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9. AND BE IT ENACTED, That the president and man-
agers, or a majority of them, so soon as the progress of the
work and the state of the funds will permit, shall make, de-
clare, and pay to the stockholders, or their legal representa-
tives, half yearly dividends at certain stated times, on the stock
of the company, out of the income of the company's property,
reserving such sum annually as they shall judge necessary for
repairs, augmentations and contingencies.
10. AND BE IT ENACTED, That the original subscri-
bers to this association, and the assignees, transferees, and le-
gal representatives of all such original subscribers, forever
shall be taken and deemed, to all intents and purposes, to be
members of the company, and shall be entitled to all the rights
benefits and advantages to arise in any manner therefrom, or
from the property, books and capital stock thereof, in propor-
tion 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 com-
pany, and in such manner as the president and managers or a
majority of them shall appoint; and every person or persons
having so transfered 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.
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 1 will impartially, faith-
fully, diligently and honestly execute the duties of
conformably to the provisions of an act to incorporate a com-
pany under the name and style of The President and Managers
of the Steam Company of Princess-Anne, and the trust repos-
ed in me, to the best of my skill and judgment; and the secre-
tary and other officers shall also take a similar oath, (or affirma-
tion,) and shall besides give bond, with security to the satisfac-
tion of the president and managers for the faithful discharge of
their duties in their respective stations.
12. AND BE IT ENACTED, That if any stockholder
shall fail to pay his or her instalments to the amount of ten dol-
lars on each share, at the times and in the manner to be pre-
scribed by the board of managers, who are hereby authorised
to prescribe and regulate the same, such stockholder' shall for-
feit to the use of the company, all monies paid antecedently to
such failure or default, but no forfeiture shall take place after
ten dollars on each share shall have been paid; but if any stock-
holder shall fail to make regular payment of any instalment
after ten dollars shall have been paid, such stockholder's money
in the company shall remain free from interest, and not be en-
titled to dividend, until such instalment or call shall be made
good; and the dividend thereafter to be paid to such Stockhold-
er, 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.
Dividends.
Common
stock.
Proviso.
Oath of offi-
cers—bond to
be given by the
secretary &c.
Delinquents.
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