paid, the same shall thereby become forfeited to
the said company, and may be disposed of by the
President and Directors as to them may appear
to the most advantage to said company, and that
during and for the time such installments shall
remain unpaid, the stock to which they relate
shall not be included in any dividend or appor-
tionment of profits that may be made for an equal
period of time next after the receipt of profits
shall commence.

Sec. 7. Be it enacted, That in case it should
BO happen that an election should not be made
upon the day when, pursuant to this Act, it ought
to have been made, the said company shall not,
for that cause, be dissolved, but it shall be lawful
on any other day within one month thereafter to
to hold and make an election of Directors in such
manner as shall have been regulated by the by-laws
and ordinances of said company.

In case an
election should
not be held.

Sec. 8. Be it enacted, That no subscriber, stock-
holder or member of said company shall be answer-able
in his person or individual property for any
contract or engagement of said company.

Stockholders
not liable.

Sec. 9. Be it enacted, That the said Directors
for the time being shall have power and authority
to appoint such, clerks, agents, superintendents
and servants under them as may be necessary for
executing the business of the company, and the
same to remove at pleasure, and to allow them, or
any of them, and also the President, such com-
pensation for their services as they shall deem
right; and bonds, with security, to take from any
or either of said persons, if thought necessary for
the faithful discharge of their duties; and shall
have the general management of the affairs of
said company.

Authority to
appoint Clerks,
Agents, &c.

Sec. 1.0. Be it enacted, That no person shall be
a President or Director who shall not at the time
be a stockholder.

President re-
quired to be a
Stockholder.

Sec. 11. Be it enacted, That the shares of stock
shall be transferable on the books of said company,
only, according to such rules and regulations as
shall be established by the said President and
Directors.
73

Stock—how
transferred.