The Arkansas advocate., 1831-06-08


 of Columbia.
 Be it tcnncted 6g the Senate and House CT Representatives ofthe United Sfdtes of .ame- Tlca 1n Congress assembled, That, the sub- serlhers to this company, their successors and assigns, shall be, and they are hereby, created body polite and corporate, by the name and style of the 'sootomac Fire Insurance Company of George and shall by that name have succession and shall he able to sue and be sued implead and be impleaded, in all courts of law in the United States, and make and use one common seal, and the same to alter and a. mend at their pleasure.
 Sec. ?. Ind De a further enacted, That subscriptions be opened in Georgetown, in the District aforesaid, under the direction of Francis Dodge, Raphael Semmes, Wall ter smith, Iohn Kurtz, William 5. Nch- oils, L. c. Davidson, John Marbury, Joel. Cruttenden, 0. RI. Linthicum, James Dun lop, William G. Ridgeley, Samuel Hum- phreys, and William Hayman, as Comnis- sioners, or majority of them, for raising capital stock of two hundred thousand dollars, divided into eight thousand shares Of Twenty-Five dollars each.
 Sec. 9. find De Il further enacted, That the said Commissioners after giving ten days previous notice of the time and place for receiving subscriptions of the said stock shall proceed to receive the same; and should the number of shares subscribe ed exceed the number of which the capital stock consists, then, and in such case, the sad Commissioners are hereby authorized and directed so to apportion the shares subscribed among the several subscribers, by proportional reduction, as may reduce the whole to the aforesaid number of eight thousand shares.
 Sec. 4. .4nd 5e t further enacted, That, the sum of one dollar each share shall be paid to the Commissioners at the time of subscribing, and further sum of four dollars on each share of stock by install ments, after giving thirty days previous mo- fice to the stockholders, in one or more newspapers printed in the District of Co., iumhia, not exceeding two. dollars on each share; and that the remainder of the said twenty-five dollars shall be secured by notes payable on demand, signed and en- dorsed to the satisfaction of the President and Directors. The notes shall be renew ed whenever the directors may consider It preper but the-directors are hereby re- quired to cause the same to be renewed at least ence in every twelve months; and ev- cry stockholder neglecting or refusing to renew his note, or neglecting or refusing so pay any lnStaiment, WHeu ftdtttiC Cu - the President and Directors so to do, shall forfeit his interest in this company, and be held liable for his proportion of any loss which may have occurred previous to such neglect or refusal.
 Sec ,. And be i. further enacted, That, should any forfeiture be incurred by any member of this institution, the same may be annulled. remitted, and made void by a majority of the whole board of directors present at the meeting at which the motion for such remission shall be made: Prootded, That no remittance of any forfeiture un- der this act shall take place without the payment of the principle of said instalment and interest thereon, or the renewal ot ms note, as required by the directors, as al the payment of his proportion of sue. loss as may have occurred previous tosnc' forfeiture
 Sec. 6. And beiitnriher eaae'ed, That as soon as two thousand shares sllait hs subscribed for. tEe Goplalissioners AeFssl