THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1837.

convenient, to be selected by the president and direc-
tors on the first Tuesday in July in every year.

CHAP. 156.

SEC. 6. And be it enacted, That at the regular an-
nual meeting aforesaid, it shall be the duty of the pre-
sident and directors in office, for the proceeding year,
to exhibit a clear and distinct statement of the affairs
of the company, and the said president and directors

Statements of
affairs.

or a majority of them, may appoint all such officers a-
gents or servants, as they may deem necessary for the
transaction of the business of the company, and re-
move them at pleasure, and shall have power to deter-
mine the compensation to be allowed to such persons,
and by their bye laws settle and establish the mode of
making all contracts on behalf of the company, and of
adjusting and settling all accounts against the compa-
ny, and also the manner, and evidence of the trans-
fers of stock, and they, or a majority of them, are
hereby invested with all rights and powers necessary
for the objects, and purposes of the said company, and

Appoint officers.

are hereby authorised to pass all bye lavs which they
may deem necessary to the exercise of all the powers
vested in this company, and to carry the objects of this
act into effect, provided, the said bye laws shall not
be contrary to the laws of this State, or of the United
States.

Bylaws.

Sec. 7. And be it enacted, That the said president
and directors shall annually declare and make such
dividends, as they or a majority them may deem pro-
per, of the nett profits arising from the operation
of the said company, after deducting the current and
probable contingent expenses of the company, and they
shall divide the same among the proprietors of the
capital stock in proportion to the shares by them re-
spectively held.

Dividends.

SEC. 8. And be it enacted, That nothing in this act
contained shall be construed to authorise the said com-
pany to exercise banking privileges, or to issue any
note in the nature of a bank note or certificate of depo-
site payable to bearer.

Banking prohi-
bited.