JAMES THOMAS, ESQUIRE, GOVERNOR

1834.

in said company, and to regulate the transfer thereof; to
contract for and obtain in behalf of the company, all such
rights, privileges, and permissions of every kind and nature
whatsoever, as they shall deem useful or necessary for
establishing and carrying on manufacturing works, agreea-
bly to the provisions of the fourth section of this act; to
bind by their contracts, deeds and engagoments under the
hind of the president, and seal of the company, all the pro-

pany, but not the person or separate property of themselves
or any of the stockholders; and generally to do, act, and
manner on all things for the said company, in regard to the
objects and purposes of this act, in as full and complete a
manner as the individual stockholders might do, were they
personally present.

CHAP. 242.

Sec. 7. And be it enacted, That no stockholder shall be
liable lor any debts, contracts or engagement's of the corpora-
tion or for any claims against the same, but that the money,
property, rights and credits of said company shall alone be
liable for the same: Provided, that the debts of the corpora-
tion shall at no time exceed one half of the capital actually
paid in, and the directors under whose administration any
such excess may occur, shall be answerable in their private

persons and estates: and provided also, that the said corpo-
ration shall not be authorised to issue any note, bill or token
in the nature of a bank note.

Banking forbid

Sec. 8. And be it enacted, That nothing contained in this
act shall be construed to restrict the right of the Legislature
to impose from time to time, and at all times hereafter, a
reasonable tax upon the property of this company, in com-
mon with similar property of any other corporation or indi-
vidual of this State, and the stock of this company is here-
by declared to be personal property, to every intent: Provid-
ed always, that the Legislature may modify or repeal this
act, or any part thereof, at any time after twenty-five years
from the passage thereof.
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Rights reserved