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ROBERT BOWIE, ESQUIRE, GOVERNOR.
shall be transferrable at his, her or their pleasure, in person, or
by
attorney duly authorised, in the presence of the president or treasurer,
(a) subject however to all payments due, and to become due
thereon, and the assignee holding any certificate, having first caused
the assignment to be entered in a book of the company to be kept
for that purpose, shall be a member of the corporation, and for
every certificate assigned to him, her or them, as aforesaid, shall
be entitled to one share of the capital stock, and of all the estate
and emoluments of the company, and to vote as aforesaid at the
meetings thereof.
(a) By 1807, ch. 130, transfers
may be made in the presence of the secretary of
the said respective companies. |
1804.
CHAP. 51. |
9. AND BE IT ENACTED, That the said respective
presidents and
managers shall meet at such times and places as shall be ordained
by their respective by-laws, and when met, five members shall form
a quorum, who, in the absence of the president, may choose a
chairman, and shall keep minutes of all their transactions, fairly
entered in a book, and a quorum being formed, they shall have full
power and authority to appoint all such surveyors, engineers, superintendents
and other officers, as they shall deem necessary to
carry on their intended works, and to fix their salaries and wages,
and to draw on the bank for all monies as shall have been so as
aforesaid deposited by the commissioners aforesaid, which draughts
shall be signed by the said respective presidents, or in their absence,
by a majority of a quorum, and countersigned by their treasurer,
and generally to do all such other acts, matters and things, as by
this act, and the respective by-laws, rules, orders and regulations,
of the company, they shall be authorised to do. |
Presidents and
managers to meet
to appoint officers
to carry on intended
works. |
10. AND BE IT ENACTED, That after thirty days
public notice
in all the public papers aforesaid of the time and place appointed
for the payment of any proportion of the said capital stock of either
of the said companies, any stockholder shall neglect to pay such
proportion at the place appointed, for the space of thirty days after
the time so appointed, every such stockholder, his, her or their
assignee, shall, in addition to the payment so called for, pay at the
rate of five per cent. per month for delay of such payment; and
if
the same, and the said additional penalty, shall remain unpaid for
such space of time as that the accumulated penalties shall become
equal to the sums before paid in part on account of such share or
shares, the same shall be forfeited to the said company, and may
and shall be sold and assigned by the president and managers of said
company to any person willing to purchase the same, for such price
as can be obtained for the same, and the purchaser or purchasers
aforesaid shall have all the benefit and advantage of such assignment
and purchase as if he, she or they, had been an original stockholder. |
Penalty for neglecting
payment. |
11. AND BE IT ENACTED, That the said roads
shall be made in,
over and upon, the beds of the present roads, as laid out and confirmed
by the commissioners of review, and the several acts of assembly
relating to the same, and also upon every extension of the
said roads as established by this law; Provided always, that should
it appear, on a resurvey on any part of the extension of said roads
by sworn surveyors, that a considerable saving in distance would
thence arise to the public, and in expense to the company or companies,
that in all such cases it shall be lawful to depart from the |
Roads to be made
over the beds of
the present roads.
Proviso. |
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