1855, was registered the 31st of the same
month; the agreement being, on the first part, between Thomas Armstrong,
Merchant; Henry Turner, Land Agent; George Wright, Merchant; Henry
Nicholson, Draper; William Preston Carlton, Chemist; and others, all of
Horncastle; with certain residents in the neighbourhood on the second
part; and Frederick W. Tweed, of Horncastle, Gentleman, as trustee to
give effect to the covenant, on the third part. The said parties agree
to form themselves a Joint Stock Company, within the meaning of the Act 7
and 8 Victoria, c. 110, to provide a building for the purposes, according
to these presents, viz., a Corn Exchange, which can also be used for
concerts, exhibitions, and other public objects, on such terms as the
committee may think fit.

The capital of the company to be 3,000 pound, in 600 shares of 5 pounds
each; annual meetings of shareholders to be held on May 2nd; any five, or
more, owning 25 shares, may require the directors to convene an
extraordinary meeting. The capital may be increased by additional shares
of 5 pounds, not exceeding 300; money may be borrowed on mortgage, not
exceeding at any one time 1,500 pounds. {140} One-third of the original
directors to retire in May, 1856, being eligible for re-election. In
May, 1857, one-half of the remaining original directors to retire; and
similarly in succeeding years one-third to retire in rotation, according
to seniority. Any director to forfeit office on ceasing to hold five
shares; anyone intending to apply for directorate, to give at least 10
days' notice. Directors to meet at least once every three months; any
two directors may require the secretary to convene a meeting, at any
time, for any desirable special object.

The Court of Directors to apply to the Privy Council (Board of Trade) for
permission to purchase, or rent, land or buildings, as may seem to be
needed; or to let, or lease, buildings, offices, &c., as they may think
fit; or to make mortgages, conveyances, &c., for the purposes of the
company. A reserve fund (by clause 67) to be established, by setting
apart one per cent of the profits in any year; the accumulation to be
employed for the benefit of the company, as may seem to them desirable.
Shares to be sold (by clause 68) for the benefit of the company, by a
vote of a majority at a general meeting. No sum beyond 400 pounds, at
any one time, to be negotiated by promissory note or bill of exchange.