Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1835-06-11

and contracts may be SO made. signed.
executed and attested, and the busincs a.
OF the said corporation may be other
wise conducted and carried ON without
the presence Of board, BY such COM
mittee, or an such manner as NAV be
provided for by the bylaws of said cor
poration; and the acts Of such commit
tee. or according 10 the mode thus pre-
scribed. If done under and in consor-
nifty TO the bylaws Of said corporation.
shall be binding and oblis atory on il TO
all intents and purposes.
IL. BE IL further enacted, That the
said president and directors shall de-
clare dividends Of the profits of the
SAID corporation. in such manner and al
such times as the bylaws and rcguIa-
hons oil the corporation shall prescribe;
and IN case OF any loss or losses, where
by the capital stock Of the corporation
shall be impaired or lesscned, no subse-
quent dividend shall be made. until a
sum equal to such dividend, and arising
from the profits Of the said corporation,
shall have been added to the capital.
is. BE ii further enacted, That be-
fore the said corporation shall assume
any risk IN pursuance Of this act, the
capital stock shall be paid in, or fully
secured to be paid, in such manner as
the board of directors may prescribe.
IL. BE az further enacted, That the
members of the said corporation shall
not be liable for any loss, damage or
responsibility IN their persons or pro-
perry other than the property they have
In the capital stock or funds of the said
corporation, TO the amount of the shares
respectively held by them, and any
profit arising thercfrom, not divided.
Id. Be ii further enacted, That the
president and directors, or a committee
thereof, may invest the capital stock, OF
other funds of the said corporation,
IN such bank or other stocks. as thew
may deem advisable, or may lend the
same, on good personal security, from
time to time, and for such security as
they may think proper.
~. Be ii further enacted. That the
said corporation shall not purchase OF
hold more than two acres of real estate,
unless Tor the purposes of securing some
debt OF debts that may be due TO said
corporation.
IL. BE HfurtAer enacted, That the
president and directors Of said compa.
I ny, or majority of them, are hereby
empowered, after giving at least ten
days notice in the newspapers published
IN Charlestown, TO open books at some
convenient place in the said town, for
receiving subscriptions for such add.
honal stock to the corporation as they
may deem expcdient, mot exceeding
the amount provided for in this act, } in
which the stockholders shall have the
preference of all other persons. for the
hrst fifteen days after the said books
shall be opened as aforesaid, of subscri.
bing for so many shares as any of them
shall choose; and the said prcsiden,
and directors are hereby required TO OBJ
serve in all respects the same rule.
thereon as are herein prescribed for re-
ceiving and adjusting the first subscrip-
tons for the capital stock OF the said
corporation; and the subscribers for such
additional shares of the capital stock
are hereby declared TO be thencefor,
ward incorporated into the said corpo-
ration, with all the privileges and adj
vantages, and subject to all the Iiabili
ties of the original stockholders.
IL. BE IL further enacted. That TIN
act shall be and continue in force fo
and during The term Of twenty year
from and after the passage thereof.