Page:A History of Horncastle from the Earliest Period to the Present Time.djvu/160

 for permission to purchase, or rent, land or buildings, as may seem to be needed; or to let, or lease, buildings, offices, &c., as they may think fit; or to make mortgages, conveyances, &c., for the purposes of the company. A reserve fund (by clause 67) to be established, by setting apart one per cent of the profits in any year; the accumulation to be employed for the benefit of the company, as may seem to them desirable. Shares to be sold (by clause 68) for the benefit of the company, by a vote of a majority at a general meeting. No sum beyond £400, at any one time, to be negotiated by promissory note or bill of exchange.

That a report be presented, and dividend declared, at an annual meeting, on March 25th, with seven days notice to each shareholder. A common seal



to be kept in a place of safety, and affixed to all legal documents, by the secretary, in the presence of three directors. Henry Nicholson, Draper, to be the first auditor, paid as committee of directors decide. Samuel Sketchley to to [sic] be the first solicitor; and the Lincoln and Lindsey Bank the company's bank. Thomas Armstrong, Timothy Collinson, and Robert Edwin Kemp to be the first trustees of the company.

The books may be inspected by any shareholder, between 10 a.m. and 4 p.m., in the presence of the secretary, or other person nominated in accordance with Act 7 and 8 Victoria, c. 110. By clause 89 it was provided that, in case of the company being wound up, the chairman should declare the company