Alabama state intelligencer., 1831-06-01

Sec. 5. .4nd 6e H further enacted, That should any forfeiture be incurred by any mem- Der of this institution, the same may be an nulled, remitted, and made void by maori ty Of the whole board Of directors present at the meeting at which the motion for such re- mission shall be made: Provided, That no remittance of any forfeiture under this act shall take place without the payment of the principle of said instalment, and interest thereon, or the renewal of his note, as re- quired by the directors, as also the pWment ot his proportion of such loss as may have occurred previous to such forfeiture.
 Sec 6. .dnd De H .further enacted, That as soon as two thousand shares shall be sub scribedf for the Commissioners hereby author lzed to receive subscriptions shall call meet ing of the subscribers, after giving ten days notice in one or more of the newspapers printed in the District of Columbia; and the subscribers who shall assemble in consequence of such notice, or appear by proxy, shall choose by bollot from among the stockhol- ders, by majority of votes, twelve directors, who shall continu. in office until the first Monday in August, in the year one thousand eight hundred and thirty-one; on which Mon- day in August, in every succeeding year there after, an election shall be held for twelve di- rectors as aforesaid, who shall continue in of tce for one year from the time of their cleo ton, and until others be chosen in their stead; and the said directors, at their first meeting, shall choose from among themselves, or from the stockholders at large, president, and al- 1 low him a reasonable compensation for his services and, in case of death, removal, re- signation, or other disqualification of the pre- sident or any of the directors, the remaining directors may elect others to supply their places during the remainder of the term for which they were chosen.
 Sec. z .4nd De it further enacted, That every subscriber shall be entitled to vote by himself, his agent or proxy, appointed under his hand and seal, attested by two witnesses, at all elections made by virtue of this 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 eve ry twenty shares which he may hold over sixty shares.
 Sec. 8. And De it further enacted, That the affairs of the institution shall be conduct ed by the president and directors elected 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, appointed by the board; that the president and directors shall have power and authority to make all kinds of insurance against loss or damage by fire, and insurance on inland 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 the institution in stock, or dispose of the same in such manner as in their judgement may be most advantageous to the said institution; that they shall have full power and authority to appoint secre- tary, and such other clerks and servants un- der them as shall be necessary for transactinp the business of the said institution, and may allow them such salary as they shall judge reasonable; to ordain and establish such by laws, ordinances, and regulations, as shall appear to them necessary for regulating and | conducting the concerns of the said institu- tion, 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 town, that they shall keep full, tair and cor rect entries of their transactions, which shall be at all times open to the inspection of the stockholders; they shall also have power to hire or purchase a suitable building or build ings in Georgetown, for the purpose of trans acting the affairs of the institution; that the president, or such other person as may be ap- pointed in his place, and four directors, shall form a quorum for transacting business, and all questions which may come before them shall be decided by plurality of votes
 Sec. 9. .And De H further enacted, That all policies of insurance made by this corpo- ration shall be signed by the president, at tested by the Secretary, and sealed with the common seal thereof; and all losses on any such policy or policies shall be adjusted by the president and board of directors, and paid, agreeaby to the terms of the policy, out of the funds of the company.
 l Gec ID ,,d ho # f,fyf6e,. erncfoI Tha+ 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 surplus fund, un l. til it shall amount to the sum of twenty thou sand dollars, shall be made at such periods as the president and directors may judge proper, not oftencr 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 declared of a greater amount than the nett profits of the said company at | the time of making the same, each and eve ry director that consented thereto shall, and is hereby declared to be liable for, in his in- dividual capacity, and bound to contribute to occasoned by such improper dividend.
 Sec. Il. And De H further enacted, That no stockholder shall be anSwerable, in his per- son or individual property, for any contract or agreement of said company, or for any losses, deficiencies, or failures, of the capital stock of said institution, except in the case of director declaring an improper dividend, as before provided for in the tenth section of this act; but the whole of the said capital stock, together with all property, rights, and credits, belonging thereto, and nothing more, shall at any time be answerable for the de- mands against the said company.
 Sec. 12. And De t .further enacted, That the stock of this institution is hereby declared