WILLIAM GRASON, ESQUIRE, GOVERNOR.

1838.

Sec. 9. And be it enacted, That if any stockholder
shall sell and transfer the stock held by him before the
payment of the full amount subscribed for, he shall be
liable for the payment of the residium of the amount
due thereafter upon his subscription of stock, in case
the person to whom said stockholder shall have sold
and transfered his stock shall fail to pay the same.

CHAP. 267.

Person selling stock

before paid for.

and the stock so transferred and sold shall be, liable to
be sold in the hands of the purchasers in the manner
as prescribed in the eighth section of this act, with the
same effect as if no sale or transfer thereof had been
made.

The stock remains
liable.

Sec. 10. And be it enacted, That the stock and all
other property of such company, as may be incorpo-
rated as aforesaid, shall be deemed personal estate,
and as such shall pass-to the executors, administrators,
or assigns of the stockholders, and the stock of said

Capitol stock of,
shall be personal

estate.

company shall be transferable only upon the books of
the company in such manner as the by-laws shall pre-
scribe and until so transferred, the company shall be
under no obligation to recognize the right of any as-
signee and in the meantime may lawfully pay over the
dividends to him who shall appear upon their books to
be the stockholders, his executors, or administrators,
without being in any manner held liable to any other
claimant; but real estate purchased by the company
shall be conveyed to them and when sold by them,
shall be conveyed to the purchaser by deed, as real es-
tate, and as such shall be liable to the payment of the
debts of the company, and to sale under execution of
fieri facias in like manner as the lands of other debt-
ors are sold.

And transferable.

Sec. 11. And be it enacted That certificates of stock,
signed by the president and countersigned by the sec-
retary of the board of directors, and authenticated un-
der the seal of the company, shall be delivered by the
president and directors to each stockholder, in such
manner and form as the stockholders in general meet-
ing may direct.

Certificate of
stock.

Sec. 12. And be it enacted, That the president and
directors shall keep a regular journal of their proceed-
ings, recorded in well-bound books, and the proceed-
ings of each day, and the name of each director who
may be present, shall be verified by the signature of the

Shall keep regular

journal.