# United States Statutes at Large/Volume 6/15th Congress/1st Session/Chapter 11

Chap. XI.—An Act to incorporate the Columbian Insurance Company of Alexandria.
The Columbian Insurance Co. created a body politic.Be it enacted, &c., That the Columbian Insurance Company of Alexandria, which was formed and established in the town of Alexandria on the twenty-eighth day of April, in the year one thousand eight hundred and fifteen, be, and they are hereby, created a body politic, and by that name shall have succession, shall sue and be sued, implead and be impleaded, in covenant, debt, case, by bill, or by warrant, before any judge or justice, and in all courts of law and equity.
Capital.Sec. 2. And be it further enacted, That the capital of the said company, which now consists of two hundred and seventy-seven thousand dollars, in shares of fifty dollars each, may be increased whenever the business of the said company, in the opinion of the president and directors for the time being, may require it, to an extend not exceeding one million of dollars, in like shares.
Election of president and directors.Sec. 3. And be it further enacted, That the existing board of president and directors of said company may serve in those capacities until the next election of directors, on the first Monday of November, in the year one thousand eight hundred and eighteen; fourteen days before which period public notice shall be given by the said president and directors to the stockholders that an election will be held on that day; and they shall appoint two or more other stockholders as commissioners to superintend the same; at which election every stockholder shall be entitled to give one vote for each share which has stood in his name twenty days last preceding, for eleven persons, being stockholders, citizens of the United States, and residents of the District of Columbia, or of the county of Fairfax, in Virginia, as directors of said corporation.Salary and election of president, &c. The persons thus elected shall, at their first meeting, proceed forthwith to fix the salary of the president, and afterwards to his ​election from their own body, and shall continue in office until the succeeding election of directors, and no longer. Under the same regulations shall an election be repeated annually. But if one happens not to be made on the day hereby limited, this charter shall not therefore be void, provided an election be completed within thirty days thereafter. No person shall continue president or director after ceasing to be a stockholder.
Powers of the president and directors. Proviso.Sec. 4. And be it further enacted, That the president and directors shall have power to make regulations for the government of the corporation: Provided, They be not repugnant to the laws of the United States or this act: to appoint a secretary, all other officers and servants, and to fix their compensations; to supply vacancies in their own body; to hold such real estate as may be necessary for the transaction of their business, not exceeding in amount forty thousand dollars, or that may be conveyed to them as security for debt; to vest the corporate funds in stock of the United States, or any of the individual states, or in stock of any incorporated company, this corporation being inhibited from issuing any promissory note in the way of banking; to lend money on bottomry and respondentia; to insure lives; also property against all manner of risks:Proviso. Provided, Every insurance be expressed in writing, signed by the president, and attested by the secretary; and to sell the shares of any stockholder who shall fail to give satisfactory security for any part thereof that may be unpaid; also to sell, if the security which may have been given be manifestly impaired and deficient, and such stockholder shall fail to make it satisfactory when thereunto required; and further, to sell if such stockholder shall fail to pay instalments when demanded; nor shall any such sale preclude the liability of any such stockholder, his executors, and administrators, the endorser or endorsers, or any security he may have given, from making good any further injury which may be sustained.
Business to be conducted in Alexandria. Duties of the president and electors.Sec. 5. And be it further enacted, That the said president and directors shall conduct business in the town of Alexandria, in the District of Columbia; that they shall keep proper books and record their proceedings therein; that, on the first day of May and the first day of November in every year, they shall declare a dividend of so much of the clear profits as they may deem advisable, and within ten days thereafter shall pay the same to the stockholders: but it shall not be lawful for the said president and directors to include in such dividend the premium of any risk which has not actually terminated, nor to divide more than two-thirds of the clear profits, until, by the half yearly appropriation of the other third thereof, a contingent fund of twenty thousand dollars shall be formed; and so often as the fund shall be impaired by losses, the said president and directors shall continue the half yearly appropriation aforesaid, until it be restored to the amount beforementioned.
Directors present at the declaration of an unlawful dividend, individually answerable unless, &c.Sec. 6. And be it further enacted, That every director who shall present at the declaration of any dividend, in violation of the sixth [fifth] section of this act, shall be individually answerable to the stockholders for the injury resulting therefrom, unless his protest be recorded on the books of the corporation.
Stockholders may sell and transfer their stock; provided, &c.Sec. 7. And be it further enacted, That every stockholder may sell and transfer his stock, provided the transferee give satisfactory security for the regular payment of such part of said stock as may then be uncalled for and unpaid; but all debts actually due and payable to the corporation by the transferer, must be satisfied before such transfer shall be made; and, until such debts be recovered and paid, all dividends due, and which may become due, shall be applied to the credit thereof, unless the president and directors shall direct to the contrary.
Corporation to continue until 31st December 1837.Sec. 8. And be it further enacted, That this corporation shall continue until the thirty-first day of December, in the year one thousand ​Concerns to be closed on dissoluton &c.eight hundred and thirty-seven; and on the dissolution or expiration of this charter, the president and directors for the time being shall take prompt and effectual measures for closing all its concerns; but no such dissolution or expiration shall operate so as to prevent any suits being brought or continued by or against the said corporation for any debt or claim due by or to the same, and which arose previously to said dissolution or expiration; but, for the purpose of closing its concerns, its corporate powers shall remain ummpaired.
Congress may repeal or annul the charter. Sec. 9 And be it further enacted, That Congress may, at any time during the period for which this charter is granted, repeal and armul the same.
Approved, February 16, 1818.
Statute I.