LEVIN WINDER, ESQ. GOVERNOR.

49

10. AND BE IT ENACTED, That the original sub-
scribers to this association, and the assignees, ranser-
ces, and legal representatives of all such original sub-
scribers, forever, shall be taken and deemed, to all in-
tents and purposes, to be members of the company, and
shall be entitled to all the rights, benefits, and advan-
tages, to arise in any manner therefrom, or from the
property, books, and capital stock thereof, in proportion
to the amount of their stock and interest respectively ;
Provided, That no transfer or assignments of the said
capital stock shall be valid unless it be made on the books
of the company, and in such manner as the president
and managers, or a majority of them shall appoint;
and every person or persons, having so transferred or
assigned the whole of his, her, or their interest and
stock, in the said company, shall thereafter cease to be a
member or members of the said company to all intents
and purposes.

DEC. SESS.

1814.

Subscribers
&c. shall be to
all intents and
purposes mem-
bers of the
company.

Proviso.

11. AND BE IT ENACTED, That the president
and each manager, before he enters upon the duties of
his office, shall take the following oath, or affirmation
(as the case may be,) " I do solemnly swear, or affirm,
hail will impartially, faithfully, diligently and honestly
execute the duties of conformably to the
provisions of an act to incorporate a company under the
name and style of the Union Company of Snow Hill
and the trusts reposed in me, to the best of my skill and
judgment," and the secretary, and other officers shall
also take a similar oath, or affirmation, and shall besides
give bond, with security, to the satisfaction of the pre-
sident and managers, for the faithful discharge of their
duties in their respective stations.

Oath of presi-
dent &c.

12. AND BE IT ENACTED,; That if any stock-
holders shall fail to pay his, or her, instalments to the
amount of ten dollars on each share at the times and in
the manner to be prescribed by the board of managers
who are hereby authorised to prescribe and regulate the
same, such stockholder shall forfeit to the use of the
company all monies paid antecedently to such failure or
default, but no forfeiture shall take place after ten dol-
lars on each share shall have been paid; but if any stock-
holder shall fail to make regular payment of any instal-
ment after ten dollars shall have been paid, such stock,
holder's money in the company shall remain free from
interest and not entitled to dividend until such instal-
ment or call shall be made good, and the dividend there-
after to be paid to such stockholder as well upon the
money by him regularly paid as upon the money paid
after default shall be calculated only from the time when
said last instalment was made good.

Defaulters
—penalty &c.