PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1S49.

may postpone the biddings from time to time until a sa-
tisfactory bid be given.
SEC. 11. And be it enacted, That, when any share
or shares of said corporation's stock is or are redeem-
ed, the stockholders receiving the redemption money
shall in addition to the weekly payments of fifty
cents, to be paid for each share redeemed, pay inter-
est at the rate of six per cent pet annum, payable
semi-annually, on the amount of money received tor
the share or shares redeemed, and shall give good
and sufficient security, by way of mortgage on real
or leasehold property, to secure said payments
being made, and as well to secure the performance of
all obligations to be to said corporation by them per-
formed, until the said corporation ceases to exist,
which existence will cease according to the provi-
sions of section sixteen of this act.

CHAP. 430.

When redeem-
ed, etc.

SEC. 12. And be it enacted, That all funds of said
corporation exceeding rive hundred dollars, beyond

what shall be required for the redemption of shares
of said corporation's stock, may be invested at in-
terest by the president and directors thereof, subject
to their call, upon their giving sixty days notice of
said funds being required.

Funds — how
invested.

SEC. 13. And be it enacted, That the joint stock
property of the said corporation, shall be answerable

for all contracts made by or for said corporation, in
its corporate name, through its proper and authorised
officers, but none of the officers or stockholders there-
of, shall be liable in person or property for any con-
tracts or claims against said corporation; and service
of legal process on any of the officers or directors
thereof, shall be sufficient service on said corpo-
ration.

Not individu-
ally liable.

SEC. 14. And be it enacted, That nothing in this
act shall be construed to authorise said corporation,
to issue any note, scrip, or device, or other evidence
of debt to be used as currency.

Banking forbid.

SEC. 15. And be it enacted, That all and every
act and acts not contrary to law, and to this act,

which the said unincorporated association of persons
have done, and which are and is to be by them done,
individually or collectively, relating to the objects of
said association of persons, are ami be, and is hereby
ratified and confirmed, and that the said unincorpora-
ted association of persons becomes by this act merged
in this corporate body hereby created, and that all and
every the duties, obligations, and liabilities of the mem-
72

Acts made va-
lid.