ROBERT M. McLANE, ESQUIRE, GOVERNOR.

63

laws of said corporation may prescribe; and said cor-

poration, whenever it shall seem to the directors thereof

necessary or expedient for the purpose contemplated

by this act, shall have power also to issue and sell, on

the best terms that can be obtained for the same, the

Power to sell
bonds.

bonds of said company in such sums as may be con-

venient, payable after such a number of years as may

be deemed proper, and bearing in the meantime inter-

est at the rate of six per centum per annum, provided

that the gross amount of said bonds, so issued by said

company, shall not exceed the sum of four hundred

thousand dollars; and for the purpose of securing the

payment of the principal and interest of said bonds,

the said company may execute and deliver a mortgage

or mortgages of their property, or may convey the

same by deed, to such trustees as may be appointed

upon such trusts, as may be reasonably advised or

devised for said purpose of securing the payment of

said principal and interest of said bonds.

SEC. 3 And be it enacted, That the said Robt. J.

Henry, A. J. Corning, J. Kemp Bartlett, B. H. Haman

and Charles H. Wier, shall be and are hereby consti-

Constituted

tuted commissioners to receive subscriptions to said

commissioners.

capital stock, and shall designate the times and places

of which said subscriptions shall be taken, by giving

at least ten days' notice thereof; one dollar in every

share shall be paid at the time of subscription; and if

any subscriber or owner of said stock shall fail to pay

any assessment which may be required by the presi-

dent and board of directors of said company for the

space of sixty days next after the same is called for

and made payable, the stock upon which such assess-

ment is required shall be forfeited to the company,

Stock forfeited.

and may be sold by the president and said board of

directors for the benefit of said company; but said

president and board of directors may remit such for-

feiture upon such terms as they may think proper,

provided, however, that no stockholder shall be assessed

for any purpose more than the par value of the stock.

SEC. 4. And be it enacted, That as soon as the sum

of ten thousand dollars of the capital stock of the said

company shall have been subscribed, and four per cen-

tum of said sum shall have been paid in, the said com-

Meeting of

missioners, or any three of them, shall call a meeting of

stockholders.

the stockholders, by giving ten days' notice of the time

and place of said meeting in one newspaper published