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LEVIN WINDER, ESQUIRE, GOVERNOR.
book in folio, the names of all the members of the corporation,
with their number of shares thereto respectively annexed,
and in the same book they shall also cause to be entered each and
every transfer that shall from time to time be made of any of the
said shares; and the stock of the said corporation shall be assignable
and transferrable, under such rules, regulations and by-laws,
as shall be prescribed in that behalf by the said body corporate. |
DEC. 1813.
CHAP. 66. |
5. AND BE IT ENACTED, That the said president
and directors
shall immediately require from the several stockholders promissory
notes, with two approved endorsers, for the remaining nine-tenths
of their respective subscriptions, in nine several notes, payable on
demand, or such collateral security for the payment thereof as the
said president and directors from time to time shall require and approve,
which said notes, or such part of them as shall remain unpaid,
shall be renewed in the month of January eighteen hundred
and fifteen, and in the month of January in every year thereafter,
with the same or such other two endorsers as the said president
and directors for the time being may require and approve; and
in case such collateral security should at any time thereafter become
manifestly insufficient from a depreciation thereof, or otherwise,
then the said president and directors shall be and they are
hereby authorised and directed, to require the party to give them
such other or additional security as aforesaid as they may approve,
and any stockholder who may refuse to give such notes, or such
collateral security as may from time to time be required as aforesaid,
shall forfeit all his interest in the corporation, and his share, shares
or parts of shares, shall be disposed of by the said directors for the
benefit of the corporation, to such person or persons as may apply for
the same, who may be admitted a member or members according to
the restrictions and qualifications herein contained; but the money
which the president and directors shall receive from the sale of the
share, shares or parts of a share, actually paid for by such delinquent,
shall be repaid by them to him, his executors, administrators or
assigns, but he shall nevertheless remain liable for his proportion
of any loss which may arise from risks taken antecedent to said
refusal; Provided, that in case of the death of any stockholder,
the
neglect or refusal of his executors, administrators or legatee, to
give the notes, or such collateral security as may be required as
aforesaid, shall not be a forfeiture of the interest which the said
stockholder in his lifetime had in the corporation, but the said executor,
administrator or legatee, shall have one whole year next after
the day of the said death either to give the said notes, or such
collateral security as aforesaid, or to transfer the said share or
shares; and in case the said notes, or the said collateral security
shall not be given within the said term of one year by such executor,
administrator, legatee or assignee, all interest which the said
stockholder had in his lifetime in and to the said corporation shall
be forfeited, and shall be disposed of as aforesaid by the said president
and directors; and such executor or administrator shall be,
and he is hereby authorised and empowered at any time within the
said term of one year, to sell or transfer such shares, as the orphans
court of the county where such person or persons have obtained
letters testamentary or letters of administration on the said
estate, shall from time to time order and direct. |
Promissory notes
to be given by
stockholders—
Renewals, &c. |
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