Portland gazette and Maine advertiser. (Portland, Me.) 1805-1818, 1807-02-23

SdlO company AlG COuHleT5Ik hcu W lAiS SCI
vetary, and shall be binding and obligatory
on the>said company, and the assured may
maintain an action upon the case against the
said company, and all cases duly arising
under any police 50 subscribed, may be adj
usted and settled blythe president and di-
reCtors, and Ihc same shall be binding on
the company
Sec. BE 1t fnlber enacted, That it
shall be the duty Of the directors on the first
Tuesday Of Jul, and January, III every year,
to make dividend Of so much ofthe interest
arising from tie capital stock, and the pro-
fits Of the said company, as to them shall
appear advisable, but the monies received
and the notes taken for premiums on risks
which shall be undetermined, and out stand
ing al the tine Of making such dividend,
shah not be considered as part OF the profits
Of the COMPANY; and in case OF any loss, or
loses, whereby the capital stock of the com
party shall be bssened, each proprietor, or
stockholders estate, shall be holden &C
countable FOR ne deficiency that may be due
on his share atthe time Of said loss, or loses,
taking place, D be paid RI 70 the said com
pany by ASSESSMENTS, or such other modes,
and at such tine, or times, as the directors
shall order nd no subsequent dividend
shall be made, until sum, equal TO such
diininntiOn, shall have been sCded to the cap
Itd; and that nee IN every year, and Ottner
il required by majority of votes OF the
STOCK holderS- the directors shall lay before
the stockholders, at general meeting, an
exact ana particular statement ef the profits,
if any thcre be, after -deductins losses and
dividends
See. 3 Be II futder cnatscd, Thar the said
Company shall not directly, Or indirectly
deal or trade, in buying or selling, any goods,
wares, or merchandise, or commodities
whatever ard the capitai stock ~ said
company shall within six months after being
collected, al each instalment be invested
either In the funded debt Of the United
States, or ofthis Commonwealth, or in the
stock Of +he United States Bank OF of any
incorporated Bank in this Commonwealth,
at the discretion OF the president md direc-
tors OF SAID company, or Of aRv committee
which the proprletors shall appoint for that
purpose
Sec. g. 81 it further enacted, Tha fifty dol
lars on each share III said company shall be
paid within four months after the flst meet
ing Of sad company, and the remaining sums
wards. At such equal instruments, and under
such penalties, as the said companies shall
direct, and NJ transle ef any share, p said
company shall be valid, until all the install
ments on such share, shall have been IaId.
Sec 10. Pc II faYttsr enacted, That n case
Of any loss or losses taken place thai shall be
equal I'd The amount Of the capitol stock Of
sMI company, aud the president ordirectors
after knowing Of such loss "a losses taking
place, shall subscribe 70 any poNcy1t insur-
ance, their estates jointly and -eyevliy shall!
Be accountable for Inc amount Of any and
every loss thai shall take place mder Poh-
cies thus subscribed.
Sec. II. Be- It trtler enactsd, That the
president and directors q saId company
shall previous to their subscribing to any
policy. and once in every year, after, publish
III the publ ne ws-papers, the amount of
their stock. and eainS what risks, they
mean % insure, and the largest sum they
mean To take on any ono risk-Py5videa, nev-
eytEeIess, That tie said president and direc-
tors shall not be allowed 70 take more on
any one risk than ten per centum Of the A.
mount of the capital stock of SAID corpora
ton actualk paid in.
Sec. II Be it further enacted, That Elias
Themas, joshua Richardson, and Josiah
Cox, or any two Of them, are hereby author
lied ID call meeting of the stock holders
Of said company, AZ soon As may BE- TO be
holden ii Portland, BY ad1ertizing for two
weeks in TIE Portlandnews- papers, previous
to such meeting, for the purpose of elect
ing the first board Of directors, who shall
continue in Office until the FIRE Tuesday Of
April, in the year one thousand eight nun
drcd and eight.
Sec IT, Be Il further enacted That no
person being director in any other compa-
nv carrying OF the business of marine instr
anCe, shall Be eligible az a director Of the
company by tits act established.
Sec IA Be t further enactea b. the Glth0y-
ity qfoyesaid, tat the president aid directors
of said company shall when, and so often IS
required by tie Legislature Of this Com
, mOnwcalth, la before them statement OF
the affairs ofsaid company, and submit to
an examination concerning the same under
! oath.
III the House at Rebressatatives, FEB. z, 1907
This 81 having had three several
readings, passed to be enacted.
PEREZ MORTON, Speaker.
In Senate February 9, 1907,
This BIZ having had two several
readings, passed To b+ enacted
JOHN BACON, President
February 2, 1907,
b. the GOyerIiour approved,
CALEB STRONG.
TTue Corv-Attes+