The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1818-09-02

/. Sec. 6. Ind 6e IL Further encesed, That The
/ members Of the company shall not be liable
for any loss, damage, or responsibility, Other
,han the property they hsyc 10 the capital or
funds OF the company, to the amount of tho
shares respectively held By them, and any
profits arising therelfom not divided Pro-
viced, The said corporation shall, from time
10 time, apply ell sums OF money received by
them Tor premiums, 10 the payment Of losses
in the FIRST instance, and 10 make up tho a.
mount Of their original capi,aI, whenever 1t
shasl have suffered any diminuiion by losses.
Sec z. .dnd be a. nfErsher enacted, That tho
presiten, and directors, for ,hc time being,
shall have power to dispose Of, according 10
the provisions Of the second section OF lhis
act, the shares which may remain uRsold at
the formation Of the company and they shall
have power, also, TO provide, by purchase, or
otherwise, q suitable place for an ofHcs, to
make all rules and regulations for conducting
the business Of insurance and the concerns OF
the company, not provided fo' by this scs TO
appoinl a secretary, and such elhcr Officers
as they may find necessary; and 10 make
such compensation Tor their services as they
may deem proper; tha, ,hey shall have iull
power and selhori,y TO make insurances ".
gaiost fire, on any and every descriptions Of
properly. All policies of insor snce and o,h-
tr contracts, made by said company, signed
by the president and connis,signed by The
secretary, shall be obligatory cn said CON-
pany, and have the same efiec, as If the said
policies and soausc.s had been aites;ed by
corporate seal.
Sec. 8. .fnd BE- /a-fher enacted, That the
said president and di,cc,ofs shalt conduct
business in the city OF Washington that they
hall keep proper books, urd record their
proceedings therein; that, on the 6fst Mon.
day OF November, IN every year, alter the
h-st year, they shalt declare a dividend ol so
much 81 The clear profi;s as they May deem
ADVISABLE, ard within te0 days ,hrrepf,rr
shall pay tie same 10 the stockholders; Lv,
L shall no, be ls~ful Tor The ssid president
and directors 10 Include. in spch div tide nd, the
premiums oI aoy ri-k which hss not ae tnaliy
terminated, nor 10 DIVIDE more than Two
th'ds oi ths clear pioEis, mil, by the bali
yearly spplC6ation OF The other thiad ihctcos,
contingent fund oi twenty Thousand dollars
shall be forTrd and as oIisl. as tho fund
shall be impaired Nv. losses, the said prcsi-
dcnl aud ditec,oss shall coalioue the half.
yearly app opria'ion aforesaid, ualii il be &c.
surned TO the amouai b. sfof ofcvcntioned.
Sec. 9. And be tt further enacted, That
evo'y difcctoi who shall be present ct the
deslafslion Of any diviie0d in violation OF tho
eighth section Of this act, shall be individually
ansverabe to the stockholders for the icjury
'csul,ipg the'eircm, unless bis protest be re-
corded ia The books Of the corporation.
Sec. 10. .dad be H farther enacfed, That
IN ca:c any action shalt be pro.ecu,cd on any
insurance made by virtue of this sct, IL shalt
be deemed sosicien, service of such process
10 leave a copy thereof with the presiden, or
secretary for the time being, aud all recovcr.
ics bad IN ary such action or actions shall be
conclusiys on the company, SO far ss 10 ren.
der the stock and properly Of the compsny
TABLE, and no further. 81
Sec. II. .fad be IL further enacted, That
this act shall be and continue in force for and
durisg the term Of twenty years from and uf
,cr the passing thereof, and until the end Of
the next session Of Congress; aud on the dis
solution OF expiration Of this charter, the pres.
idcnt and directors, for the time being, shall
take prompt and efsctuai measures Tor clos.
ing all its concerns; but no such dissolution
or expiration shail operate, so as 10 prevent
any suits 70 be Brought or continued, by or
against the said corporation, Tor any debt OF
claim due by or to the Same, and which arOse
previously to said dissolution or expiration |;
but, for the purpose Of closing its concerns,
its corporate powers shall remain unimpaircd
Ssc. -. find be 10 J.rfher enacted, That
this corporation shailuot issue any promissory
note in the way Of banking; and that Con.
gsess may, at any time during the period for
which THE charter 10 granted, repeal snd
amend the same.
April ., isis-Approvcd,
JAMES MONROE.
| AN ACT TO Incorporate the Columbisn In