THOMAS KING CARROLL,
ESQ. GOVERNOR.
1829.
next, and until a new election of Directors, as provided
by this
act, shall take place; and that Fielding Lucas, Junior, chosen
by the said Directors, President, is in like manner continued
and vested with all the powers of President of said company
under this charter, until a new election shall be made as aforesaid.
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CHAP. 42.
Present officers recognized.
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Sec. 4. And be it enacted,
That the Directors of the said
Company, or a majority of them, shall have full power to appoint
and employ and in their discretion to remove or dismiss
a Secretary, Treasurer, and all such others, clerks, agents,
mechanics, labourers and servants, as they shall deem necessary,
from time to time, to attend to, and transact or execute all
the affairs and business of the company, and fix their compensation;
to contract, agree for, and purchase, rent or hire, all
such lands, chattles, rights and privileges, materials and effects
whatever, and to make and repair, or cause to be made
and repaired, all such wharves, boats, vessels, roads, carriages
and other conveniences, as they shall deem necessary for effecting
the object of the company authorised by this charter,
and the same, or any part thereof in their discretion, to sell or
otherwise dispose of; to apply the funds of the company, so
far as may be necessary for effecting the objects aforesaid,
and in payment of the necessary expences of the company;
and to pass all such resolutions and by laws as may be necessary
to carry into effect the power, vested to them by this
charter; and the said resolutions, and by-laws to alter, repeal,
annul or renew; subject, nevertheless, to the revision and control
of the stockholders, in the manner hereinafter provided.
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Powers granted.
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Sec. 5. And be it enacted,
That the Treasurer, before he
proceeds to act, shall give bond to the said corporation in
such penalty as the directors shall prescribe, and with such
sureties, other than directors, as a majority of the directors
shall approve, conditioned that he shall faithfully execute the
said office of treasurer, and account for, and pay and deliver,
at such time and times, and to such person and persons,
as the said directors shall require, all monies, notes, and
other securities, papers and effects, belonging to the said corporation,
which shall be entrusted to his care, or be in his
possession; and the directors may require a similar bond, with
security, to be given by any other officer or agent which they
shall appoint, who may be entrusted with the receipt or care
of any money or other valuable effects of the company.
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Treasurer.
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Sec. 6. And be it enacted,
That the Directors shall declare
dividends of the profits realized by the company, or of so
much thereof from time to time, as a majority of them shall
deem expedient, after reserving such sum as they shall decide
to be reasonable, to meet the expences of repairs, and to provide
for the building or purchase of any new boat, carriage, or
other article necessary for the use of the company, and at the
time of each annual election, and also at the time of paying
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Dividends.
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6
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