WILLIAM GRASON, ESQUIRE, GOVERNOR.

1839.

authority for voting thereon except at the first election to
be held thereafter; and the president and managers of said
company shall severally take an oath or affirmation, that
he will well and faithfully in all things discharge the du-
ties of his office to the best of his skill and judgment; and
after the organization of the company as aforesaid, the
commissioners shall transfer and hand over to the said
president and managers, the subscription books and pa-
pers, and all the money and notes and obligations that
shall have been received by said commissioners, or any of
them, for the use of said company; and the said president
and managers may, if they deem it expedient, extend the
time for the payment of any note received as aforesaid,
for subscription to said stock, but not longer than ninety
days after the instalment for which said note was origi-
nally given shall have become due: and the stock of said
company, and the shares thereof, shall be treated and con-
sidered in law as personal property; and any contract,
obligation, order, acceptance, acquittance, letter or other
writing signed by the president and countersigned agree-
ably to the by-laws of said company, shall be as binding
on the said company as if made under their corporate
seal, and the president and managers shall deliver to each
shareholder a certificate of each share of stock subscri-
bed by him or her, which certificate shall be transferable
by assignment to be entered on the transfer book of said
company, subject however to all payments due, or to be-
come due on said share.

CHAP. 215.

Oath of office.

Subscription
books to be
transferred.

May extend the
time for pay-
ment of any
note.

Stock to be con-

sidered personal

property.

Any contract,
&c.binding on
company.

To deliver cer-
tificate of share

to subscribers.

SEC. 4. And be it enacted, That it shall be lawful for
the president and managers of said company to require
that the remainder of all the stock subscribed for, shall be
paid to them at such times and in such instalments as may
be designated by said president and managers, they giving

Stock to be paid

in instalments.

sixty days previous notice of every such requisition; and
if after such notice for the payment of any proportion of
the capital stock of said company, any shareholder shall
neglect to pay such proportion at the time and place ap-
pointed therefor, the stock of every such shareholder, his,
her, or their assignee so making default, together with
all that shall have been previously paid on account of such

In case of ne-
glect to pay in-
stalment.

share or shares shall be forfeited to said company; and the
president and managers thereof may sell and transfer eve-
ry such forfeited share to any person or persons willing to
purchase the same.

May sell forfei-
ted stock.

SEC. 5. And be it enacted, That all persons who shall
become subscribers to the stock of said company, their

Subscribers in-
corporated.