws and ordinances as may be thought necessary for the good rule and government of the said Corporation; provided such bye laws and ordinances be not contradictory or repugnant to the laws and statutes of the Province, and those in force within the same; and provided also, that nothing herein contained shall be held or construed to give the said Company the privilege of dealing in the lending of money by way of discount or otherwise, or engaging in any banking operations whatsoever.