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and have a common seal, and the same to break,
alter or renewal their pleasure, and also to ordain and
establish such bye-laws, ordinances and regulations as
Shall appear necessary for regulating the concerns of the
said corporation, not being contrary to this act or to the
constitution and laws of this state, or of the United
States.
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DEC. SESS.
1813.
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2. AND BE IT ENACTED, That the capital stock
of the said corporation shall be three hundred thousand
dollars, divided into five hundred shares of six hundred
dollars each, and pay able one sixth part of each share or
subscription in notes with one endorser, to be approved
by the president and directors of said company, which
shall become due on the fourth day of February next, and
the remaining five-sixth parts of each share or subscrip-
tion in notes with two endorsers, to be approved as
aforesaid and payable on demand, which said last men-
tioned notes, or such part of them as shall remain unpaid,
shall be renewed in the month of December in every
year, with the same or two other such endorsers, as the
president and directors, for the time being may require
and approve; and if any person should fail or neglect to
deliver to the said president and directors, on or before
the tenth day of March next, the several notes herein
before described, or should fail or neglect to pay when
.due the aforesaid notes for one sixth part of each share
or subscription, he shall cease to be a member of the
said corporation, and his share or shares shall be dispos-
ed of by the president and directors to such person as
may apply for the same, and be admitted a stock holder
according to the eleventh section of this act And if
hereafter any stock-holder in this company shall neglect
or refuse to renew his notes as above directed, he shall
forfeit all his interest in the said corporation, and his
share or shares shall be disposed of by the president and
directors as aforesaid: but the money which they shall
receive from the sale, of such share, shares, or parts of
shares, actually paid for by such delinquent, shall be re-
paid by them to him, his executors, administrators or
assigns; but he shall nevertheless remain liable for the
proportion of any loss which may arise from risks taken
antecedent to said refusal; Provided, that in case of the
death of any stock-holder, the neglect or refusal of his
executors, administrators or legatee, to give the notes as
aforesaid, shall not be a forfeiture of the interest which
the said stock-holder in his life time had in the corpora-
tion, but the said executors, administrators or legatee,
shall have one whole year next after the day of said
death, either to give the said notes or to transfer the said
share or shares; and in case the said notes shall not be
given within the term of one year by such executors, ad-
ministrators, legatee or assignee, all interest which the
said stock holder had in his life-time in the said corpora-
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Capital stock.
Payments. Re-
newals of
notes. Neg-
lect.
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