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

GemnIcnlprltb Of s9assatbusetts.
n Tie year Of o4y Lard oze tEousaa eight hpn-
>arca and 8e1xE.
An Act to Incorporate AVilham NVidg-
cry and others into accompany by the
name Of the UniteG Marine and Fire
Insurance Conhang, Of Portland.
SEC. H.
DE 70 enacted ~ the Senate and House ~ RI
r. o5c5rHt 1tivcs I'D General C2rnf ass,T55 tef,
and 81 the authority Of the same, That Will
lam Widgery, John Mussev, Thomas Web
ster, Josiah Cox, Albert NewhaIl, Will
iaIR Chadwick, Nathan ginsman. and Eli
iah Elder, together with such persons as
have alreadv, or hereafter NAV become
stockholders in said COMPANY, being citi-
zens Of the United States, Dc and hereby
are incorporated into company OF Body POI
tic bv the name of the United Marine end
Fire Insurance Company Of Portland ior
the term Of Twenty Years from the passing
Of this Act, and by that name may sue and
be sued, plead or be impleaded, appear,
prosecute and defend to final judgement &
execution, and have a common seal, which
they may atcr at pleasure, and may pur-
chase, hold and convey any estate, real or
per sonai, for the use Of said COMPANY, sub
icct To the restrictions herein after men
tioHed
Sec z Fe Il further enacted, That the
capital stock OF SAID company exclusive OF
II Fr,y,-
said business, shall consist Of O e Hundred
Thousand Dollars, and shall be divided n
to shares Of One Hundred Dollars each, of
which capital stock, twenty thousand dol
lars only shall be invested ir real estate.
Sec g. Be " fa-tder eHatt-!, That the
stock, properly affairs, and concerns OF
said company shall BE- managed and CON-
lucted bv seven directors, one Of whom
laH be the president thcreo. who shall
b. ia thcir Offices for orc year, and until
others are chosen and TO longer, which d.
rectors shall II the time Of their bei-g e
lcctcd be stockholders and citizens IF this
Comm lnwealth, and shall Be elected On
tile first Tuesday III April in each and every
year. al such time cf the dav, and at such
places IL. the town If Portland. AZ Z major
ity Of the directors for the time being shall
appoint, of which election public notice
shall be given, by posting up notice thereof
in two public places in said town, and sd-
verifying the same fourteen DAYS irmedi-
ately preceding such election, and such E.
lection shall be holden under tlIe inspection
u three stockholders not being directors, to
be appointed previous To every election Nv
the directors, and The election Of the |reC-
tors shah be al de by ballot, BY majority
Of votes OF the stockholders present, allow
ing one vote 10 each share in the capital
stock, provided that 10 stakeholder shall be
Untitled to more than twenty votes, and the
stockholders not present, may vote by proxy,
under such regulations IS the said company
shall prescribe, and ii in case Of any una
voidablc accident the said directors shah
not Be chosen on the first Tuesday III Anj,
it shall be lawful to choose them on another
day, in manner herein prescribed,
Sec. 4. Be it further enactet, That the
directors so chosen shall meet as soon as
NAV be, after every election and shall
choose out of their body one person to be
president, who shall preside, and be sworn
faithfully to discharge the duties of his Of
fee, and III case Of death, resign.tsp7, ~
inability to serve, either Of the president or
any Of the directors, such vacancy shall bc
filed for tie remainder Of the year IN which
It mss happen BY special election for that
purpose, to Be held in the same manner as
IS herein directed respecting annual cleo
tons for directors and president.
Sec 5. Be 1t fVthcr enacted, That the
president and four Of the directors or FIVE Of
the directors in absence Of the president,
shall be 4 board competent to transact bust
ness, and ali questions before them shall ~
decided by i ma ority ~ votes, and they
shall have power 10 make and prescribe
such bye laws, rules and regulations as To
them shall appear necdful, and proper,
touching the management and conduct o.
the several officers, clerks, and servants
tor carrying on the bns,Ucss, and with such
salaries and allowances to them and to the
president, az I'd the said board shall seem
meet, provided that such bFc laws, rules,
and regulations, sAall not d. repugnant To
the constitutions and laws OF this Common
wealth.
Sec. s. b It f1thc, eracteI, That there
shall be stated meetings Of the directors at
Least once n every month K IS often in each
months as the president and board Of direc-
tors shall deem pr0ptr, and tine president
and committee of three ~ the directors to
Oc by him appointed III rotation s,aii assem-
PIE daily Ifneed be tor the dispatch Ut bust
less, and the said board Of directors Oh The
committee aforesaid, at and during the
pleasure Of said board shall have power and
authority on behaIfof the company, 10 make
/ Ill kinds of Marine Insurance, ms trance a
Eainst fire, insurance on lives, & on inland
Transportation Of goods, wares and mer-
ichandize, a generally to transact and per
lorm al tie business relating to the objects
! iOr1said, and to tx the premium and terms