PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

any such bye-laws and regulations may be revised
altered and annulled by the stockholders at any general
meeting.

CHAP. 275.

SEC. 9. And be it enacted, That the said director
shall have power to procure such buildings, im-
provements, machinery, utensils, farm stock and mate-
rials as they may deem proper and necessary to carry
into full effect the object of the company, to enter into
all contracts in behalf and for the use of said company
and to use therefor the seal and name of the corporation
they shall also keep lull records of their proceedings
and accounts of all purchases, sales and disbursements
and which records and accounts shall be open to the in-
spection of the stockholders at all meetings of the same,
and to committees appointed for that purpose, and shall
once in every year report generally the condition of the
corporation at an annual meeting, or one called for
that purpose, they shall declare dividends of the profits
according to the bye-laws, and generally use and exer-
cise all the powers and privileges conferred or appertain-
ing to this corporation.

Empowered to
hold property,

&c.

SEC. 10. And be it enacted, That the president and direc-
tots shall cause to be entered in a book prepared for that
purpose the names of all the stockholders, with their re-
spective number of shares, that the stock of said company
shall be considered and held as personal property, and
that the said stock shall be transferable only on the bonks
of the said company, the mode of transterring the stock
may be regulated by the bye-laws.

Capital stock
to be deemed
personal estate.

SEC. 11. And be it enacted, That the capital stock
shall be paid for in such instalments, at such times and
under such regulations as shall be directed in the bye-
laws, the directors giving three weeks notice of each
call for an instalment by public advertisement, and in
case any person shall refuse or neglect to pay any instal-
ment due on his or her stock for the space of sixty days
next after the time the same shall be due and. payable,
the stock of such person or persons shall be forfeited to
the company, and may be sold by the directors for the
benefit of the company, or held by the company as may
be deemed most advisable, but the directors may remit
any such forfeiture on such terms as they shall deem
proper.

Stock to be
forfeited if the
instalments are
to be paid when
required.

SEC. 12. And be it enacted, That at any general meet-
ing of the stockholders either for the election of directors
or for other purposes, each stockholder shall be entitled
to one vote for every share of stock bona fide held and
owned by him or her, but no share or shares shall confer

Voting.