The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1830-07-15

dent and Directors, or q majority Of them
| shall direct, for the true and faithful dis
charge Of the trust reposed in him; g. tha
| the allowance to be made him for his ser
vices shall not exceed three dollars in tn,
hundred, for the disbursement by him made
and that no officer in the company shal
have any vote in the settlement or paymen
OF his own account.
Sec. 5. And be IL further enacted
That, on all subscriptions there shall
be paid, at the time of the subscription
on each share, one dollar; and there
after, when the Company shall be
formed, the stock subscribed shall be
paid I'm such installment, and such
times, as the President and Directors
shall, from time to time, require, rs
the work advances: PrOcided, That
not more than one-half shall be de-
manded within any one year from the
commencement of the work, nor any
payment demanded until at least thir-
ty days public notice thereof shall
have been given in such public news
papers as the said President and Di-
rectors shall direct such notices to be
published in; and, whenever any sub
scriber shall fail to pay any instalment
called for by the Company, it shall and
may be lawful for the Company, upon
motion, to be made in any Court of
Record, after ten days notice, to OBJ
tain judgment against the subscriber
so failing to pay; or the said company,
at their option, may sell the stock of
such subscriber, after giving sixty days
notice in such public newspapers as
they may Judge proper; and, if the
proceeds of any such sale shall exceed
the sum demanded, the surplus, after
paying the expenses ofsuch sale, shall
be paid to the subscriber so failing, or
his legal representatives; and the pur-
chaser at such sale shall become n
stakeholder, and be subject to the same
rules and regulations, and entitled to
the same privileges, rights, and emol-
as original subscribers under
this act.
Sec. g. And, to continue the sue
cession of the said President and Di-
rectOrs, and to keep up the same num-
ber, be it enacted, That from time to
time, upon the expiration of the said
term for which the said President and
Directors, were appointed, the stock
holders of the said Company, at their
next general meeting, shall either con-
tinue the said President and Directors
or any of them, or choose others i'm
their stead; and, until such choice be
made, the President and Directors for
the time being shall continue in office y
and, in case of the death, removal, re-
signatiOn, or incapability of the Presi-
dent, or any of the Directors, may and
shall, III manner aforesaid, elect any
other person or persons to be Presi-
dent and Directors, in the room of him
or them so dying, removing, or resign
ing; and may, at any one of their gem
eral meetings remove the President, or
any of the Directors, and appoint 9TH
ers for and during the remainder of the
term for which such person or persons
were at first to have acted.
Sec. 7. And be 1t further enacted,
That every President and Director,
before he acts as such, shall take an
oath or affirmation, for the due execu-
ton of his office.
Sec. 8. And be IL further enacted,
That the presence, in person or proxy,
stockholders having major part
Of the stock, at least shall be necessary
to constitute a general meeting of the
which shall be held on the
first Monday in May, in every year, at
such a convenient place as shall be,
from time to time appointed by the
said general meetings; but, if suffic-
lent number shall not attend on that
day, the stockholders who do attend,
may adjourn from time to time, until
the stockholders holding the major
part Of the stock do attend, and the
business of the Company is finished;
to which meeting, the President and
Directors shall make report, and rem
der distinct accounts of all. their pro-
ceedings; and, on finding them fairly
and justly stated, the stockholders then
present, or a majority of them, shall
give a certificate thereof, duplicate of
which shall be entered on the Com
pany's books; and, at such yearly gen
eral meetings, after leaving in the
hands Of the Treasurer such sums as
the stockholders, or a majority Of
them, shall Judge necessary for repairs
and contingent charges, an equal div
dend Of all the nett profits arising
from the tolls hereby granted, shall be
ordered and made to and among all