JAMES THOMAS, ESQUIRE, GOVERNOR.

1833.

revenues and funds of the said company, all such annual

CHAP. 219.

expenses as it may be necessary to incur, for keeping up
and carrying on, and encouraging the said manufactories,
or for promoting and carrying on in any manner the busi-
ness of the said company; tenth, to bind by their contracts,
deeds and writing, under the hand of the president, and
the seal of the company, all the property, estate, common
stock and joint funds of the said company; but not the
persons or separate property of themselves, or of any of
the stockholders; eleventh, and generallj to do, act and
transact, in all things for the said company, relative to
the undertaking, common stock and joint funds afore-
said, in as full and complete manner as the individual
stockholders or subscribers might do were they personal-
ly present.

General powers

Sec. 11. And be it enacted, That the president and di-
rectors 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 repre-
sentatives, half yearly dividends at certain stated times, on
the stock of the comppany; reserving however, out of the
income of the said company's property, such sum annually
as they shall judge necessary, or prudent for repairs and
contingencies.

Dividends

Sec. 12. And be it enacted, That the original subscrib-
ers to this association, and the assignees, transferees and
legal representatives of such original subscribers, forever,
shall be taken and deemed to all intents and purposes, to
be members of the said company, and shall be entitled to
all the rights, benefits and advantages, to arise in any man-
ner therefrom; and to the property, work, capital
stock and funds 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 said company,
and in such manner as the president and directors or a
majority of them shall appoint; and every person or per-
sonshaving so transfered or assigned the whole of his, her
or their stock and interest, in the said company, shall
thereafter cease to be a member or members of the said
company to all intents and purposes.
Sec. 13. And be it enacted, That the clerks, bookkeepers

and other officers, shall give bond with security, to the sa-
tisfaction of the president and directors, for the faithful
discharge of their duties in their respective stations.

Membership-rights
&c

Bonds