THOMAS W. VEAZEY, ESQUIRE, GOVERNOR,

1835.

or of any State, or to the provisions of this act; and that the lands which said company shall he. entitled to

CHAP. 40

hold, shall be only such as shall be necessary for build-

ing yards, or the erection of warehouses, quays, or

wharves, roads, or ways, for the aforesaid company,

and not otherwise.

SEC. 5. And be it enacted, That every Treasurer,

Treasurer — bond — duties

before he proceeds to act, shall give, bond to the said

corporation in such penalty, and with such securities,

as a majority of the Directors shall approve, condi-

tioned that he will faithfully execute the duties of his

office of Treasurer, and he shall account for, pay and

deliver, at such time and times, and to such person and

persons, as the said Directors shall order and direct,

all moneys, notes and other securities, property, effects,

books and papers belonging to the said corporation,

which shall be intrusted to his care, or be in his pos-

session; Provided always, that every such order and

direction shall be signed by the President, and coun-

tersigned by the Secretary of the company.

SEC. 6. And be it enacted, That every Secretary,

Secretary— bond

before he proceeds to act, shall give bond to the said

corporation in such penalty and with such sureties, as a

majority of the Directors shall approve, conditioned

that he will faithfully execute the duties of his office;

and he shall make and preserve in a book, to be pro-

His duties

vided for that purpose, fair minutes of the proceedings

of the Directors, and perform such other duties as they

may direct, and deliver to his successor in office, or to

such person or persons as the Directors may designate,

all books, papers, and other effects, belonging to the

said corporation, and countersign all orders and di-

rections authorised by the Directors, addressed to, or

drawn upon, the Treasurer, after the same shall have

been signed by the President.

SEC. 7. And be it enacted, That the President and

Dividends

Directors shall, from time to time, declare and pay to

the stockholders, dividends of so much of the profits

realized by the company, as they shall deem expedient,

after reserving such sum as they shall decide to be

reasonable, to meet the expenses of repairs, and to

provide for the building or purchase of any new vessel