The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1814-03-16

sonablc ccmpens alton for his services; and
N case Of death, removal, resignation oil
othcf disqualification Of the pre- sident, OF
any OF the directors, the remaining direc-
tors 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
preside Mt, the vacancy shall be supplied as
in the case of death, removal, or resigna.
lion. That the persons. hereby authorised
TO receive subscriptions, or any three o.
them, be committee to ssiperintend the
first election Of directors, and a committee
OF 1--WE stockholders, not being directors, BIS
appointed by the directors, to superiHtent
every succeeding election.
SEC. S ind be il farther enacted, Tha
the president and directors shall have au
thorily TO ordain and make such bylaws
ordinances, and regulations, as shall APP
pear necessary for regulating an conduct
ing the concerns of the company, not being
contrary TO this act, or the laws and con
stitution of the United States. And til,
funds Of the company as they shall arise
may be vested in the stock Of any OF th,
banks in the United States, such persona
property OF ground rents as the p:esidcn
and directors shall Judge most advantage
Gus Provided aizyays and 6e it enacted
That the funds and property of this com
psny, of whatever description, arc declared
TO be liable 10 attachment and execution
COR debt in like manner as personal pro
pcrty
Sec. 6. Ind Be IL further enacted, Tha
tthe members Of the company shall no, b,
liabie for any loss, damage, or rcspons
[hiii,y other than the property the,
nave in the capital and funds of tn. com
pany TO the amoun, of The shares respcc,
lively held by them and any profits arisinf
tnerefrorl not divided Provided. that It's
said corporation shall from time to tim
apply ali sums Of money received by thrn
Tor premiums to the payment of losses IL
Tie first instance and to make up the q
mount Of their original capital whenever j
shall have suffered any diminulion by loss
es and that dividends shall be made: Of The
nett profits arising on the capital stock a
such periods as the presideht aud directors
may Judge proper, not oitener than once ii
six months and the same shall be paid q
the stoci, holders or their legal represent.
tives but ii dividend shall be at any ,imt
declared of greater amount than the nc il
proceeds of the said company al the time o
making the same, each a'.d every directo'
that consented thereto shall and is hereb,
declared to be liable for, in his nd;viduai
capacity, and hound Ia contribute TO make
good the deficiency in the capital stock
occasioned by such improper dividend.
Sec. z. lind be il Jnrther enacted, Tha,
the president and directors shall have TIE
disposal, direction and management O!
tilose shares which may not be disposed ol
At the formation ofthe company, and pow
err also 10 provide by purchase or otherwise
suitable place for an Office to make oil
Jules and regulations for conducting the
business Of insurance and the concerns Of
&c COMPANY, not provided !or by this &C;
- appoint secretary and such other Off
ccra as they may find necessary, and to
make such compensation for their services
as they may deem proper. That thee
skali have full power and authority to max G
assurances against fire, on any and evcry
description of properly all policies OF IL
iurance and other Contracts made by SAID
company, signed by the president, and
countersigned by the secretary, shall De
obligatory Oh said company, and have tue
same effect as If the said policies and con
;racts had been atlest.d by a corporate
seal.
Sec 8. ind be il further enacted, Tha,
az losses arising on any insurance, shall be
adlustcd by the president and directors a
greeably to the terms Of the policy, and
paid out of the joint funds and property d
inc company. That the president and di
rectors shall make full and fair statemen
of the affairs of the company, every sjs
months, and dividend of the profits.
Sec. ind be il further enacted, Tha
I'm case of any loss or losses, whereby tn,