T. WATK1NS LIGON, ESQUIRE, GOVERNOR.

243

ed; and should any subscriber fail or neglect to pay
any instalment, or any part of said subscriptions thus
demanded, for the space of sixty days next after the
time the same shall be due and payable, the stock on
which it is demanded shall be forfeited to the com-
pany, but the President and Directors may remit any
such forfeitures, on such terras as they may think
proper, provided always, that in addition to the for-
feiture aforesaid, the said company shall be entitled
to receive, sue for, and recover the said instalment
and subscription due as aforesaid, in such manner as
other debts and claims are now recoverable by law.

SEC. 9. And be it enacted, That the President and
Directors of said Company shall require and receive
of and from the Treasurer, and every other officer
and other person by them employed, bonds insufficient
penalties, and with such sureties as they shall by
their by-laws, rules and regulations determine for the
faithful performance of the several duties and trusts
to him, them, or any of them committed.

Bond to be

given.

SEC. 10. And be it enacted, That the dividends of so
much of the profits of the said Company as shall ap-
pear advisable to the directors, shall be declared at
least twice a year, in every year, and paid to the
stockholders on demand at any time alter the expira-
tion of ten days therefrom, but the dividends shall in
no case exceed the net profits actually acquired by the
Company, so that the capital stock shall never be
thereby impaired; and if the said directors shall fraud-
ulently make a any dividends which may impair the
capital stock of said company, the directors consent-
ing thereto, shall be liable in their individual capaci-
ties to the Company for the amount of the stocks so
divided; and each director present when such divi-
dend shall be made, shall be adjudged to be consent-
ing thereto, unless he forthwith enters his protest on
the minutes of the board, and give public notice to
the stockholders at the declaring of such dividends.

Dividends.

SEC. 11. And be it enacted, That at each annual
meeting of the stockholders, the directors of the pre-
ceding year shall exhibit to them a complete state-
ment of the affairs and proceedings of the Company
for such year; and special meetings of the stockhold-
ers may be called by order of the directors, or by
stockholders holding one-fifth in amount of the capi-
tal stock, in the like notice, as that required for an-
nual meetings, specifying moreover the object of the
meeting; but no business shall be transacted at such

Statement to

be exhibited
annually to
stockholders.