Section 5

Act 515 of 1850, § 5, under WHARVES AND DOCKS - CONSTRUCTION OR EXTENSION - LICENSE - PHILADELPHIA.

Act 515 of 1850, § 5

Section 5. The president and directors first chosen shall issue certificates of stock to the several stockholders, signed by the president and countersigned by the treasurer of said company, which certificates shall be transferable at the pleasure of the holder, in person or by attorney, subject to the payment of any balance that may be due thereon; and the assignee holding such certificate having caused the assignment to be entered in a book of the company to be kept by the treasurer for that purpose, shall be entitled to his or her just proportion of the capital stock, and of all the estate and emoluments of the company, in proportion to the number of shares by them held, and to vote at the meetings thereof as aforesaid. And the president and directors shall meet at such times and places as shall be agreed on, for the transaction of business; at such meetings four members shall form a quorum for transacting business; they shall keep minutes of their transactions entered in a book, and shall have authority to agree with and appoint engineers, artists, superintendents, and agents as they shall think necessary, to construct a bridge across the Schuylkill river at or near Stouts ferry, in Berks county, and to complete the same and fix the salaries and determine the time the stockholders shall pay their instalments due on their respective shares, draw orders on the treasurer for money, the same to be signed by the president or chairman and attested by the clerk, and do and transact all things by this act and the by-laws or regulations of the company that may be lawful.