E. LOUIS LOWE, ESQUIRE, GOVERNOR.
151
the holders of a majority of the whole number of shares
of stock shall be present or represented, shall have
power to alter or repeal any by-laws made by the president
and directors; and also to make such new by-laws,
rules and regulations, as the holders of a majority of the
whole number of shares of the stock shall assent to,
which shall be binding on the president and directors;
Provided, such by-laws shall not be contrary to any of
the provisions of this charter, or of the laws of this State
or of the United States.
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Proviso.
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SEC. 9. And be it enacted,
That nothing in this act
contained 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 tax, by license or otherwise, upon
all property estate and funds in which the capital stock
of said company hereby incorporated shall be invested
in common with similar property, estate or funds, of any
other company, corporation or individuals of this State;
and the Legislature also reserves the right to regulate
the police and government of the population of any
town or place owned or occupied in whole or in part
by the said company, and that nothing herein contained
shall authorise the stockholders of the company hereby
incorporated, or the president and directors thereof, at
any time to prescribe or exercise any mode of municipal
government, or of police in any town or place owned
or occupied by the said company, but the population
of such town or place shall be subject to the present
laws of this State, and such alterations thereof as may
from time to time be authorised by the General Assembly.
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Reservation.
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SEC. 10. And be it enacted,
That nothing herein
contained shall be taken or construed so as to authorise
the said company to establish a bank or to issue any
note, scrip or device in the nature of a currency, or to be
used as money.
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Banking forbid.
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SEC. 11. And be it enacted,
That this act shall be
and continue in force until the first day of January,
eighteen hundred and seventy-nine, unless sooner repealed
by law; the right to repeal, alter or amend this
charter being hereby reserved.
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To continue
in force.
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SEC. 12. And be it enacted,
That this act shall take
effect from and after its passage.
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In force.
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