American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1825-03-11
ARTICLES OF ASSOCIATION
OF THE


and made manifest, that we, the subscribers, nave
70, med Company, or limited and special Partner
shin and do hereby associate and agree Win ea.h
other 10 conduct business under the name and 0''e
Of the President and Directors OF the Whining
ton Fire Insurance Company"
article 1.-THE capital stock OF The said oom
many shall consist of One Hundred Thousand DOT
lars and shall be divided into shares OF hy oolars
each: the amount of the shares subscribed for''
shall be paid BY the several respective subscribers
into the hands of the Directors hereinafter named,
in the following manner to ,ch: Five dollars shall
be paid on each share al the lime OF SUBSCRIBING
these Articles and FIVE dollars shall be paid on eae
share at the expiration of thirty days thereafter ana
the remainder forty dollars on each snare oy msa'.
ments not exceeding ten dollars as may ne required
by the President and Directors, to be appointed IN the
mode hereinafter prescribed, upon their giving sixty
DAYS previous notice to the stockholders IN TWO OF
more of the newspapers printed in the Borough OF
Wmnpton and 10 case OF failure IN the pay
meats of all or any part OF said instruments al the
time or times so required, every share on winch
such failure shall have taken place and the interest
or dividends all monies previously PAID on socn
shares shall be forfeited to the company
article 1.-The following persons are hereby
constituted and appointed Directors OF the SAID Com.
pany and shall hold their respective "thces unu'
the 6rst Monday OF March next, in the year OF our
L,rd one thousand eight hundred aud twenty SIX.
.qrticle IH.-Shouid any vacancy at any time
happen among the Directors, by death, Resignation
or otherwise, the remaining Directors Tor the tlme
shall elect Director 10 fill such vacancy Until The
next election, and on the said first Monday OF
March A 1926. and 90 evefy succeeding yeaf
seeneral meeting of the stockholders Of the said
Company shall be holden al such place as the "a
Of Directors shall appoint, by notice IN two OF more
newspapers printed in the rough OF wilmington
at least fifteen days next antecedent 10 such meet
ing, for the purpose OF eectng seven Directors oi
the ensuing YEAR and the said Directors thus elect
ed shall, at their first meeting alter such election
in each year, chose one oil their number as Pfesi
dent. Proridga, That in case 1t should happen a
any time that an election oil Dirt ctors should no
be made upon any day when pursuant 20 these a. u
cles it ought to have been made, II shall be Lawful
and the Diec'ors for the time being are hereby re
CURED within ten days after such neglect 10 call
meeting of the stockholders, Tor the purpose Q
holding and making an election OF Directors 10 sncl
manner as majority Of them shall direct and ap
point.
Article W.-None but a stockhold r. being
citizen OF, and resident IN the state OF Delaware
shall be eligible as Director; and il any one o
the Directors, alter being elected shall, at any
time during the term or which he shall have beer
chosen, cease to be a stakeholder, the remaining
Directors, or majority OF them, shall, al thel
next meeting, pass an order declaring him thu
disqualified and no longer Director oi he sat
Company, and shall forthwith proceed to I'LL up, b.
a new election, his place for the remainder of tn
lime for which he shall have been elected.
article H.-The Board Of Directors tor the tim
being, shall have power 10 elect President an
Secretary, Surveyor, and such other officers an
clerks under them as shall be necessary Tor execnl
ing the business Of the Company. and 10 allow then
such compensation for their services respectively
as they may deem reasonable, and shall be capabl
u exercising such other powers ans authorities
and Of making, revising, altering, Or annulllng a
such Bye-Laws and Regulations tor the govern
ment OF the Company, and that OF their 9TH ei
aud affairs, as they, or a majority OF hem eha
from time to time think expedent, not inconssle
with law, or these Articles of Assoc iatlon.
.irticie TI.-The affairs OF this Association she
be conducted by the President and Directors, elet
ed as aforesaid. They shall have power and author
ty to make all kinds OF insurance against fire al
assurances on inland transported on OF goods, wa {
merchandlzes, and county produce, aud to Inve
the funds OF the said institution IN any stock whlc
in their judgment. may be most adj antageous to
and in the securities obligations OF incorporate
bodies they shall keep full. ialr and CORE
entries OF their transactions which shall at all tim
be open to the inspection of S ockhoders. ! h
shall also have power TO hire or purchase suat
building buildings in or near the Borough
Wilmington, tor the purpose OF transactlng I
affairs of this Institution, and generally to cond,
the entire business to the object thereof.
article VU-Not less than four Directors sh
form Board for the transaction OF business,
whom the President shall be one, except in case
sickness necessary absence, in which Gaze
place may be supplied by any other Director VIII
the majority of the Directors present shall moi
nate for that purpose.
Article VIII-One share in the stock Of
Company shall enlitle the holder to one vote;
no person, body corporate OF otherwise, snail
entitled to more than ten votes at any election agI
able to the following ratio
From | to shares | vote