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CHAP. 195.
Oath of president
directors, &c.
No stockholder to
be answerable be-
yond his share in
stock.
Stock may be in-
creased.
Proviso.
Stockholders to
have access to
books and ac-
counts at all
times.
Property of com-
pany to be held as
real estate.
Members not ex-
empted from any
liability in their
individual capaci-
ty.
Continuance.
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in such cases be provided; and every share shall be entitled to one
vote; Provided, that no stockholder whatever number of shares he
may be entitled to, shall have more than twenty votes; all trans-
fers shall be made on the books of the company, by the stockholder
in person, or by his attorney, under his hand and seal.
4. And be it enacted, That the president, and each director, and the
agent, before they enter upon the duties of their offices respectively,
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
this act, and the rules and by-laws of the Cape Sable Company,
and the trusts reposed in me, to the best of my skill and judgment."
5. And be it enacted, That no stockholder or member of this cor-
poration shall be answerable for any losses, debts, contracts, defi-
ciencies, or failure of the capital stock of this corporation, beyond
his, her, or their share or shares, in the said stock.
6. And be it enacted, That the Cape Sable Company, may from
time to time add such parts of their profits to the capital stock of
the company as they may think necessary, or increase their capital
stork, by a resolve of three-fourths of the stockholders, holding
three-fourths of the whole shares of the stock of the company; and
such additional shares shall be divided among the stockholders in
proportion to the shares held, or they may be sold to any stockhold-
er, or to any other person, if any stockholder or stockholders refuse
to receive such apportionment, or to make such purchase; Provid-
ed, that the shares of the said company shall not at any time exceed
three hundred, of which the sixty shares already held shall be deem-
ed a part; and each share held, and that may hereafter be subscrib-
ed, shall be estimated at one thousand dollars, so as to make a
capital not to exceed three hundred thousand dollars.
7. And be it enacted, That the stockholders in this corporation
shall and may at all times have access to the books and accounts of
the company; they shall receive a dividend from the profits, if any,
quarterly, or oftener, as the president and directors may deem ex-
pedient and advisable for the interest of the company, and shall have
laid before them, at their annual meeting on the first Monday in
April of every year, a statement of the affairs of the company, and
oftener when required thereto by a call of three-fourths of the stock-
holders, holding three-fourths of the stock of the company.
8. And be it enacted, That the lands, tenements, stock, property
and estate, of the Cape Sable Company, is and shall be held as real
estate, and shall descend as such agreeably to the acts of assembly
in such cases made and provided, when not otherwise disposed of.
9. And be it enacted, That nothing herein contained shall exempt
any member or members of said company from any liability in his,
her, or their individual capacity, for or on account of any con-
tract or contracts heretofore made.
10. And be it enacted, That this act of incorporation shall conti-
nue and be in force for forty years, and not afterwards.
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