T. WATKINS LIGON, ESQUIRE, GOVERNOR.

401

point all such supercargoes, engineers, superinten-
dents and other artists, and officers, as they
deem necessary to carry on the intended work and
to fix their salaries and wages, to ascertain the times,
manner and proportions in which the said stockhol-
ders shall pay the money due on their respective
shares; to draw orders on the treasury for the same,
which shall be signed by the president, or in his ab-
sence by a majority of the directors present, and coun-
tersigned by the secretary, and generally to do all
such other acts, matters and things as by this act, and
by the bye-laws, and regulations of the company they
are authorised to do.

SEC. 7. And be it enacted, That the president and
directors shall procure certificates or evidence of stock
for all the shares of said company, and shall deliver
one such certificate signed by the president, and coun-
tersigned by the treasurer and sealed with the com-
mon seal of said company; to each person for every
share by him subscribed and held, which certificate

Certificate of
stock to issue.

shall be transferable at his pleasure in person or by
attorney legally authorised in presence of the presi-
dent or treasurer, subject however, to all payments
due or to become due thereon, and the assignee hold-
ing such certificate having first caused the assign-
ment to be entered in a book of the company to be
kept for the transfer of stock, shall be a member of the
corporation; and for every certificate so assigned to
him, shall be entitled to one share of the capital stock,
and to all estates, emoluments and privileges inci-
dent to one share, and subject to all liabilities, pen-
alties and forfeitures upon each share as the ori-
ginal subscriber would have been.

Transfers.

SEC. 8. And be it enacted, That upon every such
subscription their shall be paid to the said commis-
sioners or their agents appointed to receive such sub-
scriptions, such instalments as the president and dir-
rectors of said railroad hereinafter directed to be ap-
pointed, shall require, provided, that no payment
shall be demanded until at least thirty days public
notice shall have been given in at least one newspa-
per in the county in which said payments shall be
demanded; and should any subscriber fail or neglect
to pay any instalments, or any part of said subscrip-
tion thus demanded for the space of sixty days next

Instalments.

after the time the same shall be due and payable; the
stock on which it is demanded shall be forfeited to
the company; but the president and directors may re-

Forfeiture.