The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1818-08-26
AN ACT 10 incorporate the Columbian In
su,ancc Com pany Of Alexsndsia.

AN ACT 10 incorporate the Columbian In
su'ance Company Of Atexsndsia.
BIZ IL encesed ty me Senate ord Reuse q
Representatives ef fhe Uniisd Stafes Of .1fse-
rirG, in Congress assembled, That the Co'um-
oian Insurance Company OF A,cxandris, which
was formed and epsblished in the town OF Al
exandri ga the twen'y eighth day OF ApriI
in the year one Thousand eight hundred and
fItcen, be, and they are hereby, created .
body polite, and by that name shall have sue
ccssion, shall sue and be sued, iuplcsd and
&c impleaded. in conveaan,, debt, case, by
bill, Q, by warrant, before any Judge, or jus-
ice, and 10 al courts of law aOd equisy.
Sec. ?. Ind Be il further enacstd, That tho
capital Of the said company. which now con-
sists two huadsed and seventy seven thou.
sssd dollars, in shares Of fifty dollars esch,
may be increased whenever the business Of
tie said company, in the opinion OF the pres.
Ident and directors FOR tho time icing, may
require il, to an extont not exceeding one
million Of dollars, in like shares.
Sec. 3. dnd 6e il further enacted, That the
exis,ing board Of president and directors OF
said company may serve in those capacities
until the next election OF directors, on the
Fl ST Monday Of November, in the yesr one
thousand eight hundred and eighteen four
,een days before which period public notice
shall be given by the said prcsidcu, aud dir.
ec,ors 10 the stockholders that en- elccsicn
wilt be held on that day; and they shah ap-
point two or more other stockholders as COM
nissionets to supcrinicnd tho same at whie h
csc,icn every siockho!dcr shall be entitled
10 give one vote fo' each share with has
stood in b:s name twenty days last pfece ding,
iot eleven persons, being s,ockholdcis, ;, cui-
zens of the Uniied States, and residents OF
| ,hc Distric, Of CoiUnbi., or OF the couniy OF
Fairfax, in Virginia, az directors al said Cor.
| pofaiisn. The PEI sons thus elrcisd ssail, al
Their first meeting, proceed iosih~i,b to tx
the salary of The pfe,iden, s.sd as;ci wasds 10
| bis election from ihejr Osn body, nnd shrli
| cenlin0c ia oliice until thc succeeding .iec-
lon OF directors, and no logger. Cader, Inc
| sasne reguie,jcps shalt al election be repeat
1 I'd annoal,y. bu, II one hArpens not 10 b.
| made on <h< tsy hceebY' lInised, This chsstcr
snail not therefore be void, provided an nx:ec.
ion Be completed within thirty days thetcxs-
ter. No person shall continue president or
director after ceasins to be stockho'der.
! Sec. q. Ind be IL further cEacfrd, That The
| president and directors shalt have power to
.nake regulations for the government Of the
corporstion Providrd. They be not rcpug
| nant to the laws ol the UB,ed States or this
| act: 10 appoint secretary, and all other DIN.
| oers and sesvbs.s, and 10 FIX t.cir compeosc.
ions; ID supply vacancies 10 their own body;
TO bold such teal estate as M? be necessary
| for the transaction Of thcif business, mol ex
| ceedilg 10 sOouos forty Thousand dtllars, or
| hat may tc conveyed To them as security for
! debt 10 uest the. .corpo, ate funds in stock Of
he United States, or of any of the individual
1 states, or in stock Of any incorporated COM.
| pany, this corporation being Inhibited t'om
| issuing any proiIissory note ~ tho way OF
1 bsnking to lend money 90 bottomry and re.
| pondensia; to insure lives; also, properly ~
ga.nst all manner Of tisks Provided, kvety
! Insurance be expressed in wtiliog, signed by
l he president, and attestcd by the secretary (;
md 10 sell the shares Of any stockholdcf who
shall fail to give satisfactory secsrit5 for sny
par, thereof that may be unpaid also to sell,
If the secu-ity which may have been given be
manifes,ly impaired and de6cieat, and such
stockhoider shall fail to make II satisfactory
when thercvnlo required; and further, TO sell
il such stockhoIder shall fail TO pay install.
ments when demanded nor shall any such
sslc preclude the liability Of sny such stock
-
eudorssr or erdorsors, or any security ne may
have given. from making good any further
iniuy which may be sustained.
Sec. S. Ind be if Jlrshsr enacted, That
the said president and directors shall condocs
business in the toSn Of Alexandra, IN the
District Of Co.umbis that they shall keep
proper books and record their proceediogs
therein that, on the frss day Of May and the
6rs, day Of Novewher in every yess, they
shall deciale dividend Of 50 much Of the
clear pro6s as they may deem advisable
end within ten Gays shetesflsr shall pay the
same TO the stockholders but II shall not be
lawful tor the ssid president end directors to
include in ssch dividend The premium Of any
risk which has no, sctuali5 Terminated, nor
10 divide more thon two-shisds Of the clear
profits, until, BY ine half yearly appropriation
Of the other third thereof, cootiOgeos fund
u twenty thousand dollars shall Be formed ;
aad 80 often % the fond shall be impaired By
losses, the said psssidest snd directors shall
continue the bsif yearly appropriation STORE
aid. until il be restored to the aruoust bcfere