THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1837.

SEC. 3. And be it enacted, That the directors shall
have authority to appoint a president annually, and
such other officers as they may deem necessary for the
prudent management of the concern: to purchase and

CHAP. 157.

President and
officers.

hold land, not exceeding five hundred acres, for the
use of the company, and all other necessary articles
which they may determine on; the society shall have

500 acres of
land.

power to ordain and establish such by-laws, ordinances
and regulations as shall appear necessary for regula-
ting the concerns of the corporation and the proceed-
ings of the directors, any four of whom shall constitute

By laws.

a quorum to do business; and their acts, if not incon-
sistent, with this act, the laws of the State, and the re-

Quorum.

gulations of the company, shall he binding on the
whole company; and any deed, contract, sale, mort-
gage or disposition made by them, of the lands and
other stock of the company, shall also be binding on
the whole company, with the consent of a majority
of the stockholders.

Contracts.

SEC. 4. And be it enacted, That the directors shall
cause to he entered in a book, prepared for the pur-
pose, the names of all the stockholders, with their re-
spective number of shares; they shall also cause to be
entered in a separate book, each and every transfer
which shall, from time to time, be made of any of said
shares; the stock shall be assignable and transferable
under such rules and regulations as shall be prescribed
by the society or company; the directors shall also
keep fair and correct entries of their proceedings,
which shall at all times be open to the inspection of

Books to be

kept.

the stockholders, and they shall make an annual exhibit
to the company of the state of the business: any person

Instalments.

who shall refuse or neglect to pay any instalment due
on his or her stock, within three months after he or
she shall be notified by the directors that an instalment
is due, according to the agreement now existing for the
payment of the stock, that is to say, five dollars on
every share every ninety days, if called for, shall sur-
render and forfeit such share or shares to the compa-
ny, who shall be authorised to keep or sell the same,
or may extend the time of payment to the non-comply-
ing stockholders.

Failure to pay.