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EDWARD LLOYD, ESQUIRE, GOVERNOR.
shall deliver one such certificate, signed by the president, and
countersigned by the treasurer, and sealed with the common seal
of the said corporation, to each person for every share by him subscribed
and held, he paying to the treasurer, in part of the sum
due thereupon, the sum of ten dollars for each share, which certificate
shall be transferreable at his pleasure, in person or by attorney,
in the presence of the president or treasurer, subject however,
to all payments due and to grow 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 the purpose,
shall be a member of the said corporation, and for every certificate
by him held, shall be entitled to one share of the capital stock, and
of all the estates and emoluments of the company, and to vote, as
aforesaid, at the meetings thereof. |
NOV. 1809.
CHAP. 64. |
8. AND BE IT ENACTED, That the said president
and managers
shall meet at such times and places, and be convened in such manner,
as shall be agreed on, for transacting their business, at
which meetings seven (a) 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 met, they shall have full power and authority to
agree with, and appoint, all such surveyors, superintendents, artists
and officers, as they shall judge necessary to carry on the intended
works, and to fix their salaries or wages; to ascertain the times,
manner and proportions, when and in which the stockholders shall
pay the money due on their respective shares, in order to carry
on the work; to draw orders on the treasurer for all monies necessary
to pay the salaries or wages of persons by them employed,
and for the labour done, and materials provided, in the prosecution
of the work, which orders shall be entered or registered in their
book of minutes, and shall be signed by the president, or in his
absence, by a majority of a quorum, and countersigned by their
secretary; and generally to do all such other acts, matters and
things, as by the by-laws, rules, orders and regulations, of the
company, shall be committed to them.
(a) A majority to form a quorum. See 1815, ch. 9. |
Seven to form a
quorum, &c. |
9. AND BE IT ENACTED, That if any stockholder,
whether
original subscriber or assignee, after thirty days notice in one of
the public papers printed in this state, or one or more of the public
papers printed in Philadelphia, of the time and place appointed
for the payment of any proportion or instalment of the said capital
stock, in order to carry on the said work, shall neglect to pay
such proportion at the place appointed, for the space of sixty days
after the time appointed for the payment thereof, every such stockholder
shall, in addition to the instalment so called for, pay at the
rate of five per centum per month for every 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 penalty
shall become equal to the sums before paid in part and on account
of such share, the same may be forfeited by and to the said
company, and may be sold by them to any other person or persons
willing to purchase, for such price as can be obtained therefor, or
in default of payment by any stockholder of such instalment
as aforesaid, the said president and managers may, at their election, |
Persons delaying
payment sixty
days after time appointed
to pay 5
per cent. per
month. |
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