THOMAS W. VEAZEY, ESQUIRE, GOVERNOR,

1835

general meeting may direct, until the said capital stock

CHAP. 222

reaches the amount of one hundred thousand dollars,

Limit

and upon such additional stock being taken, the owners

thereof shall, to all intents and purposes, be members

of the company hereby incorporated, and have equal

privileges and powers with the original stockholders,

and any premium or premiums obtained on such stock

shall be the common property of all the stockholders

in proportion to the capital stock owned by them re-

spectively.

SEC. 6. And be it enacted, That the stock of the

Stock, personal estate

said company shall be deemed personal estate, and pass

as such to the representative or representatives of each

stockholder, and may be transferred and certificates

thereof issued in such manner as the stockholders, in

general meeting, or the President and Directors shall

from time to time direct; Provided, that nothing here-

Sale and conveyance authorised

in contained shall be so construed as to prevent the

said company from selling and conveying any part of

such real estate as they may hold, or from time to time

acquire, and which may be hereby incorporated, into

stock and declared personal estate, or to authorise the

conveyance of such real estate when sold or disposed

of, in any other manner than that provided by the laws

of this State, for the conveyance or disposal of real

estate; and when it is so sold and conveyed, from being

Rearestate

considered real estate.

SEC. 7. Be it further enacted, That a general meet-

General meeting

ing of the stockholders of said company, shall be held

annually on the first Monday of July, at such place as

shall be prescribed by the by-laws, the presence of a

majority of the stockholders in interest, in person or

by proxy, shall be necessary to the transaction of

business at such meetings, but a smaller number may

adjourn from time to time; in all general meetings of

Votes

said company, the stockholders shall be entitled to one

vote for each and every share owned by them re-

spectively, and may appear and vote on all questions

either in person or by proxy.

SEC. 8. Be it further enacted, That if any subscri-

Case of failing to

ber or stockholder, except such as shall have with-

pay instalments

drawn as hereinbefore provided, fail to pay the amount