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any diminution by such losses, and shall make such di-
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CHAP. 285.
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vidends of their clear nett profits, from time to time,
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as they shall judge expedient.
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No transfer
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SEC. 8. And be it enacted, That no transfer or as-
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signment of, or contract to transfer or assign any
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share or shares of the said stock, shall have any effect
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as to the corporation, until the transferor or assigner
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thereof shall have paid and satisfied the said corpora-
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.
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tion for all debts due and payable at the time of such
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contract, or transfer or assignment, or attempted
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Debts
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transfer or assignment, and all debts due and unpaid
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to the corporation, by any stockholder, shall he deem-
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ed liens on the shares of such stockholder, which the
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said corporation may enforce and satisfy, by retaining
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and taking to itself, until satisfaction thereby of said
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debts, the profits and dividends from time to time ac-
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cruing upon the said shares, and also by public sale of
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said shares, either before or alter partial satisfaction
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in the manner aforesaid, and of the said profits or di-
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vidends, giving however at least three weeks' notice
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to such stockholder previous to the sale of his stock,
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by serving such notice on him personally, or leaving
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it at his place of abode, and the purchasers by virtue
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of the provision of this section, and of the second sec-
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tion of this act, shall be and become by such purchase,
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to all intents and purposes, stockholders and members of
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said corporation.
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Transferrable on books
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SEC. 9. And be it enacted, That the shares of said
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stock shall be transferable and assignable on the books
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of the corporation, and not otherwise, by the holder
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personally, or by his attorney legally constituted, in
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writing, and said stock, and all individual interest of
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the stockholders in said company shall bo regarded as
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personal and not real estate.
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Contracts
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SEC. 10. And be it enacted, That all contracts, ver-
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bal or written, though not under seal, if made by said
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corporation agreeably to their by-laws, shall be as
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good and valid as if the same were made under the
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corporate seal of said company.
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Entries of proceed-
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SEC. 11. And be it enacted, That the president and
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ings
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directors shall keep full, fair and correct entries of
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