THOMAS W. VEAZEY, ESQUIRE, GOVERNOR,

1835.

corporation or so much thereof, as to them shall appear

CHAP. 177

advisable, and in case of any loss or losses, whereby

the capital stock of the corporation shall be diminish-

ed, no subsequent dividend shall be made until a sum

equal to such diminution, arising from the profits of

the corporation, or the contributions of the stockhold-

ers shall have been added to the capital.

SEC. 12. And be it enacted, That the president and

By laws

directors shall have authority to establish and ordain

such by-laws, ordinances and regulations as shall

appear to them necessary for regulating and conducting

the concerns of the corporation, not being contrary to,

nor inconsistent with this act, or the Constitution and

laws of this State, or of the United States; they shall

also have power to hire or purchase a suitable lot of

ground, or building or buildings, for the purpose of

transacting the affairs of the company, and generally

to conduct the entire business thereof.

SEC. 13. And be it enacted, That nothing herein

Banking forbid

contained shall be so construed as to confer banking

privileges on said company, nor the right to issue any

bill or note in the form or style of a bank note.

SEC. 14. And be it enacted, That each director and

Misapplication of

the president who shall appear to have directed or as-

funds

sented thereto, shall be personally liable for any loss-

es, deficiencies or failures arising from any misappli-

cation of the funds of said corporation contrary to the

provisions of this act.

SEC. 15. And be it enacted, That the corporation

Right of inspection

hereby created, shall at all times be subject to the in-

spection of any committee of either branch of the legis-

lature, or of any officer appointed for that purpose by

either branch.

SEC. 16. And be it enacted, That this act shall con-

Limit 1860

tinue and be in force until the end of the year eighteen

hundred and sixty, and thereafter, until modified or re-

pealed, which may then be done by the legislature at

their pleasure.