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ROBERT BOWIE, ESQUIRE, GOVERNOR.
requesting a transfer of his stock, or demanding a dividend,
must be satisfied before such transfer or dividend be made, unless
the board of directors shall order it to the contrary. |
1804.
CHAP. 77. |
6. AND BE IT ENACTED, That the said directors
shall immediately
require from the several stockholders promissory notes, with
two approved endorsers, for the payment of the remaining nine
tenths of their respective subscriptions, in nine several notes, each
for one tenth part, payable on demand, or such collateral security
for the payment thereof, either in the stock of the United States, in
bank stock or in land, as the said 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 in every
year, with the same, or two other such endorsers, as the said 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 directors shall and they are hereby authorised and directed to
require the party to give to them such additional or other 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
directors shall receive from the sale of the share or shares, or parts
of shares, 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 the 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 life-time
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 term of one year, by such executor, administrator, legatee or
assignee, all interest which the said stockholder or stockholders
had in his life-time in and to the said corporation shall be forfeited,
and shall be disposed of as aforesaid, by the said 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. |
Directors to require
promissory
notes from stockholders.
Proviso. |
7. AND BE IT ENACTED, That the said directors
shall have full
power and authority to make insurances upon vessels or merchandises
at sea, or going to sea, or upon any goods, wares, merchandises,
freights or other personal property, going or gone, by land |
May make insurances
on vessels,
goods, &c. |
VOL. I.
52
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