Page:United States Statutes at Large Volume 6.djvu/795

TWENTY-FOURTH CONGRESS. Sess. II. Ch.69. 1837. 695 dollars, divided into ten thousand shares, at twenty dollars each. Two dollars shall be paid on each share at the time of subscribing; four months after such subscription and payment, a further instalment of two dollars shall be paid on each share of stock; and notes payable on demand, with security to be approved of by the president and directors for the time being, shall be given for the remaining sixteen dollars. The said notes shall be renewed whenever the directors may consider it proper ; and any stockholder neglecting or refusing to renew his note, or neglecting or refusing to pay an instalment when required by the directors, shall forfeit all his interest in this company, and be held liable for his proportion of any loss which may have occurred previous to such neglect or refusal. Sno, 3. And be it further enacted, That, should any forfeiture oc- R,,m;,S;,,, of cur, it may be remitted by a majority of the whole board of directors forfeinures. present at the meeting at which the motion for such remission shall be made, upon the payment, by the person incurring a forfeiture, of the principal of said instalment, and the interest thereon up to the time of such payment; as also of his proportion of such loss as `may have occurred previous to such forfeiture. Sm:. 4. And be it further enacted, That the president and directors Callforthe shall not call on the stockholders for any part of the remaining sixteen |’¢m¤l¤i¤g PRN dollars per share, secured to be paid as above mentioned, unless the °f°h°r°°' exigencies of the company shall require it, and then only in such proportions as the said stockholders are severally interested, taking care, always, to give sixty days’ notice thereof, in the papers in the cities of Washington and Georgetown. S1:c.5. And be it further enacted, That so soon as five thousand Company mgy shares arc subscribed for and paid, or secured to be paid, the company ¢¤’¤¤¤¤¤¢ b¤¤i- shall be competent to transact all kinds of business for which it is esta- "°'°’ wm"' blished. Sec. 6. And be it further enacted, That each fire company in the Each tire comcity of Vlfashington and Georgetown shall be entitled to subscribe by P¤QY_m¤Y Subitself, for its own use, in its corporate capacity, or by means of trustees, ""b°’ &'°‘ for the use of said company; or the members of a company may, in their individual capacity, for the use of themselves or the company or companies to which they belong, subscribe for an amount of stock, not to exceed, in the whole, one thousand four hundred and twenty-eight shares for each company. Each company shall open books of subscrip- Each company tion for the same, on the first Monday in May, eighteen hundred and ¢<;°P§¤ l{¤Qk¤ thirty-seven, and shall deliver the said books and the money paid on the ° su °°"pu°°' subscription, to the board of directors, so soon as they shall be appointed and prepared to receive the same. Sec. 7. And be it_fw·1/mr enacted, That if any fire company, together When u comwith its members, shall not subscribe for the number of one thousand PTY ¤l:*“f“°E, four hundred and twenty-eight shares allotted to them, within the space €Yp°:,?m?,c:r,,l»° of three years from the time the books may be opened for subscription, shares, Src. the residue of shares between the amount of their subscription and the said one thousand four hundred and twenty-eight shares, may be subscribed for and taken by the other nre companies, or the members thereof, in equal portions to each company, or in such manner as the directors may determine. Sec. 8. And be it further enacted, That no person, other than a Members pr member of a tire company, shall be entitled to purchase or hold any part Bri ¤¤¤:m¤é¤; of the capital or joint stock of this company; and the share or shares ggé :f,ckf’ 0f a stockholder ceasing to be a member of a tire companyashall be purchased at their actual value, by the company to which the sand stockholder belonged; or by the members thereof, for their own use, or for the benefit of the said company; or by the board of directors of this association, and may be disposed of by them for its benefit. Upon the