THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1837.

the transfer of the stock of the company, and for proof
of the ownership therein; to employ and compensate
all officers and agents, mechanics and servants deemed
by them useful or needful, and to dismiss them at plea-
sure; to enter into contracts on behalf of the company,
and to use therefor the name ami seal of the corpora-
tion; to make bye-laws and regulations, provided the
same be not contrary to the laws and constitution of
this State, and to repeal the same as they shall see fit;
to keep full records of their proceedings, which shall
be open for inspection at all meetings of the stockhold-
ers, and to committees appointed for that purpose; to

CHAP. 221.

report, from time to time, and at least annually to the
stockholders, a statement, of their affairs; to declare
dividends of the profits in their discretion, and gene-
rally to exercise all the powers and privileges confer-
red or appertaining to this corporation.

Report annual-
ly.
Dividends.

SEC. 7. And be it enacted, That no power not here-
by expressly given to the Directors shall be exercised
by the board, which is incompatible with ordinances

Powers limited.

passed at. meetings of stockholders as aforesaid; and
that the Directors to be chosen after the organization
of the corporation, shall act as such until the next an-
nual meeting of the stockholders, in September next
ensuing.

Term.

SEC. 8. And be it further enacted, That nothing
herein contained shall be taken or construed so as to
authorise the said corporation to establish a banking
institution, or any thing in the nature of a hanking in-
stitution, or issue a bank note, or any bill in the na-
ture of a bank rote.

Banking prohi-
bited.

SEC. 9. And be it further enacted, That nothing
herein contained shall be construed to restrict the
right of the Legislature to impose, from time to time,
and at all times during the continuance of this act,
and to levy and collect such reasonable tax upon the
capital stock or estate of this corporation, as may
comport with a general system of taxation upon mon-
ied institutions.

Right of taxa-
tion reserved.

SEC. 10. And be it further enacted. That this act
shall continue in force until the expiration of the year
eighteen hundred and fifty-eight,and until the end of the
next General Assembly which shall happen thereafter.

Limitation 1858.