698 TWENTY-FOURTH CONGRESS. Sess. II. Ch. 69. 1837. Bylaws, &c. president, such salary as they shall judge reasonable; to ordain and ma? he m¤d°· establish such by-laws, ordinances, and regulations, as shall appear to them necessary for regulating and conducting the concerns of said institution, not being contrary to or inconsistent with this act, or the constitution and laws of the United States; they shall keep full, fair, and correct entries of their transactions, which shall be at all times open to the inspection of the stockholders; they shall also have power to hire or purchase a suitable building or buildings in the city of Washington or Georgetown, for the purpose of transacting the affairs of the institution, and generally to conduct the entire business thereofi No 8,,,,,;,],,,;,;, Sec. 21. And be it further enacted, That no stockholder or member er answerable of this said company shall be answerable in his person, or individual {2:*** l’°"°"# property, for any contract or agreement of said company, or for any ` losses, deficiencies, or failures of the capital stock of this company, except in the case of a director by his vote declaring an improper dividend, but the whole of the said capital stock, together with all property, rights, and credits belonging thereunto, and nothing more, shall at any time be answerable for the demands against said company. Amignmen, of Sec. 22. And be itfhrther enacted, That the stock of this institution stock. may be assigned and transferred on the books of the company in person or by power of attorney only ; but no stockholder indebted to the company shall be permitted to make a transfer, or receive a dividend, until such debt is paid, or secured to the satisfaction of the president and board of directors. Me,,;,, , of Srzc. 23. ./End be it further enacted, That the president and directors stockholders. may call a general meeting of the stockholders for any purpose relative to the affairs of the institution, giving at least two weeks’ notice thereof in the newspapers of Washington and Georgetown; and any number of stockholders, not less than one hundred, who, together, shall be proprietors of twelve hundred shares, may, at any time, apply to the president and directors to call a general meeting of the stockholders for any purpose relative to the affairs of the institution ; and if the president and directors refuse to call such meeting, the said number of stockholders, proprietors of not less than twelve hundred shares, shall have power to call a general meeting of the stockholders, giving at least two weeks’ notice in the said newspapers printed in the cities of Washington and Georgetown, specifying in such notice the object of the meeting. In casa of the Sec. 24. And be it further enacted, That should it so happen, from
any cause whatsoever, that the annual election of directors should not
hk,,,; ,,1,,,,, 0,, take place in any year, on the day hereinbefore mentioned for that purtho day fixed, pose, this corporation shall not, for that reason, be dissolved, but such &°· election may be lawfully held on such convenient day thereafter as may for that purpose be fixed on by the president and directors, they causing ten days’ public notice thereof to be given in one or more of the newspapers printed in the cities of Washington and Georgetown. Reduction Og Sec. 25. And be it further enacted, That the president and directors stock notes. shall have power to appropriate such portions of the profits accruing to the company, to the reduction of the stock notes of the stockholders, as the board of directors shall, from time to time, deem advisable. Acggo continue Sec. 26. And be it further enacted, That this act shall continue and until lst June. be in force until the first day of June, one thousand eight hundred and
- 858- nayeagm.
M, be arm-. Sec. 27. And be it further enacted, That it shall be lawful for Coned, dc. gress, at any time hereafter, to alter, amend, or repeal this act. APPROVED, March 3, 1837.
