THOMAS SWANN, ESQUIRE, GOVERNOR.

them, shall have power to appoint all such officers
clerks, agents, mechanics, engineers and servants,
as they may deem necessary to conduct or execute
the business of said corporation, and fix their com-

253

pensation, and in their discretion to dismiss them;
to contract, agree for and purchase, rent or hire all
such vessels, lands, chattels, fixtures, materials,
rights, privileges and effects whatsoever, and to
make, own, use, have, and repair all such wharves,
boats, vessels, carriages and other conveniences as
may be necessary for effecting the objects of said

Power to con-

tract, &c.

corporation; to prescribe the form of certificates to
be issued to stockholders, and to regulate the mode

Certificates.

of transferring their capital stock; to apply the
funds of said corporation, so far as may be neces-
sary, to effect the objects aforesaid, and in payment
of the necessary expenses of the company; to call

Application
of funds.

general meetings of the stockholders, and general-
ly to pass such by-laws as may be necessary for the
exercise of the aforesaid powers vested in the said
corporation, and the same by-laws, from time to
time, to alter and repeal such by-laws, being sub-
ject to the approval of a majority of the stock-
holders.

General
meeting,

Sec. 7. And be it enacted, That the President
and 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 re-
pairs, or the purchase of any articles necessary for

Dividends.

the use of said company, semi-annually; and also at
the paying of each dividend of profits, a general
statement of the affairs of the company shall be
prepared by the Directors, and kept open for the
inspection of the stockholders or any of them, for
the space of ten days after the same shall have
been presented to them.

Statements.

Sec. 8. And be it enacted, That this act of incor-
poration shall continue and be in force for the
term of twenty-five years; provided, always, that
the General Assembly reserves to itself the power
of altering, amending or repealing the same, and
all the provisions thereof, at any time hereafter.

Term to be

in force.

Proviso.

Sec. 9. And be it enacted, That this corporation
shall not be permitted to issue any note, token,

Banking pro-
hibited.