THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1837.

such bye-laws, rules, orders and regulations, as from
time to time may be deemed necessary for the better
government of the said company or then board of di-
rectors; provided, such bye-laws be not inconsistent
with the constitution and laws of this State, and there-

CHAP. 104.

in determine at what time, and in what proportions'
the funds of the company shall be paid by the several
stockholders, and should the same company at any

Instalments.

time think proper to extend and enlarge, their capital
stock from three thousand dollars, the amount of stock
now established by the company, then, and in that case,
it shall be competent for two thirds of the members of
the said company to determine, on such extension and
enlargement, to any amount not exceeding thirty
thousand dollars.

Enlarge capital.

Limit $30,000.

SEC. 7. And be it enacted, That any person who shall
refuse or neglect to pay any instalment on his or her
stock, within three months after he or she shall be no-
tified by the directors, that an instalment is due ac-
cording to the agreement now existing for the payment
of the stock, thai is to say: one dollar and twenty five
cents on every share, every ninety days, if called for,
shall surrender and forfeit such share or shares to the
company, who shall be authorised to keep or sell the
same, or may extend the time of payment to the non-
complying stockholder.

Neglecting to
pay instal-
ments.

SEC. 8. And be it enacted, That the aforesaid capi-
tal of three thousand dollars shall be divided into three
hundred shares of ten dollars each, and that upon the
extension or enlargement of the said capital, the shares
shall ever remain the same, namely, ten dollars each.

Capital $3,000.

Shares $10.

SEC. 9. And be it enacted, That whenever here-
after two thirds of the company shall think it ex-
pedient to close the business of said company, it shall
be in their power so to order it to be closed, and the
lands, articles, implements and utensils, belonging to
the said company, shall be sold in such manner as said
company, or a majority of them shall determine and
order, the proceeds thereof, after the debts of the said
corporation shall have been paid, shall be divided
among the members thereof, in their respective equal
and just proportions.

Method of dis-
solving.

SEC. 10. And be it enacted, That this act shall contin-

Duration.