Dividend.
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SEC. 16. And be it enacted,
That there shall be a
semi-annual dividend of profits upon shares of stock,
and the first shall be made on the first Monday of January
eighteen hundred and fifty-five, if the sum then received
shall be deemed sufficient for that purpose, and
semi-annual thereafter.
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Transaction
of business.
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SEC. 17. And be it enacted,
That a majority of
said directors shall be competent to transact all the business
and discharge all the duties authorised and directed
by this act.
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Books of subscription.
Proviso.
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SEC. 18. And
be it enacted, That if subscriptions
shall not be received by said commissioners to the
amount of one-half of the capital as aforesaid, in that
case, the said commissioners or a majority of them
shall be and are authorised to open the books of subscription
from time to time, until one-half of said capital
shall be subscribed; Provided, that the same notice
be given of such re-opening as directed in the first
instance.
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Banking forbid.
Reservation.
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SEC. 19. And be it enacted,
That nothing in this
act shall be so taken or construed as to allow the said
corporation to issue any token, scrip or device to be
used as a currency; and the Legislature hereby reserves
to itself the right to alter or amend this act of incorporation
at pleasure.
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Subject to
general law.
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SEC. 20. And be it enacted,
That this act shall be
subject to any general law regulating water companies
now existing or that may hereafter be enacted.
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