Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1815-05-02

DumDcT OF SndTCS 1879, =
and shall continue 10 exhibit in the same
way all the Stock transfers which may
subsequently take place.
That full entries Of all proceedings ard
transactions of the president and direc:-
tors shall be made in other books :-that
the president and directors shall cause a
full and fair statement Of the affairs OF
the 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 stall declare a
dividend OF so much Of their profits as
they may judge advisable, not exceeding
two-thirds thereof, (thc remaining third,
being intended to be added to the profits
OF the succeeding half year, until the 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.
.qrticle IS.
IF the said directors shall at any time
wilfully and 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 thereto, shall be liable in their indiyi-
dual capacities, to the company, for the
amount Or proportion Of the said capital
stock and third profits so divided by
said directors; and Zach director who
shall be present at the making or decla-
ring such dividend shall be deefted ohave
consented thereto, unless he shall immedi-
ately 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 sum
equivalent to such diminut.en arising
from the profits shall have been thereun-
to added.
.frticle IA.
It shall be the duty Of tae board of di-
rectsrs and they are hereby empowered
and directed, at certain fixed periods to
be by them appointed to examine the Sc
curities 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
share, expressed in the 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 assigns, shall be manifestly i'm
paired and inadequate, it shall be the du-
ty of the said board to require of such
his executor, administrator
or assigns, such additional or other secu-
rity as may be deemed sufficient for the
purpose. And il any subscriber, his ex-
ecutor, administrator or assigns, shall,
under such circumstances and after rea-
sonabIe notice, refuse or neglect to give
such additional or sufficient security, the
said president and directors may cause
the stock thus situate, to be advertised
and sold to the highest bidder; the pur-
chaser to make good the security re-
CURED, and the proceeds of sale shall be
paid to the detaulting subscriber, his ex-
ecutor, administrators or assigns.
.frticie Is.
These articles of agreement shall be
published in both the Alexandria papers,
and in one at Washington and Winehes-
tel, once a week for the space of one
month; and for the further information
of all persons who may transact business
with or in any manner give credit to said
company, every policy, bond, bill or note.
or other instrument or contract Of this
company by the effect or terms of which
this company may be charged or held Ii
able for the payment Of money. sballspe-
,cially declare in such form as the presi-
dent and directors shall prescribe, that
the payment shall be made 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 shall
be inserted on the back Of all policies,
and by reference in the policy made a
part of the contract, and all bonds, bills.
notes or other Instruments or contracts o.
4l;s ,omnany shall have 2 snccial refe-