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reserving such sum annually as they shall judge necessary, for
repairs, augmentations and contingencies.
10. AND BE IT ENACTED, That no transfer or as-
signments 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 assign-
ed 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.
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,) that I 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 Somerset Manu-
facturing Company, and the trusts reposed in me, to the best
of my skill and judgment; and the secretary, and other offi-
cers, shall also take a similar oath, (or affirmation,) and shall
besides give bond with security, to the satisfaction of the presi-
dent and managers, for the faithful discharge of their duties in
their respective stations.
11. AND BE IT ENACTED, That if any stockholder
shall fail to pay his or her instalments to the amount of twenty
five dollars on each share, at the times and in the manner to be
prescribed by the board of managers,, who are hereby autho-
rised to prescribe and regulate the same, such stockholder shall
forfeit to the use of the company, all monies paid antecedently
to such failure and default, but no forfeiture shall take place af-
ter twenty five dollars on each share shall have been paid; but
if any stockholder shall fail to make regular payment of any
instalment alter twenty five dollars shall have been paid, such
stockholder's money in the company shall remain free from in-
terest and not entitled to dividend, until such instalment or call
shall be made good, and the dividend thereafter 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.
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Dec. Sess.
1815.
Transfers.
Oath.
Defaulters.
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CHAPTER 119.
An act to revive and amend an act entitled, an act for establish-
ing a company for opening and extending the navigation of
the River Pocomoke.
Sec. 1. BE IT ENACTED by the General Assembly of
Maryland, That all those parts of an act of assembly, passed
at November session, seventeen, hundred and ninety six, chap-
ter seventeen, entitled, an act for establishing a company for
opening and extending the navigation of the river Pocomoke,
not inconsistent with the provisions of this act, be and the
same are hereby revived and declared to be in full force.
2. AND BE IT ENACTED, That the capital or the
Pocomoke company shall consist of fifty thousand dollars, to
be divided into five thousand shares of ten dollars each.
3. AND BE IT ENACTED, That books of subscription
for twenty five hundred shares of said stock shall be opened at
Snow-Hill on the first Monday of May next, under the direc-
tion of John C. Handy James B. Robins, William Whitting-
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Passed Jan.
22,1816.
Capital.
Subscription.
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