Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1814-03-26
by AUTHORITY.
AN ACT.

the town OF Alexand.ia, in The district oil
. Columbia. g
BE & enacted by he Senate and House Of
R.5aresenla.ives Of tie United SHARES Of II.
me5ica III Congress usSemlfrd, That those
! no shall htccire Subscribers to the colppa.
sfy, their successors and assigns, shall be aud
axe hereby created a bpdy polite, by the
Eeny and style of the - Fire Insurance Com
rAny Of Alexandria !" and shall by tina. name
have succession, and shail lie able III sue and
sos Sued. implead and be inpieaded in all
cosrts IF law in the United States.
sec. 2. Ind Dc IL further enacfed, That
a Subscription be opened III the town of A.
le,SaEdria, under the direction of lanes b.
Nichols, Cutibert Powell, Jonah srhomp
son, Thomas Vowel, James II. Hooe, Geo.
Taylor, John M'Kenney, Philip Triplett,
Craven T Peyton. and Nathaniel Wattles
or majority of them, for raising capital
stock OF two hundred and fifty thousand dol
lars in shares Of twenty five dollars each
and that each person upon subscribing pay
TO the persons above mentioned, FIVE dollars
upon each share so subscribed for; and that
the remainder Of the said twenty Eve dollars
shall be secured by negotiable notes, signed
and endorsed TO the satisfaction of the aiore>
said James b. Nickolls, Cu.hhest' Powell,
Jonah Thompson, Thomas Vowel. James.
II. Hooe. George Tay lor, John M'Kenney,
Philip Triplett, Craven 4. iaeyton, and Ma
thaDisl Wanles. or amajority of them, and
payment thereof may be thereafter demands
ed at such times. and in such proportions as
the president and directors hereafter Inenti>
oned shall judge advisable, giving six weeks
notice in at least three of the gazet.es prints
ed in the district Of Columbia.
Sec. s. Ind be il further enacted, That
every subscriber shall be entitled to vote by
himself, his agent, or proxy, appointed un-
der his hand and seal, attested by two wit-
nesses, at all elections made by virtue of this
Get. and shall haveas many votes as he holds
shares as far as ten shares; one vote for e
very five shares which he may hold over ten
shares, as far as fifty other shares and one
vote for every thirty shares which he may,
hold over sixty shares. And every stock
holder (not in debt TO the company may at
pleasure. in person, or by power of attorney,
assign and transfer his stock in the compa-
ny, on the books of the same, or any part
thereof not being less than a whole share !;
but no stockhoider indebted TO the company
shall be permitted to make transfer or re-
Give a dividend, until such debt is paid or
secured TO the satisfaction Of the president
aud directors.
Sec. A. .snd be it further enacted, That
as soon as five thousand shares shall be SUBJ
scribed, the persons hereby authorised 20
receive subscriptions shall call a meeting OF
the subscribers, giving two weeks notice in
three Of the papers printed within the dis.
trict; and the subscribers who shall assem-
Die in person or by proxy shall choose b,
ballot, from among the stockholders, by
majority Of votes, twelve directors. who shall
continue in Office until the first Monday in
hundred and fourteen, OH which Monday in
November in every succeeding year thereaf-
ter, an election shall be held for twelve d.
rectors as aforesaid. who shall continue in.
Office for one year from the time Of their e.
lection, and until others be chosen in their
stead. And the said directors, at their first
meeting, shall choose amongst themselves,
Or the stockholders at lsrge, president, and
allow him a reasonable COMP ensatiOn for his
services; and in case of death, removal, re-
signatien. or other disqualification of the pre-
sident, or any of the directors, the remain
ing directors may elect others to supply their
place, during the remainder of the term for
which they were chosen and in every case
where one of the directors shall be chosen
president, the vacancy shall be supplied as
In the case of death, removal, or resignation.
That the persons hereby authorised to re-
CCtNC SuDSSIlIItlOuSyO VI any tuICCO tuCttl, DC
committee to superintend the first election
of directors, and committee of five stock
holders not being directors, be appointed by
the directors, to superintend every succeed.
ing election. u
Sec. s. ind be IL. further enacted, That
the president and directors shall have au-
thority to crdain and make such by laws,
ordinances, and regulations, as shall appear
necessary for regulating and conducting the
concerns OF the company, not being contra
ny to this act, or the laws and constitution
of the United States And the funds of the
company as they shall arise may be vested
in the stock Of any Of the banks in ,he Uni
ted States, such personal property or ground
rents as the pres dent and. directors shall
Judge most advantageous Provided always,
and Be itenacted That the funds and pro.
perty of this company, of whatever descrip-
tior, are declared to be liable to attachment
and execution for debt, in like manner as
personal property.
Sec. 6. Ind belt further enacted, That
tie members Of the company shall not be Ii.
able for any less, damage. or responsibility,
other than the property they have in the ca.
pital and funds ofthe company to the amount
II the shares respectively held by them, s.
any profits arising therefrom not divided
Prepided. That the said corporation shall
from time to time apply all sums Of money
received by them for premiums to the pay.
fpcnt Of losses in the first instance, and to
make up the ap cunt Of their original CAPT
tai whenever it shall have suffered any di-
rninuticn by losses, and that dividends shall
be made Of the nett profits arising on the
capital stock, at'such periods as the pres-
dent and directors may judge proper, not of
tsrer than once in six months and the same
,,l,ell be paid to the stockholders or their le-
Gal representatives but if a dividend shall