| 158
Dec. Ses. 1825.
Records—
books—certificates;
transfers. |
JOSEPH KENT, ESQUIRE, GOVERNOR.
13. And be it enacted, That the directors
shall cause regular
minutes of their proceedings as a board to be made, and preserved
in a book, and regular books to be opened and kept, containing
a record of the number of shares of stock owned by
each stockholder, and of all transfers of stock, and such transfers
shall only be made on the books so provided and kept by
the stockholder, or his legal representative in person or by
attorney, authorised in such manner as the bye laws shall provide,
and certificates of stock and of transfers may be issued
in such manner and form as the board shall from time to time
direct. |
Stockholders
powers. |
14. And be it enacted, That the stockholders
at any general
annual meeting, or at any special meeting called in such manner
as the bye-laws shall provide, at which the holders of a majority
of the whole number of shares of stock shall be present,
shall have power to alter or repeal any bye-laws made by
the president and directors, and also to make such new
bye-laws, rules and regulations as a majority of the whole
number of votes of the stockholders shall assent to, which
shall be binding on the president and directors; Provided,
That such bye-laws shall not be contrary to any of the
provisions of this charter, or to the laws of this state or of the
United States. |
Joint stock
only liable
for contracts
of the company. |
15. And be it enacted, That all the
joint stock, property,
funds and effects of the said company shall be answerable for
all the contracts made by or for the said company, and for all
just claims made by or for the said company, and for all
just claims against the same, but none of the stockholders shall
be liable in person or property for any contracts of, or claims
against the said corporation, and the service of legal process on
any of the directors shall be a sufficient service on the corporation. |
Private
wharfs excepted. |
16. And be it enacted, That nothing
in this act shall be construed
to authorize said company to obtain possession of, or use
any private wharf already established, without the consent of
the owner or owners of such wharf. |
Right reserved
by the
state. |
17. And be it enacted, That nothing
contained in this act
shall be construed to restrict the right of the legislature, which
is hereby reserved in its fullest extent, to impose from time to
time, and at all times hereafter, and levy such reasonable tax by
licence or otherwise, upon all vessels, or other property, estate,
and funds in which the capital stock of the said company hereby
incorporated shall be invested, in common with similar vessels,
property, estate, or funds of any other company corporation
or individuals of this state. |
Limit to
1850. |
18. And be it enacted, That this act
shall continue in force
until the expiration of the year eighteen hundred and fifty, and
until the end of the next session of the general assembly, which
shall happen thereafter. |
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