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Document Type
Text
Contributing Institution
Maine State Archives
Identifier
322428
Description
Inscription of the text:
An Act to incorporate Thomas Cutts and others for the purpose of manufacturing Iron and Steel in the town of Saco.
SECT. 1. BE it enacted by the Senate and House of Representatives in Legislature assembled, That Thomas Cutts, Josiah Calef, and their associates, be and they hereby are made a corporation by the name of the Saco Iron Works Company, and by that name may sue and be sued ; and may have a common seal, and change the same at pleasure ; and may make any by-laws for the management of their concerns, not repugnant to the laws of this State ; and may hold any real estate in the town of Saco, which maybe convenient for the carrying on the manufacture of Nails or any other manufacture of Iron and Steel in said town ; such real estate not exceeding the value of fifty thousand dollars ; and may also hold any personal estate needful for the employment of such manufactory, and actually employed therein, not exceeding the value of one hundred thousand dollars.
SECT. 2. Be it further enacted, That any shares in said corporation may be alienated by the proprietor thereof, by an assignment thereof in writing on the back of the certificate of such shares, signed by the assignor, in the presence of two subscribing witnesses, and by being returned by such assignor to the clerk of the corporation ; whose duty it shall be to record the same in a book kept for that purpose, and to issue a new certificate to the assignee.
SECT. 3. Be it further enacted, That when any proprietor shall die possessed of any share or shares in said corporation, his executor, administrator or devisee, upon producing to the clerk of said corporation, such proprietor's certificate or certificates, shall be entitled to receive a new certificate of such shares ; and such executor or administrator may sell and convey the same at auction, observing the forms prescribed by law for the sale of shares in corporations when taken in execution as far as the same are applicable.
SECT. 4. Be it further enacted, That each share of said corporation shall be entitled to one vote ; and any proprietor may vote by proxy duly' constituted under his hand and seal ; and the majority of votes shall govern, except in cases where said corporation may establish rules requiring the concurrence of two thirds.
SECT. 5. Be it further enacted, That Thomas Cutis and Josiah Calef, Esquires, or either of them be, and they are hereby authorized to call the first meeting of said corporation, by posting up notifications thereof in two or more public places in the town of Saco, stating the time, place and object, of such meeting, giving at least fourteen days notice of the same.
SECT. 6. Be it further enacted, That the persons who may at any time become holders of any shares or stock in said corporation, shall be chargeable in their private and individual capacity, and shall be holden for the payment of their just proportion of the debts of said corporation, which may accrue during the time of their owning such shares or stock, in proportion to the number of such shares, or the amount of such stock, whenever the property of the corporation shall be found insufficient for the payment of its debts ; whether such persons continue to hold any shares or stock in said corporation or not. Provided however, That the private property of such persons shall not be holden to contribute towards the payment of any demand against said corporation, after one year from the day of their ceasing to be members of said corporation. And the goods and estate in the hands of any executor or administrator of the owner of any shares or stock, shall be held in the like manner for the payment of his just proportion of the debts of such corporation which may be due at the time of the decease of the owner of such shares or stock : Provided, The property of the corporation shall be found insufficient for the payment of its debts as aforesaid ; subject, however, in case of insolvency, to any decree or order of distribution, as prescribed by law for the settlement of insolvent estates.
[This Act passed June 27, 1820,]
Exact Creation Date
6-27-1820
Language
English
Keywords
Act; Maine Law; 1820; Legislature; Statehood; Maine State Legislature; Thomas Cutts; Saco; Manufacturing; Iron; Steel