The Massachusetts spy. [volume] (Worcester [Mass.]) 1831-1858, 1832-03-28
AN ACT in addition to an Act to define
the Powers, Duties and Restrictions of
Insurance Enmnn nins


Sec. l. BE IL enacted DC, That all Insurance
Companies which shall hereafter be incorporated
by the authority of this Commonwealth. are here
by required to eject by ballot annually oftener
Secretary, who shall be the Clerk, who shall be
Sworn 20 the faithful discharge of his duty and
whose duty it shall be to keep true and faithful
record OF all the votes of the Stockholders ard Of
the Directors, and true list of the Stockholders
and Of the number of shares held by each one
and to record every transfer of share shares in
transfer book to be by him kept for that purpose
In addition to the other duties of such Secretary
as prescribe by law.
Sec BE IL further enacted, That the capital
stock OF all such companies shall be all collected
and paid in within the time Of twelve months from
the grant of the charters to such companies re-.
spectvely, and the said companies shall never take
on any one risk, sum exceeding ten per ccntum
on the respective capital stocks OF the said com.
panies actually paid in
Sec. 5. BE it further enacted That the stock
property, affairs and concerns of every such com.
pahy shall be managed and conducted by not less
Than seven Directors, one of whom shall be Presi-
dent OF the company and who shall hold their Offices
for one year. and until others are chosen. and who
Snail be Stockholders in the company and citizens
OF this Commonwealth at the time OF their cleo
ton, which shall be held at such time and place
and shall be conducted in such manner ss shall he
provided in the bylaws of the company Pro,;ded
That all elections shall be made BY ballot and by q
majority OF the votes of the stockholders present
or absent and voting By proxy, and one vote shall
aowea ior each share, saving that no one stock
holder shall be allowed more than thirty vetes.
Sec =. Belt further enacted, That the Direct.
ofs shaii meet as soon may be after their olec
tion and choose from their board one persop IN be
resident, who shall be sworn to the faithful dis
charge OF the duties Of his Office and every va
cancy IN the office of President and Directors that
may occur in the interim of the annual elections
may be hilet; by special election in the marner
herein presc Tibed for the annual elections
Sec. 0. be IL further enacted. That the Pre- 81
cent ana three Directors, and in the absence of the
PRESIDENT, four Directors shall be board CONNIE.
tent TO transact the business Of the comn,nv and
~ az questions before them, a majority of the
ooafu shai prevail, except in those cases ALREADY
other"ise provided for by law and they shall have
Power 10 make such rules and by laws as they NAV
ueeni proper i0r the arrangement and secpritv of
tne aha'rs and property of said company and IN
"PPoiht s"ch oihcers as they may think necessarv
anu u'ahe such compensation as they NAV deem
adequate to the services performed psos ~
hat such rules and bylaws be not repuonant tn
the Constitution and laws of this CommonweaI,h
Sec. o. BE IL further enacted, That anv ,,uo &c
the persons named in the act incorporating anv
such Company, are authorized to cali The sr ny
meeting thereof for the purpose of organ;1;n ,
same, by giving notice in TWO newspapers nrinted
WITHIN or nearest to the town in whichsaid comma
ny snail be established, seven days previous n he
time OF holding such first meeting or by oivina
personal notice of the time and place of meeting
to all persons interested therein seven dave rs
Vious thereto, oil which an especial record shall be
made. '''"i' nc
Sec. Z BE IL further enacted That said com.
panies shall be liable to be taxed by anv general
law, providing for the same.
Sec. o. BE 1t further enacted, That in all suits
and actions at law, in which any of said Comma
MES shall be party. it shall be lawful for the le-
PENDANTS to plead the general issue, and thereupon
TO give IN evidence, such facts causes and cir