Portland gazette and Maine advertiser., 1818-03-03

taken for premiums of risks which shall be unde~
termined and outstanding at the time Of making
such dividends shalt not be considered as parts of
the profits Of said companies and in case of any
loss or losses. whereby the capital stock OF the said
companies shall be essened before all the install
ments are paid in each proprietor stockholders
estate shalt be held accountable for the ins taments
that may remain unpaid on his share or shares at
the time of such loss or losses taking place. And
no subsequent dividend shall be made until the
arising from the profits Of the business OF the said
companies equal TO such dininution, shall have
been added to Tie capital and that once IN every
three wears, and oftener. If required by majority
of the votes of the stockholders the directors shall
lay before the Stockholders, at general meeting,
an exact and particular statement OF the profits, if
any there be, after deductng losses and divi-
dends.
SEC. s. BE II further enacted, That the said com-
panes shall not directly indirectly deal or trade
IN buying or selling any goods wares or merohan-
die or commodities whatever; and the capital
took Of said companies, collected at each install
ment, shall, within six months, be invested, either
in the funded debt of the United States, or of this
Commonwealth, or in the Stock OF the United
States Bank, or Of any incorporated Bank OF this
commonwealth, i'm either all of them and in such
proportion as may be most for the interest of said
companies at the discretion of the President and
Directors Of said companies; or of such other per-
son persons said companies shall for such pur
pose at any meeting appoint PT0rldtd, hotcerer,
hat the President aud Directors Of said compa-
MES aud oi all other companies OF insurance here
tofoie Incorporated, shall have power TO loan 10
auy citizen Of this State, any portion Of their capi
tai stock, not exceeding one half, on respondeHia
and bottomry - Prorided, also That The sum ioan-
ed, on any one bottom al one tin'e including the
sam injured in any other way upon the same bot
tom, shaIl exceed ten per centum upon he cap-
Ital stock Of such compsnies nor shall The same
be loaned bnt with the assent OF three oArs OF the
| Directors OF such companies and such loans to-
gether with the assent aforesaid, shall be entered
| al large in the records of the said companies, aud
shall be laid before Observation-Disclosures at their meeting
next following the said a.; and il shall be Ia The
| power of the Directors Of said companies, 81 Csc
they shall deem Il more f3r the interest Of the
! Stockholders in said companies than any Of the IN
yestments above described, TO loan any portion of
| their capital stock aforesaid, not exceeding two
| thirds of the whole amount, toany person or ler-
! sons within this Commonwealth, either on mort
gage of real estate within this Commonwealth. or
| on pledges Of the public stocks Of The United
states or of The Bank of the United States, or of
any other Bank Incorporated by the authority Of
| this Commonw ealth.
SEC. l. BE Il further enacted That in ease ofany
loss or losses taking place, which shall be equal 60
The amount OF the capItdi SHOCK OF tue Sdlu Conpd-
Mes and the President or Directors, after knowing
Of such loss losses taking place, shall subscribe
to any policy Of insurance. their estates jointly and
severaIly shall he accountable for the amount Of
any and every loss, which shall take place under
| policies so subscribed.
SEC 5. BE 1t further enacted, That The President
and Directors Of such Companies shalt previous to
subscribing TO any policy and once 10 every year
after, publish in two Of the newspapers pfiuted
within this Commonwealth, one of which at least
| shall be 10 the town of Boston, the amount
| of their stock against what rick they mean to in
sure, and the largest sum shey mean to take on
any one risk
SEC. 6 BE it further enacted, That the President
and Directors of such companies shall, when and as
often as required by the Legislature Of this Com
monwealth lay before them statement of the affair
of said companies, aud submit, 10 al examination
concerning the same uudrr oath.
SEC Z. BE Il further enacted, That the said com.
panies shall never take on any one risk sum ex-
ceeding ten per centum on the respective capital
stocks OF the said companies.
-4pprored By The Gorernor February, IS 1918.
Copy exaniued by A. BRADFORD,
Secretary Of Commonwealth.