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LEVIN WINDER, ESQUIRE, GOVERNOR.
regulation, may be altered or repealed by the stockholders at a general
or special meeting called for the purpose, by a majority of
three fourths of the votes present. Fourthly, To employ and remove
at their pleasure all persons employed in the institution, and
to fix and pay their salaries or compensation, and to contract and
pay for materials, machinery, &c. for the prosecution of the object
of the institution, out of the funds of the company. Fifthly, To
establish rules and regulations for the transfer of the stock of the
said company, and for the proof of the property and ownership
therein. Sixthly, To bind by their contracts, deeds and writing,
under the hand of the president and the seal of the company, all
the property, estate, common stock, and joint funds of the said
company, but not the persons or separate property of themselves
or any of the stockholders. Seventhly, And generally to do, act
and transact, all things for the said company relative to the undertaking,
common stock, and joint property aforesaid, in as full
and complete manner as the individual stockholder or subscribers
might do were they personally present. |
1814.
CHAP. 119. |
8. AND BE IT ENACTED, That all special meetings
of the stockholders
shall be called by a majority of the directors or stockholders,
holding two-thirds of the stock held for the time being. |
Special meetings. |
9. AND BE IT ENACTED, That no real property
held by the company
shall be disposed of or sold but by the consent of a majority
of three-fourths of the whole number of votes of the stockholders
for the time being, and all sales made of real property shall be
transferred by the president for the time being. |
Sale of real property. |
10. AND BE IT ENACTED, That no subscriber,
stockholder, or
a member of the said company, shall be answerable in his person
or individual property for more than the amount of stock held by
him in the institution, for any contract or engagement of said company,
or for any losses, deficiencies or failure of the capital stock
of said company, but the whole of the capital stock, together
with all property, rights and credits, belonging to the said institution,
and nothing more, shall at all times be answerable for the demands
against the company. |
Individual property
not responsible
for contracts, &c. |
11. AND BE IT ENACTED, That the president
and directors, or
a majority of them, so soon as the progress of the work and the
state of the funds will permit, shall make, declare and pay, to the
stockholders or their legal representatives, yearly dividends at certain
stated times on the stock of the company, reserving however,
out of the income of the company's property, such sum annually
as they shall judge necessary or prudent for repairs, augmentations
and contingencies. |
Dividends. |
12. AND BE IT ENACTED, That the original subscribers
to this
association, and the assignees, transferrees, and legal representatives,
of all such original subscribers for ever, shall be taken and
deemed to all intents and purposes to be members of the company,
and shall be entitled to all the rights, benefits and advantages, to
arise in any manner therefrom, or from the property, works and
capital stock thereof, in proportion to the amount of their stock
and interest respectively; Provided, that no transfer or assignments
of the said stock shall be valid, unless it be made on the books of
the company, and in such manner as the president and directors,
or a majority of them, shall appoint, and every person or persons |
Original subscriptions
deemed members
of the company. |
VOL. III.
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