T. WATKINS LIGON, ESQUIRE, GOVERNOR.

483

with the other members; and that a majority of the
actual directors shall constitute at any time a quorum
for the transaction of business.

SEC. 2. And be it enacted, That any annual con-
ference may withdraw its interest in the book con-
cern and periodical, hereby incorporated, and receive
to itself its due proportion of the assets of the con-
cern in hand, upon giving one year's notice to the
directors of their intention; such withdrawal to take
effect on the first day of the month of March.

May with-
draw.

SEC. 3. And be it enacted, That on the division
of the surplus profits, that may be made from time
to time by the directors, among the several annual
conferences sustaining the concern, and also in case
of a petition and transfer to an anuual conference
withdrawing from the concern as authorised in the
preceding section, such distribution of nett profits
and transfer in hand of the assets of the concern shall
be made upon the basis of the receipts from the sev-
eral annual conference districts for the periodical, and
for books computed to the first day of March next,
preceding such distribution or actual transfer.

Division of
surplus pro-
fits.

SEC. 4. And be it enacted, That the said act of
December session, eighteen hundred and thirty-nine,
chapter 151, be and the same is hereby repealed, save
and excepting however that this repeal shall not op-
erate to interfere with the collection of debts due the
said corporation created by the act hereby repealed;
nor with any contracts, with, or liabilities of the said
book concern or corporation, but that all such may
be enforced by law as fully and effectually as if this
act had not passed.

Act repealed.

SEC. 5. And be it enacted, That nothing herein
contained shall be so construed as to authorise and
empower the corporation hereby created to issue any
note, certificate, token or evidence of debt, to be used
or circulated as currency, or to deny to the General
Assembly the right at any time, to reclaim, alter or
amend this act of incorporation.

Banking for-
bid.

SEC. 6. And be it enacted, That this act shall

take effect from the date of its passage.

In force.