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filled on the first day, the commissioners aforesaid may adjourn
from day to day, during five days, exclusive of the first, and at
any time after the first day if the subscriptions shall be completed
the commissioners shall close the same.
4. And be it enacted, That when one thousand, shares of the
Said stock shall have been subscribed, the commissioners afore-
said, or any two of them, shall give ten days public notice, of the
time and place of holding an election for a president and five ma-
nagers of the said company.
5. And be it enacted, That in electing the president and ma-
nagers of the Rail Road Company of Somerset, stockholders
may vote in person or by proxy, according to the number of
shares held.
6. And be it enacted. That the commissioners shall deliver over
the original subscriptions to the president and managers, imme-
diately after their election.
7. And be it enacted, That the stockholders in said company
shall be and are hereby created and erected into a body corpo-
rate and politic, by the name and style of The Rail Road Com-
pany of Somerset, and by the same name shall have perpetual
succession, and all the privileges and franchises incident to a cor-
poration, and shall be capable of suing and being sued, answer-
ing and being answered.
8. And be it enacted, That after thirty days public notice of the
time and places appointed for the payment of any proportion of the
said capital stock, 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 assignee or assignees, shall, in addition to the payment so
called for, pay at the rate of five per cent per month for delay on
such payments; and if the same shall remain unpaid until the
interest aforesaid shall amount to a sum equal to the payments
already made on such shares, in that case the said share or
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 pur-
chaser or purchasers, by virtue of such assignment, shall have
all the benefit and advantage of such share or shares, as if he,
she or they, had been an original subscriber or subscribers: Pro-
vided, that no stockholder or stockholders, whether an original
subscriber or assignee, shall be entitled to vote at any election of
the said company, unless the whole sum due and payable as afore-
said by him, her or them, held at the time of such election, shall
have been fully paid and discharged as aforesaid.
9. And be it enacted, That the president and three managers
shall be a board competent to transact the business of the cor-
poration.
10. And be it enacted, That the board shall have power to com-
plete the stock by requisitions not exceeding two dollars on each
share, after thirty days notice thereof; to decide upon the rail
road to be made, and the operations to be undertaken for effect-
ing the same; to determine upon the manner of conducting the
concerns of the company, and the rules and forms to be observ-
ed therein; to appoint and pay the various agents, mechanics,
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Dec. Ses. 1816
Election of
president and
directors.
Votes.
Original sub-
scriptions to be
delivered to
president, &c.
Stockholders
incorporated.
Penalty on
stockholders
neglecting to
pay.
Proviso.
Board to trans-
act business.
Powers of the
board.
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