LEVIN WINDER, ESQ. GOVERNOR.

133

7. AND BE IT ENACTED, That the president,
treasurer and electors shall have power; First to purchase
and bold on behalf of the said company in fee simple or
otherwise, lands and real estates, suitable for the accom-
plishment of their undertaking as they shall judge proper;
Provided, that the said company shall not hold exceeding
five hundred acres of land at a time and shall not hold
property, real, personal or mixed to any amount exceed-
ing two hundred and fifty thousand dollars. Secondly, to
prepare or procure, adopt and execute such plan or plans
as they shall think most advantageous and effectual to ac-
complish the object of the institution. Thirdly, to make
all by laws, rules and regulations necessary for the well
ordering and conducting of the business of the company,
and such by laws, rules and regulations to alter, change
or annul at their pleasure; but every such by-law, rule or
regulation may be altered or repealed by the stockholders
at a general or special meeting called for the purpose, by
a majority of three-fourths of the votes present. Fourthly,
to, employ and remove at their pleasure all persons em-
ployed in the institution, and to fix and pay their salaries
or compensation, and to contract and pay for materials,
machinery, &c. for the prosecution of the object of the
institution, out of the funds of the company. Fifthly, to
establish rules and regulations for the transfer of the stock
of the said company, and for the proof of the property and
ownership therein. Sixthly, to bind by their contracts,
deeds and writing under the hand of the president and
the seal of the company all the property, estate, common
stock and joint funds of. the said company, but not the
persons or separate property of themselves or any of the
stockholders. Seventhly, and generally to do, act and
transact all things for the said company relative to the un-
dertaking, common stock and joint property aforesaid in
as full and complete manner, as the individual stock-
holders or subscribers might do were they personally pre-
sent.

DEC. SESS.

1814.

Powers.

Proviso.

8. AND BE IT ENACTED, That all special meet-
ings of the stockholders shall be called by a majority of
the directors, or stockholders holding two thirds of the
stock held for the time being

Special meet-
ings.

9. AND BE IT ENACTED, That no real property
held by the company shall be disposed of or sold, but by
the consent of a majority of three-fourths of the whole
number of votes of the stockholders for the time being,
and all sales made of real property shall be transferred
by the president for the time being.

Real property.

10. AND BE IT ENACTED, That no subscriber,
stockholder or a member of the said company, shall be
answerable in his person or individual property for more
than the amount of stock held by him in the institution,
for any contract or engagement of said company or for
any losses, deficiencies or failure of the capital stock of

Contracts, en-
gagements and
losses— indivi-
dual property
not responsi-
ble.