Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1815-05-01

| board of Directors may authorize thu
! President to class the Directors in com
mittees of two or three each to serve II
| rotation for fixed period, and to attend
! laily at the Insurance Office at certain
| hours appointed, and with the President
or in his absence the President pro tenn.
| pore, shall have full powerand authority
to make assurances as herein before men
toned to lend money on reapondentia ;
to fix the premiums on such assurances
and loans, and when credit is given for
the premiums to take such notes as they
shall approve at such periods. as snail
have been fixed BY, the board in their ge-
neutrality-suspicious., or to make any other ar
rangement it may find expedient.
.frticle I2.
The President and Directors shall have
the direction, management and disposal
OF those shares (if any which may be
| unsubscribed at the formation Of the COM
pany and shall have power to purchase,
build or otherwise provide a suitable
House for transacting the business of tie
Company. That Immediately after the
first election of Directors, Stock Ledger
shall be opened which shall contain an ac-
count for all the subscribers, with the
number of shares respectively subscribed
and shall continue to exhibit in the same
way all the Stock transfers Which may
subsequently take place.
That full entries Of all proceedings ard
transactions of tie president ard dilec-
tors shall be made in aoIaaasssr books that
the president and diraAobfrs shall cause
full and fair statementsof the affairs OF
the company to be made on the first day
of May and November in each wear, and
the same shall appear on the ledger ofthe
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 tie Pc
Rod of dividend, when two-thirds ofboth
amounts may again be divided) which.
shall be advertised in the newspapers of
Alexandria and paid within ten days
thereafter. But no premiums outstand-
ing and undetermined shall be considered
profits in such statements.
.9lttcte IS.
Il the said directors shall at any time
wilfully and knowingly make or declare
any dividend which shall impair the capi-
tai stock, or the one-third profits direct
ed to be retained in the preceding article,
all the directors present at tire making or
declaring of said dividend and consent
ing thereto, shall be liable in their indivi-
dual capacities, to the company, for the
amount or proportion of the said capital
stock and one-third profits 80 divided by
said directors; and each director who
shall be present at the making or decla-
ring such dividend shall be deemed to have
consented thereto, unless he shall immedi-
ately enter In writing ais dissent on the
minutes OF the proceedings ct the board
and give public notice to the Stockholders
that such dividend i,as been declared.
And in case the Capital Stock shall be
impaired by loss Or losses, no subsequent
dividend snail be made, untii after sum
equivalent to such dlminution arising
from the profits snail have been theleun-
to added.
article IA.
Il shall be the daty of the board of d.
rectSrs and they are hereby empowered
and directed, al certain iZed periods to
he by them appointed to examine the Sc
curit;es granted by the subscribers, their
executors, administrators or assigns, tor
the punctaai payment OF tie notes paya-
bic on demand for the forty dollars per
snare, expressed IN tire second article,
and to renew the Whole or particular Sc
curities if they deem it necessary, and
to encrease the security where it may be
manifestly insufficient. And if it shall
at any time happen between those periods
that the security granted for such notes,
by any subscriber, his executor, admins
traitor or assigus, shall be manitestly im-
paired and inadequate, it shah be the du-
ty of the said board to require of such
subscriber, his executor, administrator
or assigns, such additional or other secu-
rity as may be deemed sufficient for the
purpose. And if any subscriber, his ex-
ecutor, administrator or assigns, shall,
under such circumstances and alter rea-
sonaDle notice, refuse or neglect to give
such additional or sufficient security, the
said president and directors NAY cause
the stock thus situate, to be adj ertised
and sold to the highest bidder the pur-
aL.nan 70 ,naLn nand Tho sonIn itu 70