THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

said company; also to contract for, and purchase such

CHAP. 306

lands, not exceeding ten thousand acres, chattels, ma-

terials, rights and privileges, and cause all such build-

ings, machinery and other improvements to be made its

they shall think necessary for effecting the object of

the company, and the same or any part thereof, to sell

and convey, or otherwise dispose of in their discretion:

also to prescribe the mode of issuing and transferring

stock in the said company, and the evidence thereof;

and generally to do all such acts, and pass all, such

ordinances and regulations for the benefit and well or-

dering of the business of the said company, as they

shall think proper, the same not being contrary to the

by laws passed by the stockholders, nor to any law of

this State, or of the United States; and in case of any

Vacancies

vacancy happening in the presidency or directory of

this company, the remaining directors shall fill the

same, by choosing a president and directors, as the

case may be, from the stockholders; and for the trans-

Quorum

action of any business hereby confided to them, a ma-

jority of the said president and directors shall be a

quorum.

SEC. 5. And be it enacted, that the total amount

Limit of debts

of debts which the said corporation shall at any time

owe, whether by bond, bill, note or other contract

shall not at any time exceed double the amount of the

capital stock actually paid in, and in case of any such

Liability of direc-

excess the directors under whose administration the

tors

same shall happen, shall be liable in their natural and

private capacities to the creditors of said corporation,

but nothing herein contained shall be construed to ex-

empt the said corporation or any of its lands, tene-

ments or other property or resources from being also

liable for said debts, and such of the said directors as

Exoneration on en-

may have been absent when any such excess of debt

tering dissent

shall have been incurred or authorised, or as shall have

dissented from any resolution or act whereby the same

was incurred or authorised, may respectively exoner-

ate themselves from being liable, by forthwith having

entered upon the records of said corporation their dis-

sent from such resolution or act, and giving notice to