| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
the stockholders. Sixthly. To provide for and pay out of
the revenues
and funds of the company, all such annual expenses as it
may be necessary to incur for keeping up, carrying on and encouraging,
the said manufactories, or for promoting and carrying
on in any manner the business of the company. Seventhly.
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. Eighthly. To call general meetings of the stockholders
from time to time, and at such times and for such purposes as they
shall think proper, giving six weeks notice of the time, place and
purpose, of every such meeting respectively, provided that no such
meeting shall be competent to the transaction of any business whatever,
unless there be present thereat the holders of seven hundred
and fifty shares at least, or their proxies. Ninthly. And generally
do and transact all things for the said company, relative to the
undertaking, common stock and joint property aforesaid, in as full
and complete a manner as the individual stockholders or subscribers
might do were they personally present. |
1815.
CHAP. 52. |
9. AND BE IT ENACTED, That the president and
managers, 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 half yearly dividends at
certain stated times, on the stock of the company, out of the income
of the company's property, reserving such sum annually as they
shall judge necessary for repairs, augmentations and contingencies. |
Dividends. |
10. 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, books and
capital stock thereof, in proportion to the amount of their stock and
interest respectively; Provided, that no transfer or assignments
of
the said capital stock shall be valid unless it be made on the books
of the company, and in such manner as the president and managers,
or a majority of them, shall appoint; and every person or
persons having so transferred or assigned the whole of his, her or
their interest and stock in the said company, shall thereafter cease
to be a member or members of the said company to all intents and
purposes. |
Original subscribers,
&c. deemed
members of the
company. |
11. AND BE IT ENACTED, That the president
and each manager,
before he enters upon the duties of his office, shall take the following
oath or affirmation, as the case may be: " I do solemnly
swear, or affirm, that I will impartially, faithfully, diligently and
honestly, execute the duties of _____, conformably to the provisions
of an act to incorporate a company under the name and style of
The President and Managers of the Steam Company of Princess-Anne,
and the trust reposed in me, to the best of my skill and
judgment;" and the secretary, and other officers, shall also take a
similar oath, or affirmation, and shall besides give bond, with security
to the satisfaction of the president and managers, for the
faithful discharge of their duties in their respective stations. |
Oath of president,
&c. |
12. AND BE IT ENACTED, That if any stockholder
shall fail to
pay his or her instalments to the amount of ten dollars on each |
Delinquents. |
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