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Dec Sess.
1815.
Certificates —
transfers.
Quorum—
minutes—sub-
ordinate offi-
cers— salaries
—draughts.
Defaulters.
Proviso.
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7. AND BE IT ENACTED, That the president and
managers first chosen as aforesaid, shall provide certificates
for all shares of the stock of the said company, and shall de-
liver one such certificate, signed by the president and counter-
signed by the treasurer, and sealed with the common seal of
the said company, to such person or persons, for each share by
him or them subscribed, he, she or they having paid the com-
missioners aforesaid, for each and every share, the sum of one
dollar, which said certificate shall be transferable at his her or
their pleasure, in person, or by attorney duly authorised, in the
presence of the secretary, subject however to all payments due
and to become due thereon; and the assignee holding any cer-
tificate, having first caused the assignment to be entered in a
book of the company to be kept for that purpose, shall be a
member of the said corporation, for any certificate assigned
to him, her or them, as aforesaid, and shall be entitled to one
share of capital stock, and to all the estate and emoluments of
the company, and to vote as aforesaid at the meetings thereof.
8. AND BE IT ENACTED, That the said president am
managers shall meet at such times and places as shall be ordain
ed by the respective by laws, and when met seven members
shall form a quorum, who in the absence of the president, may
choose a chairman, and shall keep minutes of their transactions
fairly entered in a book kept for that purpose, and a quorum
being formed, they shall have full power and authority to appoint
all such surveyors, engineers and superintendents, and other
officers, as they shall deem necessary to carry on their intended
works, and to fix all salaries and wages, and to draw on the
bank for all monies as shall have been deposited by the com-
missioners aforesaid, which draughts shall be signed by the pre-
sident, or in his absence by a majority of the quorum, and
countersigned by the treasurer; and to do all such other acts,
matters and things, as by this act, and the respective by-laws,
rules, orders, and regulations of the company, they shall be au-
thorised to do.
9. AND BE IT ENACTED, That after thirty days no-
tice in all the public papers aforesaid, and under the provision
aforesaid, of the time and places appointed for the payment of
any proportion of the said capital stock of the said company,
if any stockholder shall neglect to pay such proportion at the
time and place appointed, for the space of forty days after the
time so appointed, every stockholder, his her or their assigned
or assignees, shall in addition to the payment so called for, pay
at the rate of five per cent per month for delay of such pay-
ments; and if the same shall remain unpaid until the interest
aforesaid shall amount to a sum equal to the payment already
made on such share or shares, in that case the said share of
shares shall be forfeited to the said company, and may and shall
be sold for the benefit thereof, and assigned by the president
and managers to the purchaser or purchasers aforesaid, which
purchaser or purchasers, by virtue of said assignment, shall
nave all benefit and advantage of said share or shares, as if he
she or they had been an original subscriber or subscribers;
Provided also, that no stockholder, whether an original sub-
scriber or assignee, shall be entitled to vote at any election, or
at any general or special meeting of the said company, unless
the whole sum due and payable as aforesaid by him or her held
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