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share of stock held by him, which stock shall be transferable upon the books of the company, and entitle the holder to all dividends which may be declared upon the same. But no stockholder shall be entitled to the emigrating advantages provided by the company, unless he shall be the owner of at least five shares of stock upon which the first instalment has been paid. 

4th. Any person who shall pay to the general agent or to any sub-agent the sum of twenty-five dollars shall be entitled to all the emigrating advantages provided by the company, without becoming a stockholder or incurring any of the contingent liability of stockholders.

5th. Whenever any instalment shall be called for by the executive committee, thirty days' notice shall be given of the same by publication in a newspaper printed at the capitol of each State, and, when practicable, by circulars sent by mail to the stockholders. And if any stockholder shall fail to pay such instalment at the time when the same is payable, he shall thereby forfeit to the company his stock, and all previous instalments paid upon the same, but he shall be under no personal liability to pay any such instalments, nor any of the debts or liabilities of the company. 

6th. If the capital stock of the company should at any time be increased, the privilege of subscribing for the same shall first be offered to the owners of the first ten thousand shares, for the period of thirty days, and thereafter to other parties. 

7th. It shall be the duty of the executive committee to appoint one or more trustees, not exceeding three, to whom, and to their successors, all leases and conveyances shall be executed in trust for the use of the company, and who shall execute sub-leases or conveyances to such persons, and in such manner, as the executive committee may direct; and the trustees, if more than one, shall act jointly in all cases; and the executive committee may fill vacancies which from any cause may arise in the trusteeship.