DANIEL MARTIN, ESQUIRE, GOVERNOR.

1828

cies that may happen in their body, and at their first meet-
ing annually, choose one of their number as president, who
may be removed by them at pleasure, and another appoint-
ed in his stead; and also make him such compensation as
they shall deem right

CHAP. 6.

Sec. 7. And be it enacted, That if any instalment on
stock shall remain unpaid for the space of two months from
the time at which it should have been paid, the same shall
thereby become forfeited to the said company, and may be
disposed of by the said president and directors, as to them
may appear most to the advantage of said company.

Insatlment re-

maining unpaid to

be forfeited

Sec. 8. And be it enacted, That in case it should so hap-
pen that an election of directors shall not be made upon the
day, when pursuant to this act it ought to have been made,
the company shall not for that cause be dissolved, but it
shall be lawful on any other day to hold and make an elec-
tion of directors, subject to such regulations as may be made
by the by-laws and ordinances of said company.

Procedding in

case election does

not take place up-

on the day pre-

scribed

Sec. 9. And be it enacted, That every president and di-
rector, before he acts as such, shall take an oath, or affirma-
tion, for the due execution of his office.

President and di-
rectors to take an

oath

Sec. 10. And be it enacted, That no subscriber, stock-
holder or member of said company, shall be answerable in
his person, or his private or individual property, for any act,
contract or engagement, of the said company, or of the pre-
sident and directors thereof.

Individual pro-

perty not answer-

able for contracts

Sec. 11. And be it enacted, That the president and di-
rectors of said company, for the time being, shall have pow-
er and authority to appoint such clerks, agents, superintend-
ants, engineers and servants, under them, as may be neces-
sary for executing the business of said company, and the

a bond, with such security as they shall approve, for the
faithful execution of their duty, and to allow them such com-
pensation as said president and directors may think proper
to agree" upon; and to agree with any person or persons to
cut and make said canal, or any part thereof, to make re-
servoirs, erect dams, open feeders, construct locks, and to
perform all such other works and services as they, the said
president and directors, shall judge necessary or expedient

and described, and to keep the same, with the locks, and
other works necessary thereto, in repair.

Appointment of

officers

Sec. 12. And be it enacted, That no person shall be pre-
sident or director who is not at the time a stockholder.

Presidend, &c. to

be stockholders

Sec. 13. And be it enacted, That the shares of the capi-
tal stock of the said company shall be deemed and taken to
be personal estate, and as such, to be transferred on the
books of said company only, according to such rules as shall
be established by the said president and directors.

Stock deemed per-
sonal property