The Arkansas advocate., 1831-06-08


 ] ing ten days previous notice in one or more l of the newspapers printed in the District of Columbia; and the subscribers who shal ] assemble in consequence of such notice or appear by proxy, shall choose by bal i lot from among the stockholders, by a majority of votes. twelve directors, who shall continue in office until the first Nion- Iday in August, in the year one thousand eight hundred and ti1irty-one; on which Monday In August, in every succe eeding year thereafter, an election shall he held for twelve directors as aforesaid, who shall continue Tn office for one year from the tune of their election, and until others be chosen in their stead; and the said direct ] ofs, at their first meeting, shall choose from among themselves, OF from the stock holders at large, president, and allow him reasonable compensafionfor his ser vices; and, in case of death, removal, resig- nation, or other disqualification fthe pres ldent or any of the directors, the remain l Ing directors may elect others to supply the1r places during the remainder of the term for which they were chosen.
 See. r find De | }ityfder enacted, That every subscriber shalt be entitled to vote by himself, his agent or proxy appointed iiiitfer iis ifand and seal, attested by two witnesses, at elections made bysyirtue of thus act and shall have as many votes as he holds shares, as far as ten shares; one vote for every five shares which he may hold over ten shares as far as fifty other shares; and one vote for every twenty shares which he may hold oyer sixty shares.
 Sec. 8. find De | fu2dhe9. scRncfp4. That. the affairs of this institution shalIzbe con dueted ny the president and directors elect cd as aforesaid; that the president shall preside at all meetings of the directors and, in case of absence, his place may be supplied by one of the directors. appoint ed ny the board; that the president and di- rectors shall have power and authority to make all kinds of insurances against loss or damage by fire, and insurances on in- land transportation of goods, wares, mer- chandise, and country produce, not exceed ing ten thousand dollars in any one policy, and to invest the funds of tie institution in stock. or dispose of the same in such manner as i'll their judgment may be most advantageous to the said institutions; that they shall have full pow CT and authority to appoint secretary, and such other clerks and servants under them as shall be neces- sary for transacting the business of the sad institution, and may allow thefH such salary as they shall iHdge reasonable; to or- dain and establish such bylaws ordinan- ces, and regulations, as shall appear to them necessary for regulating and conducting the concerns of the said institution, not being contrary to, or inconsistent with, this act, or the laws and constitution of the United States; that the said president and directors shall conduct business in George getown, that they shall keep fall, fair, and correct entries of their transactions. which shall be at all times open te the in- f { al II ] so have power to hire or purchase suita- ble building or buildings in Georgetown, for the purpose of transacting the affairs of the institution; that the president or such other person as may be appointed in his place, and four directors, shall form quo- rum for transacting business, and all ques- tions whichmay come before them shall be decided by plurality of votes.
 Sec 5. ind be dfitrthe,. enacted, That, al. policies of insurance made by this cor poration shall be signed by the president, attested by the Secretary, and sealed with tbecommon seal thereof and all losses on any such policy orpoiicies shall be adjusted by the president and board of directors, and paid agreeably to the terms of the poll icy, out of the funds of the company.
 Sec. 10. .And ie II further enacted, That dividends of the nett profits arising on the capital stock, or so much thereof as to them may appear advisable, after reserving one third of the nett profits as a surplus fund, until 1t shall amount to the sum of twenty thousand dollars, shall be made at suc! pc riods the president and directors may judge proper, not oftener than once in six months, and the same shall be paid to the stockholders or their legal representatives,; but if dividend shall at any time be de- clared of greater amount than the nett profits of the said company at the time of making the same, each and every director that consented thereto shall. and is hereby declared to be liable for, in his individual capacity, and bound to contribute to make good the deficiency in the capital stock oc- casioned by each improper dividend.
 Sec. II. .andb n further eiacfed. That, no stockholder shall be answerable, in his person or individual property, for any con tract or agreement of said company, or for any losses, deficiencies, or failures, of the capital stock of said institution, ex- cept in the case of dire ctor declaring an improper dividend, as before provided for in the tenth section of this act; but the whole of the capital stock, together with all property, rights, and credits. belonging thereto, and nothing more, shall at any time be answerable for the demands gainst the said company.
 Sec. 12. And be II further enacted, That, the stock Of this institution is hereby de- clared personal and not real estate, and may be assigned and transferred on the books of the company, in person or by pow CT of attorney only; but no stockhoider in- dehted to the company shall be permitted to make transfer, or receive dividend, until such debt is paid or secured to the sa- tiecaetion of the president and board of di-