PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

surer, and he shall account for and pay and deliver at
such time and limes, and to such person and persons as
the said directors shall order and direct, all monies,
notes and other securities, papers and effects belonging
to the said corporation, which shall be entrusted to his

CHAP. 244.

care or be in his possession; provided always, that every
such order and direction shall be signed by the president
and countersigned by the secretary of the said com-
pany.

Proviso.

SEC. 6. And be it enacted, That the secretary, before
he proceeds to act, shall give bond to the said corporation
in such penalty and with such securities as a majority
of the stockholders shall approve, conditioned that he
will faithfully execute and discharge the duties of his
office, and shall preserve in a book to be provided for
the purpose, fair minutes of the proceedings of the. di-
rectors, and perform such oilier duties as they may di-
rect, and to deliver to his successor in office, or to such
other person or persons as the directors may designate,
all books, papers and and other effects belonging to said
corporation, and countersign all orders and directions
authorised by the directors, addressed to or drawn upon
the treasurer, after the same shall have been signed by

the president.

Duty of secre-
tary.

SEC. 7. And be it enacted, That the president, and
directors shall from time to time, declare and pay to the
stockholders dividends of so much of the profits realiz-
ed by the company as they shall deem expedient, after
reserving such sum as they shall decide to be reason-
able to meet the expense of repairs, and to provide for
the building or purchasing of a new boat or boats, ves-
sel or vessels, 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 general statement of the company shall be exhibited
for the inspection of the stockholders.

Duties of pres-
ident and direc-
tors.

SEC. 8. And be it enacted, That the president and
directors or a majority of them shall have full power
and authority, after giving at least thirty days previous
notice, by advertisement, inserted in such newspaper or
newspapers us they may deem proper, to forfeit, and dis-
pose of for the use of the company any share or shares
of stock upon which one or more instalments shall be
due and unpaid, unless the instalment or instalments so
due with interest thereon from the time when the
same shall have been made payable, shall be paid before
the day limited in such notice, or the owner of such

To pay instal-
ments as de-
manded, or for-
feit stock.

stock may be compelled by action to pay all such in-
stalments; provided always, that no stockholder shall be

Proviso.