| 162
Dec. Ses. 1825.
Payment of
installments
regulated.
Proviso.
Failure to
pay. |
JOSEPH KENT, ESQUIRE, GOVERNOR.
5. And be it enacted, That on all subscriptions,
except such
as shall be made on behalf of the state, there shall be paid at
the time of the subscription on each share one dollar; and
thereafter when the company shall be formed, the stock subscribed
shall be paid as well by the state as by other subscribers,
on such instalments, and at such times, as the president and
directors shall from time to time require, as the work advances;
Provided, That not more than one third part shall be demanded
within any one year from the commencement of the work; nor
any payment demanded, until at least sixty days public notice
thereof shall have been given in such public newspapers as the
said president and directors shall direct such notices to be published
in; and whenever any subscriber shall fail to pay any instalment
called for by the company, it shall and may be lawful
for the company, upon motion to be made in any court of record,
after ten days notice, to obtain a judgment against the
subscriber so failing to pay; or the said company at their option
may sell the stock of such subscriber, after giving sixty
days notice in such public newspapers printed within this state,
as they may judge proper; and if the proceeds of any such sale
shall exceed the sum demanded, the surplus, after paying the
expenses of such sale, shall be paid to the subscribers so failing,
or to his legal representatives; and the purchaser at such sale
shall become a stockholder, and be subject to the same rules
an regulations, and entitled to the same privileges, rights and
emoluments, as original subscribers under this act. |
Future elections
of President
and
Directors.
Vacancies. |
6. And, To continue the succession
of the said president and
directors, and to keep up the same number, Be it enacted, That
from time to time, upon the expiration of the said term, for
which the said president and directors were appointed, the
stockholders of the said company at their next general meeting,
shall either continue the said president and directors, or any of
them, or choose others in their stead; (and until such choice be
made, the president and directors for the time being, shall continue
in office;) and in case of the death, removal, resignation,
or incability of the president or any of the directors, may and
shall in manner aforesaid, elect any other person or persons to be
president and directors in the room of him or them so dying,
removing or resigning; and may at any of their general meetings,
remove the president or any of the directors, and appoint
others for and during the remainder of the term, for which such
person or persons were at first to have acted. |
| Oath. |
7. And be it enacted, That every president
and director before
he acts as such, shall take an oath or affirmation for the due execution
of his office. |
Annual general
meetings,
how
constituted. |
8. And be it enacted, That the presence,
in person or proxy,
of the stockholders having a major part of the stock at least,
shall be necessary to constitute a general meeting of the stockholders,
which shall be held on the first Monday in August in
every year, at such convenient town or place as shall be from |
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