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CHAP. 90.
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shall cousist of one-third of the whole number thus coin-
posed.
Sec. 9. And be it enacted, That if any stockholder shall
fail to pay his instalment, at the times and in the manner
herein before specified, he shall forfeit to the company all
money paid antecedent to such default, provided it do not
exceed the half of the value of his shares; but if any such
default occur after five dollars shall have been paid on each
share, the stockholder committing it shall not receive any
dividend until every instalment so neglected to be paid shall
be made good, with interest from the time of its being due
until paid, and the dividend thereafter to be paid to such
stockholder, as well upon the money by him regularly paid,
as upon that paid after default, shall be calculated only from
the time when the last instalment was made good.
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Powers of presi-
dent and directors
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Sec. 10. And be it enacted, That the president and di-
rectors shall have power, 1st. To purchase and hold, on be-
half of the company, in fee simple or otherwise, lands and
real estates suitable for the promotion of such establish-
ments, and the erection of such works as they shall think
necessary or proper for cultivating, improving, preparing,
gathering and preserving, the grape, as also for the manu-
facture and preservation of wine. Secondly. To purchase
and hold such personal estate as may be necessary or pro-
per for those objects Thirdly. To make and alter all by-
laws and regulations for the better conducting the business
of the company, which by-laws and regulations may be al-
tered or repealed at a general meeting of the stockholders,
provided there be present the owners of two-thirds of the
shares subscribed for and duly paid. Fourthly. To appoint
and remove all subordinate agents of the company, not
specified herein, and to fix and pay their compensations.
Fifthly. To make such contracts for labour, materials, en-
gines, implements, machines, lands and tenements, as they
may deem necessary or proper for the objects of the compa-
ny; to use and dispose of them in such manner as they shall
judge best for the interest of the said company, and to
execute and receive therefor all needful assurances, convey-
ances and contracts. Sixthly. To receive, use, dispose of
and employ, for the benefit of the company, all the proper-
ty, of what kind soever, now belonging or hereafter to be-
long to the company, rendering to the stockholders, at each
annual meeting for the choice of officers, a full and parti-
cular account of all the property of the company, and of the
management of its affairs during the year, the. vouchers of
which account shall at all times be open to the inspection of
any stockholder. Seventhly. To provide for, out of the
funds of the company, all needful expenses of the year.
Eighthly. To bind the company by their contracts, but not
the persons, nor separate property of themselves, or of any
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