Jenks's Portland gazette. [volume] (Portland [Me.]) 1799-1802, 1800-03-10

Sec. 6. Be IL furtler ena7ed, That there fhall
be ifaied meetings of the Directors, ar leait
once in every month, and as often within each
month as the Preiident and Board of Directors
fhall deem proper ard the Prelident and a
Committee of three of the Directors, to be by
him appointed in rotation, fhall aferible daily
if need be, for the Jiipatch of buineis and the
isd Board of Directors, and the Committee
aforelaid, at, and during the pleainre of the fad
Board, fhall have power and authority, on be-
half of the Company, 10 make lnlnranee upon
vefels, freight and goods, and aganlt captivity
of perfcns, and on the life OF any perlon during
his ablence by Tea, and cafes of money lent up
on bott0mry and rsLpOadentia, and are ALTO author-
fed to make infurance on any maniion houie or
other building, & on the goods & property there
in contained, within this Commonwealth againt
damage ariing to the fame by FIRE, originating
in any cauie, except that Of deIign in the infur.
ed and to FIX the premiums and terms of
payment ard all Policies of infurance by them
made, ihlll be fubferbed by the Pfeident, or
in cafe of his death, iieknefs, inability or alb.
fence, by any two of the Directors, and coun-
terfigned by he Secretary, and lhall be binding
and obligatory upon the faid Company, and
have the like efFett and force, as t under the
Zeal of faid Company aud the ailured may
thereupon maintain an aeion upon the cafe
againit the fld Company; and all loiles duly
ariGng under any policy 70 fubicrbed, may be
adiuaed aud fettled by the Prefdent and Board
of Directors, and the fame lhall be binding on
the Company.
Sec. 7. Bsifwsber eaa7td,. That it ihall be
the duty OF the Directors, on the iecond Tuef-
day Of June and December, in every year, to
make dividends of 70 much of the interelt arif-
ing from the capital aock, and the profits OF
the fad Company, as TO them hall appear ad.
vifsable; but the monies received and notes
taken for premiums on riiks which ihall be IN
determined and outltanding, at the time OF
making fuch dividends. ihall not be coniidered
as par, OF the profits of the company and in
cafe of any lofs or loaes, whereby the capital
Cock of the company fhall be leflened, each
proprietors' or fockholde;s' efate ihall be held
accountable 70, the deficiency that may be due
on his ihare or Fares, at the time IF iaid lois
or lohes raklng place. to be paid into laid com.
pany by aheiiments, or fuch other mode, and
at fuch time or times as the directors ihall or!
der and no fubiequent dividend fhall be made
until fun equal to fnch diminution, ihall
have been added to the capital and thar once
in every two years, and oftcner, il required, by
majority ct votes Of the aockhoders, the d.
reeors fhlll lay before the RockhoIders, at a
general meeting, an exad and particular late-
ment OF the profits, it any there be, after de
dueing lohes and dividends.
Sec. 8. BE IL tartdy ena7e5. That the faid
company fhall not directly, or indirectly, deal
or trade in buying or telling any goods, wares
merchandise, or commodities, whatever and
the capital liock of faid company. after being
collected at each initalment, fhall within one
hundred and twenty days, be inyeRed, either in
the fuoded debt of the United States, or of this
Commonwealth, or in the flock of the United
States Bank. or OF any incorporated Bank in
this Commonwealth, at rhe dacretion of the
Preiidens and directors Of faid company, or of
other officers which the proprietors hall for
fhch purpolc appoint.
Sec. g.. Be IT, further eaaa.d, That tcv.nty dol
lars on each fhare in f.id company fhal be paid
within iiS,y days, after the firit meeting of the
fad company, and the remaining fun due on
each fhare, within five years afterwards, at
fuch equal indictments, and under fuch penal.
ties, as the fad company ihall dreet; and no
transfer of any fhare in iaid company, fAsll be
Permitteo, or be valid, until the initallments on
iuch fhare lhall have been paid. 3 ~
Sec. 10. Be IL fmfber enst7ed, That no perfon,
being either fngly, or or as partner with one
or more Perions, member of any other COM
pany, carrying on the bulinels of fire and ma.
rine iniuranee, fhall be eligible as direaor OF
the company by this ACT eltablilhcd.
Sec. II. Be il further ena7ed, That the pro.
r. e r. 4 4
in the aock Of faid company, fhall be liable to
attachment, and to the payment and fatisfac
ton of bis jna debts to any Of bis bona fide
creditors, in manner following, TO wit, in addi-
ton to the luminous by law prefcribed to be
left with the defendant, like luminous ihal
be left with the fecrctary of Eaid company, and
the debtors flares in the fld company's
funds, together With the iotsrea and profits
due, or growing due thereon, or 70 much
thereof as ihail be fufficent, fhall thereby
ke held N ya(nooJ c,iI f,,;t c-ro.J.nx ~