Viewing page 268 of 339

This transcription has been completed. Contact us with corrections.

6

each, of which 10 percent ($5) to be paid at the time of subscribing, which is paid over to the Treasurer, to be paid out by him in carrying out the objects of the association, only upon the order of the Executive Committee. 

It is provided by the by-laws that stockholders incur no other liability, by a failure to pay subsequent installments, than the forfeiture of their stock and the first instalment, as it is expected that the first instalment will furnish adequate means to effect the objects of the company. 

Any person may become a member of the company by subscribing for one share of stock. The by-laws, however, prescribe that no stockholder shall be entitled to the emigrating advantages which the company propose to furnish, unless he shall subscribe for as many as five shares, and pay ten per cent ($25) upon the same; but all stockholders, whether of one share or more, will be entitled to all the other advantages to be derived by the company in the execution of their plan of operations. 

Another feature presented by the company to those who desire to avail themselves of the emigrating advantages alone is, that, upon the payment of twenty-five dollars to the Stock Agent for the use of the company, they will be relieved of the contingent liability to which stockholders are subject of paying the remaining ninety per cent of their stock subscriptions (if the best interests of the company should require the instalments to be called in), and will be entitled to all of the emigrating advantages furnished by the company, but not to any of the pecuniary profits which will be derived by stockholders. 

The emigrating advantages may be briefly summed