American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1825-03-08
ARTICLES OF ASSOCIATION
OF THE

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and made NANTES 81, that we, the subscribers nave
Gorned a Comoanv or limited and special Partner
shin and do hereby associate and agree with eaGh
n,her 10 conduct business under the name ana uue
Of The president and Directors of the Whining
ton Fire Insurance Company"
Article THE capital stock Of the said Com
pauy shall consist of One Hundred Thousand Dot-
lars and shall be divided into shares oil my doilars
each; The amount of the shares subscribed ior
shall be paid by the several respective saosc'ioels
into The hands Of the Directors hereinafter named,
in the following manner, to acit: Five dollars shall
he Maid on each share at the time OF suoscrloingl
,hese Articles and FIVE dollars shall be paid on eac
share at the expiration Of thirty days thereafter aha
the remainder forty dollars on each share by install
mrnts not exceeding dollars, as may be required
by the President and Directors, TO be appointed IN the
mode hereinafter prescribed upon the.r B's"b ''"V
DAYS previous notice to the stockholders IN Two OF
more of the newspapers printed in the Borough OF
Wilmington: and in case OF failure IN the pay
ments Of all or any part of said instruments at the
time or times so required, every share on winch
such failure shall have taken place, and the interest
or dividends on all monies previously paid on such
shares, shall be 70, feited to the company.
Article 1.-The following persons are hereby
constituted and appointed Directors OF the said Com
many and shall hold their respective Offices until
The first Monday of March next, IN the year OF our
Lord one thousand eight hundred and twenty SIX
article UI.--Should any vacancy at any Time
happen among the Directors, 10y death, resignation
or otherwise, the remaining Directors Tor the time,
shall elect Director TO till such vacancy untii inc
next election, and on the said first Monday OF
March, A. 1896 and on every succeeding year
, pen-ral meeting of the stockholders of the SAID
COMPANY shall be holden al such place as the Board
of Directors shall appoint, by notice In two or more
newspapers printed in the Borough OF Wilmington
at least fifteen days next antecedent to SUCH meet
ing for the purpose of eiectng seven Directors ior
the ensuing year, aud the said Directors thus elect
ed shall, at their first meeting alter such election
in each wear, chose one oil their number as Pres
dent. Proridpd, That in case it should happen
any time that an election Of Directors should no
be made upon any day when pursuant TO these a'ti
ties il ought to have been made, 1t shall he lawful
and the Directors for the time beng are hereby re-
uured within ten days after such neglect 10 call I
meeting of the stockholders, tor the purpose y
holding and making an election OF Directors IN suct
n,anner as majority OF them shall direct and ap
point.
Article W--None but stockholdyr. being
citizen Of and resident 10 the state oil Delaware
ahaiI be eligible as a Director I; and it any one o
the Directors, after being elected, shall, at an!
time during the term for which he shall have beef
chosen, cease to be stakeholder, the remaining
Directors, or majority OF them, shall at thei
next meeting, pass an order declaring him thu
OlSQualHeQ anu no ioubCr q DhSStW VI VIC "a
Company, and shall forthwith proceed to fiji up, b
new election, his place for the remainder OF th
time for which he shall have been elected.
Article V.-The Board of Directors Tor the tim
being, shall have power to elect President an
Secretary, Surveyor, and such other officers AN
clerks under them as shall be necessary for execn
ing the business Of the Company. and to allow ,heI
such compensation for their services respectvrl
as they may deem reasonable, and shall be caIab
nj exercising such other and author lille
and Of making, revislng altering, or annulling a
such Bye-Laws and Regulation tor the COVER
ment Of the Company, and that OF their office
and affairs, as they, or majority OF them, shs
from time to time think expedlent, not inconslste
with law, or these Articles of Association.
article VI.-The affairs of this Association sh
be conducted by the President and Directors, eet
ed as aforesaid. They shall have power and autho
ty to make all kinds OF insurance against fire a
assurances inland transported on OF goods, war,
nerchandizes, and country produce, aud to inv,
the funds Of the said institution in any stock whic
in their Judgment, may be most advantageous to
and in the securities or obligations OF incorporat
bodies they shall keep fnll. TAR and corr,
entries Of their transactions which shall at all TIM
be open to the inspection of stockholders lii
shall also have power TO hire or pun chase sulta
building or buildings in or near the Borough
Wilmington, Tor the purpose OF ransacting
affairs of this Institution, and generally 10 cond
the entire business to the object thereof
article vi Not less than four Directors 81
form Board for the transaction o, business,
whom the President shall be one, exceptln case
sickness or necessary absence, in which
place may be supplied by any other Director, WI
the majority OF he Directors present shall no
nate for that purpose.
Article VIII-One share in the stock of
Company shall enlltle the holder to one vote;
no person, body corporate or otherwise, snail
cd IL, fen ntasa 81 cIIn
able to the following ratio:
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