THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1845.

the profits which shall be made by the said company, to
prescribe and provide for the manner and evidence of
transfers of the capital stock, and for the forfeiture and
sale of any share or shares thereof, in default of payment
of any of the instalments called for, and for the remission
of such forfeiture on such terms as they shall deem rea-
sonable; and generally to do, execute or authorise, all
such acts, deeds, and other writings; and make, revise,
niter or annul, all such by-laws, ordinances, resolutions,
rules and regulations not inconsistent with the laws of
this State, or of the United States, as the said board of
directors or a majority thereof may deem necessary, use-
ful or convenient, and which shall be competent to the
full and beneficial exercise of, and carrying into effect,
the powers above enumerated, and all other powers,
rights, and privileges granted to and vested in the Not-
tingham Company, incorporated as aforesaid, or in direc-
tors thereof, by this act; and in general for the better
managing and conducting the business, and promoting
the interest of the said company, and for improving the
natural and lawful advantages of the property, rights and
privileges vested in or owned by the said company, in as
full and ample a manner as any corporate body within

CHAP. 371.

this State may lawfully do; provided, that the operations
of the company hereby intended to be incorporated, shall
not be commenced until two thousand shares shall have
been subscribed, and five dollars shall have been paid in
the current money of the United States, on each and
every of the said shares.

Proviso.

SEC. 5. And be it enacted, That the shares of stock of
said company shall be deemed and considered personal
estate, and all the joint stock properly, funds and effects
of said company shall he answerable tor all the contracts
made or authored by or for the said company, and all
just claims against the same; but none of the stockhold-
ers shall be liable in person or properly for any contracts
of or claims against the said corporation, and the service
of legal process on the president or any of the directors,
shall be a sufficient service on the corporation.

Stock deemed
personal estate.

SEC. 6. And be it entitled, That if at any time the
debts of sard company, by bond, note, or open contract,
shall exceed the one-half, of the capital stock paid in, the
directors under whose administration such excess occur-
red, shall, in the event of the corporation failing to pay,
be liable in their individual capacities for all deficiencies,
saving, however, from all such liability, such of the di-
rectors as shall make it appear that they did not assent to

When debts
exceed one
half of the ca-
pital paid in.