THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1846.

carry into effect the powers vested in them by this char-
ter; and the said resolutions and by-laws to alter, repeal,
annul or renew, subject nevertheless, to the revision and
control of the stockholders, in the manner hereinafter

provided.

CHAP. 112.

SEC. 5. And be it enacted, That the treasurer, before
he proceeds to act, shall give bond 10 the said corpora-
tion, in such penalty as the directors shall prescribe, and
with such sureties, other than directors, as a majority of
the directors shall approve, conditioned that he shall
faithfully execute the said office of treasurer, and ac-
count for, and pay, and deliver, at such time and times,
and to such person and persons as the said directors
shall require, all monies, notes and other securities, pa-
pers and effects belonging to the said corporation, which
shall be entrusted to his care, or be in his possession;
and the directors may require a similar bond, with secu-
rity, to be given by any other officer or agent which
they shall appoint, who may be entrusted with the re-
ceipt or care of any money or other valuable effects of
the company.

Treasurer to
give bond.

SEC. 6. And be it enacted, That the directors shall
declare dividends of the profits realized by the company,
or of so much thereof, from time to time, as a majority
of them shall deem expedient, after reserving such sum
as they shall decide to be reasonable to meet the expen-
ses of repairs, and to provide for the building or purchase
of a new boat, carriage or other articles necessary for
the use of the company, and at the time of each annual
election, and also at the time of paying each dividend of
profits, a statement of the affairs of the company shall

Directors to
declare divi-
dends.

be exhibited for the inspection of the stockholders.
SEC. 7. And be it enacted, That the president and
directors, or a majority of them, shall have full power,
after giving at least thirty days notice by advertisement,
inserted in at least one newspaper in Fredericksburg, and
one in Baltimore, to forfeit and dispose of for the use of
the company, any share or shares of stock upon which
one or more instalments shall be due, unless the instal-
ments so due, with interest thereon from the time when
the same shall have been payable, shall be paid before
the day limited in such notice, or the owner of such stock
may be compelled by action to pay all such instalments.

Powers of the
president and
directors.

SEC. 8. And be it enacted, That the directors shall
cause regular minutes of their proceedings as a board to
be made and be preserved in a book, and a regular book
to be opened and kept, containing a record of the num-

Directors to
have minutes
of proceed-
ings taken.