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ROBERT BOWIE, ESQUIRE, GOVERNOR.
the stock of the said company, and shall deliver one such certificate,
signed by the president, and countersigned by the treasurer,
and sealed with the common seal of the said company, to each person
or persons for every share by him, her or them, subscribed and
held, he, she or they, having paid to the commissioners aforesaid
one dollar for each share, which certificate shall be transferrable at
his, her or their pleasure, in person, or by attorney duly authorised,
in the presence of the president or treasurer, 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. |
1805.
CHAP. 79. |
8. AND BE IT ENACTED, That the said president
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 or banks for all monies as shall have been so as aforesaid
deposited by the commissioners aforesaid, which draughts shall be
signed by the said president, or in his absence by a majority of a
quorum, and countersigned by the 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. |
President and
managers to meet
according to by-laws,
&c. |
9. 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 the
said company, if 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 and original stockholder. |
Penalty on stockholders
for not
paying their proportions. |
10. AND BE IT ENACTED, That the said road
be made in, over
and upon, the bed of the present road, as laid out and used; Provided
always, that should it appear on a resurvey of any part of the
said road by sworn surveyors, that a considerable saving in distance
or in expense would arise to the company, that in all such |
Road to be made
over the bed of the
present road. |
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