T. WATKINS LIGON, ESQUIRE, GOVERNOR.

233

caused the assignment to be entered in a book of the
company, to be kept for the transfer of stock, shall
be a member of the corporation, and for every certi-
ficate so assigned to him, shall be entitled to one
share of the capital stock, and to all estates, emolu-
ments and privileges incident to one share, and sub-
ject to all liabilities, penalties and forfeitures upon
each share as the original subscriber would have
been.

SEC. 8. And be it enacted, That upon every such
subscription there shall be paid to such person or
persons appointed to receive such subscriptions, such
instalments as the president and directors of said

Instalments.

railroad shall require; Provided, That no payment
shall be demanded, until at least thirty days public
notice shall have been given, in at least one news-
paper in the county in which said payments shall be
demanded: and should any subscriber fail or neglect
to pay any instalment, or any part of said subscrip-
tion thus demanded, for the space of sixty days next
after the time the same shall be due and payable, the
stock on which it is demanded shall be forfeited to
the company; but the president and directors may
remit any such forfeitures, on such terms as they may
think proper; Provided always, That in addition to
the forfeiture aforesaid, the said company shall be
entitled to receive, sue for and recover the said instal-
ment and subscription due as aforesaid, in such man-
ner as other debts and claims are now recoverable by
law.

Provisos.

SEC. 9. And be it enacted, That the president and

directors of said company shall require and receive
of, and from the treasurer and every other officer
and other person by them employed, bonds in suffi-
cient penalties, and with such sureties as they shall,
by their by-Jaws, rules and regulations, determine for
the faithful performance of the several duties and
trusts to him, them or any of them committed.

Bonds to be
executed.

SEC. 10. And be it enacted, That dividends of so
much of the profits of the said company as shall ap-
pear advisable to the directors, shall be declared at
least twice a year in every year, and paid to the
stockholders, on demand, at any time after the expi-
ration of ten days therefrom; but the dividends shall
in no case exceed the net profits actually acquired
by the company, so that the capital stock shall
never be thereby impaired; and if the said directors
shall fraudulently make any dividends which may

Dividends.