PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

for the government and direction of said company and
the affairs thereof as the said board may judge necessary
for carrying into effect the provisions of this law; pro-
vided, the same be not repugnant to the laws of this
State or of the United States.

CHAP. 226.

Proviso.

SEC. 8. And be it enacted, That all contracts for the
purchase and sale of property, or for the payment of1
money, signed by the president and secretary of the
board of managers, shall be obligatory upon the cor-
poration.

Signature to
contracts.

SEC. 9. And be it enacted, That whenever a vacan-
cy shall happen in the office of directors by death, re-
signation, removal from the county or ceasing to be a
stockholder, it shall be immediately filled up by some
person to be chosen from the remaining stockholders by
ballot, by the other directors, to continue in office until
the next regular election.

Vacancy—
how to be filled.

SEC. 10. And be it enacted, That nothing herein con-
tained shall he construed so as to confer on this com-
pany any banking privileges, and the legislature hereby
reserves to itself the right to amend, alter or repeal this
act at pleasure.

Banking for-
bid.

Reservation.

SEC. 11. And be it enacted, That the president and
directors, so soon as the progress of the work and the
state of their funds will permit, shall make, declare and
pay to the stockholders, their legal representatives half-
yearly dividends at certain stated times to be fixed by
them, on the stock of the company out of the increase
of the company's property, reserving such sum annu-
ally as they shall judge necessary for repairs, augmen-

tations and contingencies.

Dividends —
how and when
declared.

SEC. 12. And be it enacted, That the assignees of any
one or more shares of the capital stock of said company
shall, upon such assignment made and completed accord
ing to the provisions of this act and the bye-laws of
said company, be entitled to all the rights and privileges,
benefits and advantages of original subscribers or stock-

Stock trans-
ferrable.

holders in said company; provided, no assignment or
transfer of stock shall be valid unless made on the books
of said company, and every person or persons having so
transferred or assigned the whole of his, her or their
stock in said company, shall ipso facto, cease to be a
member or president or director of said company, as the
case may be.

Proviso.

SEC. 13. And be it enacted, That the company here-
by incorporated shall not be construed to have power
to establish mills or manufactories, or to carry on mill-
ing or manufacturing as hereinbefore provided, for, ex-
cept within the limits of Dorchester county aforesaid.

Limited to
Dorchester co.