The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1818-09-02
LAWS.
AN ACT 20 Incorporate q Fire Insurance
Company 10 the City Of Washington.

AN ACT 90 Incorporate Fire Insurance
Company in the City Of Washington.
BEH enrcfcS ty fhe Senate and Hoxse Of
Rehrssensssivss cF the United Sfafes Of fine.
rica, d. Congress assembled, That the sub
scribsrs TO this company, theie successors
and assigns, shall DC, and they are hereby,
!, created body polite, BY the nsme and style
of the Frsnklin insurance Company, and
shalt. by that name, have Succession, and
shall be able 10 sue and be sued, implead and
Be impleadcd, in all courts Of Law in the unii
cd States.
Sec. Q. .fnd Be IL further enacted, That
subscription be opened in the Cny of Wash.
ington, Under the direction OF John Davidson.
Sattcriee Clark, Alexander Keec, X, &.
Weightman, Brnjamin G.. Or, Wbll,am
Brent, Samuel Miller and William Deogh,y.
or q maj,ri,y Of then, for rsisiug a capilsi
stock Of wo hundred and ffy thousand dol.
Lars, in shares Of twenty five dollars each;
end that each person, upon subscribing, ply
10 the persons above mentioned. five dulisrs
upon each share so subscribed for; and tina,
the remainder Of the said twenty 6ve dollars
sMil be secursd BY negotiable notes, signed
and endorsed 10 the Satisfaction OF the afo'e
SAID John Davidson, Satteriee CLARK. Alsxsn
Ger Kerr, II c. Weightmao, B~njamin G..
o., William Brcnt, Samuel Miiier, and
William Doughty, or . majority ofthem, and
payment thereof may be thereafter demanded,
nj such times, and in such proportions, as the
president aud directors, hereafter mentioned
shaIl judge advisable, giving sfx weeks No
tiee in at least three Of the gaEcties ptinted
In the District Of Colu0abi
Sec. 9. AndA IL Jsrfher enacted, That ey-
cry subscriber shall be entitled 10 vote by
himself, his sgeot, or proxy, appointed unde
his hand and seal, attested oy two Witnesses.
at all elections made by virtue Of this acI !;
and shall hsss a. many votes as be holds
ehates, as far IS ten shares; one vote Cor ev
cry Eve shares, which he nsy hold over ten
shares, as far as fifty Other shares an5 ont
vote for every thirty shares, which he may
hold over sky shares; aud every Stockton.
der, (not in debt 60 toe company may, wrb
the assen, OF the president and directors, in
person, OF BY power Of attorney, assign and
transfer his stock IN the company, 10 the
books Of the same, or any part ,heseof, MOI
being lees than whole share but no stock.
holder, indebted 10 the company, shall be
permiued to make a treosfsr, or receive a
dividend, until such debt is paid, or secured
TO the satisfaction of the president and diree.
tors.
eee. 4. And be il further enacted, That
as soon as Eve housand shares shall be sub.
scribed, the persons hereby authorized 10 re
ceive subscriptions shall call q meeting OF
the subscribers, giving two weeks notice 10
TWO of the papers printed within the district;
and tho subscribers who shall assemble in
person, or BY proxy, shall choose, by ballot,
from among the stockholders, by a majority
Of votes, twelve directors, who shall continue
in Office until the 6rst Monday in June, in the
year one thousand eight hundred rnd nine
teen, on which Monday in June, 10 every
succeeding year thereafter, al election shall
be held Tor twelve directors, as aforesaid, whu
shall continue In Office for one year from the
time of their election, and until others be
chosen in their srssd. And The said direc
tors, at their 6rs, meeting, shall choose, from
smoug themselves, or f,om the stockholdcr,
at large, q president, and allow him reason
able compensation for his services and IL
case Of death. removed, resignation, or othe
disqualification, Of the president, or any o
the directors, the remaining directors ma
elect others to supply their places duriog III,
remainder Of the term for which they wer,
chosen; and in every case whero one of th,
directors shall be chosen president, the va
csncy shall be supplied, as in the case o
des,h, removal, or resignation. That th.
persons hereby authorized to receive sub
scrip,ions, or any three of them, be Q com
rDitice 10 superintend the FIRST election o
directors, Q commii,ee Of three s,ockhoIders 8
no, being directors, be appointed by the dir
eetors to superin,end every succeeding cleo
tion.
Sec. S. had Be h further enacted, Tba
4 the president and dilectors shall have pove
TO oTdaia and make such by-laws, ordinances
snd regulations, as shall appear necessary 70
4 regulating and conducting the concerns o
the eompay, no; being coairsfy 10 this se'
or the Laws snd constitution Of The Unitee
States. And the fuods Of the company. q,
they shalt ssi,,, may be vested 10 the fund {
sock Of the United States, or of sny iadivid
osl stare, or 10 the stock Of sns incorporated
bank.