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ration, with their number of shares thereto respectively an-
exed, and in the same book they shall also cause to be enter-
ed each and every transfer that shall from time to time be made
any of the said shares, and the stock of the said corpora-
tion shall be assignable and transferable under such rules,
regulations and by-laws, as shall be prescribed by the said bo-
corporate.
6. AND BE IT ENACTED, That the said directors shall
immediately require from the several stockholders promissory
notes, with two approved endorsers, for the payment of the re-
aining nine tenths of their respective subscriptions, in nine
veral notes, each for one tenth part, payable on demand, or
eh collateral security for the payment thereof, either in the
stock of the United States, in bank stock, or in land, as the
id directors from time to time shall require and approve,
which said notes or such part of them as shall remain unpaid,
shall be renewed in the month of November in every year,
with the same, or such other two endorsers as the said direc-
tors for the time being may require and approve; and in case
such collateral security should at any time thereafter become
manifestly insufficient, from a depreciation thereof, or other-
wise, then the said directors shall, and they are hereby autho-
rised and directed, to require the party to give such additional
or other security as aforesaid as they may approve; and any
stockholder who may refuse to give such notes, or such collate-
ral security as may from time to time be required as aforesaid,
shall forfeit all his interest the corporation, and his share,
shares and parts of shares shall be disposed of by the said di-
rectors, for the benefit of the corporation, to such person or
persons as may apply for the same, who may be admitted a
member or members according to the restrictions and qualifi-
cations herein contained; but the money which the directors
shall receive for the sale of the share, shares, or parts of shares,
actually paid for by such delinquent, shall be repaid by them
to him, his executors, administrators or assigns, but he shall
nevertheless remain liable for his proportion of any loss which
may arise from risks taken antecedent to said refusal; Provid-
ed, that in case of the death of any stockholder, the neglect or
refusal of his executors, administrators or legatee, to give the
notes, or such collateral security as may be required as afore-
said, shall not be a forfeiture of the interest which the said
stockholder in his life time had in the corporation, but the said
administrator, executor or legatee, shall have one whole year
next after the day of the said death, either to give the said notes
or such collateral security as aforesaid, or to transfer the said
share or shares; and in case the said notes, or the said collate-
ral security, shall not be given within the said term of one year
by such executor, administrator, legatee, or assign all interest
which the said stockholder had in his life time in and to the said
corporation, shall be forfeited, and shall be disposed of as
aforesaid by the directors; and such executor or administrator
shall be, and is hereby authorised and empowered, at any time
within the said term of one year, to sell or transfer such shares
as the orphan's court of the county where such person or per-
sons have obtained letters testamentary or letters of adminis-
tration on the said estate, shall from time to time order and di-
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Dec. Sess.
1815.
Security for
payment of in-
stalment--in-
sufficiency—-
defaulters.
Proviso.
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