E. LOUIS LOWE, ESQUIRE, GOVERNOR.

1832.

and other dues due to the corporation from the mem-
bers of stockholders, by such fines and forfeitures as the
corporators may, from to time, provide in the by-laws
or articles of association, of such corporation.

CHAP. 148.

SEC. 5. And be it enacted, That any person or per-
sons applying for membership, or for stock, in any
such corporation, after the end of one month from the
time of the incorporation of such corporation, may be
required to pay, on subscribing, such bonus or assess-
ment as may, from time to time, be fixed or assessed,
in manner as may be provided by said corporation, in
order to place such new member or stockholder on a
footing with the original members, and others, holding
stock at the time of such application.

New members
required to
pay bonus.

SEC. 6. And be it enacted, That it shall and may
be lawful for any such corporation, at any time, in ad-

vance of the period of time at which such corporation
may cease to exist, according to the plan contained in
its articles of association, to advance to any member
thereof, for such premium as may be agreed upon, the
sum which he would be entitled to receive, upon the
dissolution of the corporation, for any number of shares
therein held by him, or to purchase from any member
thereof, the share, or any number of the shares, of
stock held by him, at such price or sum as, according
to the articles of association, such member may agree
to receive, and on payment of said sum of money, to
receive from such member security as is hereinafter
mentioned fur the payment by such member to said
corporation, of the unpaid instalments to be paid on
the share or shares of slock so sold or redeemed, together
with interest, at the rate of six per centum per annum,
on the sum of money so paid or advanced to such
member, at such times, and under and subject to such
fines and penalties for the non-payment thereof, as may
be prescribed in the articles of association of such cor-
poration.

May advance
for premium
agreed upon.

SEC. 7. And be it enacted, That the payment of
the unpaid instalments to be paid on the share or shares
so purchased or redeemed, with interest upon the sum

of money paid therefor as aforesaid, at the rate hereto-
fore mentioned, and all fines and penalties incurred in
respect thereof, by any such member, shall be secured
to such corporation by way of mortgage on real or lease-
hold property, or by the hypothecation of stock of such
corporation, held by such member, as may be provided
in the articles of association of any such corporation ;

Unpaid instal-
ments, fines
and penalties,
to be scoured
by mortgage,
&c.

Provided, however, that in case of such hypothecation
of stock, no greater sum of money shall, at any time,

Proviso.