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V. And be it enacted, That the directors thus chofen fhall immediately caufe
to be entered in a good and fufficient book, in folio, the names of all the mem-
bers of the corporation, with their number of fhares thereto refpectively annexed;
and in the fame book they fhall alfo caufe to be entered each and every transfer
that fhall from time to time be made of any of the faid fhares; and the flock of
the faid corporation fhall be affignable and transferable under fuch rules, regula-
tions and by-laws, as fhall be prefcribed in that behalf by the faid body cor-
porate.
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C H A P.
LX.
Who fhall
caufe the
names to be
inferted, &c.
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VI. And be it enacted, That the faid directors fhall immediately require from
the feveral ftockholders promiffory notes, with two approved endorfers, for the
payment of the remaining nine tenths of their refpective fubfcriptions, in nine
feveral notes, each for one tenth part, payable on demand, or fuch collateral
fecurity for the payment thereof, either in the ftock of the United States, in
bank ftock, or in land, as the faid directors from time to time fhall require and
approve, which faid notes, or fuch part of them as fhall remain unpaid, fhall be
renewed in the month of February in every year, with the fame, or fuch other
two endorfers as the faid directors for the time being may require and approve;
and in cafe fuch collateral fecurity fhould at any time thereafter become manifeft-
ly insufficient, from a depreciation thereof, or otherwife, then the faid directors
fhall and they are hereby authorifed and directed to require the party to give to
them fuch additional or other fecurity, as aforefaid, as they may approve, and any
ftockholder who may refufe to give fuch notes, or fuch collateral fecurity as may
from time to time be required as aforefaid, fhall forfeit all his intereft in the cor-
poration, and his fhare, fhares or parts of fhares, fhall be difpofed of by the faid
directors, for the benefit of the corporation, to fuch perfon or perfons as may ap-
ply for the fame, who may be admitted a member or members according to the
reftrictions and qualifications herein contained, but the money which, the direc-
tors fhall receive from the fale of the fhare, fhares or parts of fhares, actually
paid for by fuch delinquent, fhall be repaid by them to him, his executors, ad-
miniftrators or affigns, but he fhall neverthelefs remain liable for his proportion
of any lofs which may arife from rifks taken antecedent to faid refufal; provided,
that in cafe of the death of any ftockholder, the neglect or refufal of his execu-
tors, adminiftrators or legatee, to give the notes, or fuch collateral fecurity as
may be required as aforefaid, fhall not be a forfeiture of the intereft which the
laid ftockholder, in his lifetime, had in the corporation, but the faid executor,
adminiftrator or legatee, fhall have one whole year next after the day of the faid
death, either to give the faid notes, or fuch collateral fecurity as aforefaid, or to
transfer the faid fhare or fhares; and in cafe the faid notes, or the faid collateral
fecurity, fhall not be given within the faid term of one year by fuch executor,
adminiftrator, legatee or affignee, all intereft which the faid ftockholder had in
his lifetime in and to the faid corporation fhall be forfeited, and fhall be difpofed
of as aforefaid by the faid directors; and fuch executor or adminiftrator fhall be
and he is hereby authorifed and empowered, at any time within the faid term of
one year, to fell or transfer fuch fhares as the orphans court of the county where
fuch perfon or perfons have obtained letters teftamentary or letters of adminiftra-
tion on the faid eftate fhall from time to time order and direct.
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Require pro-
miffory notes,
&c.
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VII. And be it enacted, That the faid directors fhall have full power and au-
thority to make infurances upon veffels or merchandife at fea, or going to fea, or
upon any goods, wares, merchandifes, freights, or other perfonal property, go-
ing or gone by land or water, and to lend money on bottomry or refpondentia,
and generally to tranfact and perform all the bufinefs relative to the objects afore-
faid.
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And make in-
furances, &c.
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