Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1815-05-06

number of shares respectively subscribed
and shall continue to eKkiEit in the same
way all the Stock transfers which may
subsequently fake place.
That full entries fall proceedings and
transactions of the president and direc-
tors shall be made in other books that
the president and directors shall causesa
full and fair statement of the affairs OF
he company to be made on the first day
of May and November in each year, and
the SAME shall appear on the ledger OF the
company at those periods respectively
at which periods they shall declare a
dividend of so much Of their profits as
they may Judge advisable, not exceeding
two-thirds thereof, (the remaining third,
being intended to be added to the profits
Of the succeeding half year, until the pc
Rod of dividend, when two-thlrds ofboth
amounts may again be divided) which
s. all be advertised in the newspapers oil
Alexandria and paid yithin ten days
hereafter. But no premiums outstand-
ing and undetermined shall be considered
profits III such statements.
.frticle Is.
If the said directors shall at any time
wiliulIy ard knowingly make Or declare
any dividend which shall impair the CAPT.
tai stock, or the one-third profits direct
ed to be retained in the preceding article.
all the directors present at the making or
declaring OF said dividend and consent
ing tbureto, shall be liable in their intisi-
dual capacities, to the company. for The
amount Or proportion Of the said capital
stock and one-third profits SO divided by
sad directors; and each director who
shall be present at the making or decia-
ring such dividend shall be deemed tohave
consented thereto, unless he shall immedi-
ateIy enter in writing his dissent on the
minutes of the proceedings Of the board
and give public notice to the Stockholders
that such dividend has been declared.
And in case the Capital Stock shall be
Impaired by loss or losses, no subsequent
dividend shall be made, until after a sum
equivalent to such diminution arising
tom the profits shall have been tkereun-
to added.
.qrticle II.
It shall be The duty Of tie board of di-
rectsrs and they are hereby empowered
and directed, at certain fixed periods to
be by them appointed to examine the Sc
carities granted by the subscribers, their
executors, administrators or assigns, Tor
the punctual payment Of the notes paya-
bic on demand for the forty dollars per
snare, expressed in the second article,
and 20 renew the whole Or particular Sc
curitics if they deem It necessary, and
to encrease the security where it may De |
malifastly insufficient. And II il shall |
at any time happen between those periods
that the security granted Cor such notes,
by any subscriber, his executor. admins
traitor or assigns, shall be maniiestly i'm
lailed and inadequate, it shat! be the du-
ty of the SAID board to require OF such
su ,scriber, his eAecator, administrator
or assigns, such additional or ether secu-
rity as NAV be deemed sufficient Tor the
purpose. And If any subscriber, his ex-
ecut0r, administration or assigns, shall,
under such circumstances and after rea-
sonable notice. refuse OF neglect to give
such additional or sufficient security, tie
said president ard directors may cause
tie stock thus situate, to be advertised
and sold to the highest bidder. the pur-
chaser to make good tie security re-
quired, and the proceeds of sale shall be
paid to TIE detauIting subscriber, his ex-
ecutor, administrator or assigns.
.4rticie Is.
These articles Of agreement shall be
published in both the Alexandria papers,
and in one at Washington ard Winches-
tel, once week for the space of one
month: and for the further information
Ct all persons who may transact business
with or in any manner give credit to said
company, every policy, bond, bill or note.
or otiser instrument Or contract OF this
company by tie erect or terms OF which
this company may be charged OF he'd Ii
able for the payment OF money, shall spe-
cIaily declare III such form as the presl-
dent and directors shall prescribe, that
the payment shal be maie out of the joint
funds OF the Columbian Insurance Com
pany according to the present articles OF
association and not otherwise. A copy
of the 10th article OF this association sfaiI
be inserted en- the back OF all policies.
and by reference in tie policy made
part Of the contract, and all bonds, bills,
notes or other instruments CT contracts OF