|
CHAP. 46.
|
judgment become necessary for said objects; and all the
said lands, tenements, hereditaments, materials, engines,
machines, privileges, permissions, right and advantages,
to sell again, let, hire or otherwise dispose of in whole or in
part, for the benefit of said company, in such manner and
on such terms and conditions as shall at the time appear to
them most advantageous, and all proper and needful con-
veyances, assurances, contracts and deeds therefor to make
and execute, to receive, use, dispose of and employ for the
purposes aforesaid, or any of them, all the capital stock,
money property and funds of the said company of every
nature and kind whatever, keeping and rendering to the
stockholders at each annual meeting for the choice of Di-
rectors, a particular account of all the stock, property, mo-
ney and funds, so received, expended and disposed of in
the course of the year the next preceding, and of all con-
tracts, purchases and leases, sales and dispositions so made
within the said period, which account so to be kept shall
at all times be subject to the inspection and examination of
the stockholders, to provide for and pay out of the reve-
nues and funds of the company, all such annual expenses as
it may be necessary to incur, for keeping, carrying on or
promoting in any manner, the business of the company; to
establish rules and regulations for the transfer of the stock
of said company, and for the proof of the property and
ownership therein, to call meetings of the stockholders
from time to time, and at such times and for such purposes
as they shall think proper, giving three weeks notice of the
|
|
Proviso
|
time, place, and purpose of every such meeting respective-
ly; Provided, that no such meeting shall be competent to
the transaction of any business whatever, unless there be
represented thereat, a majority in value of the existing
stock of said company; and generally to do and transact
all things for said company, relative to the undertaking,
common stock, and joint property aforesaid, in as fall and
complete a manner, as the individuals, stockholders, or sub-
scribers, or each or any of them might do, were the same
their individual or separate property, and they personally
present.
|
|
Dividends
|
Sec. 11. And be it enacted, That the President and Di-
rectors, so soon as the progress of the work and the state
of their funds will permit, shall make declare and pay to
the stockholders, their legal representatives, half yearly di-
vidends at certain stated times to be fixed by them, on the
stock of the company, out of the increase of the company's
|
