Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1835-06-11

Siousiy appointed for that purpose, by
the board Of directors, and shall be
made by ballot, by a plurality of the
votes OF the stockholders present. or
by theirProxics, allowing for ore rtwo
shares, one vote each share; for every
two shares above two. and not exceed
ing ten. one vote; for every four above
ten, and not exceeding thirty, one
vote; for every six above thirty, and
not exceeding sixty, one vote, for eve-
~ eight above sixty, and not exceed
ing one hundred, one vote but no
amount Of stock. however great, shall
entitle the owner TO more than thirty
votes.
Z. Be q further enacted, That the
named in the first Sec
ton Of this act, shall be inspectors OF
the first election of directors OF the
said insurance company, and shall Ger
tify under their hands, the names OF
those duly elected. and deliver over
to them the subscription books, and al
SO the money received as aforesaid,
and the time and place of holding the
first meeting of the subscribers for
choosing directors shall be- fixed by the
said commissioners, and the directors
so chosen, at such meeting, or at annu-
al elections, shall, as soon as NAV be,
after every election, choose out OF their
body one person to be president and
one person to be vicc-president, and in
case OF death or resignation of the
president or vice-president, or of any d.
rector, such vacancy or vacancies NAV
be filled for the remainder of the year
wherein they may happen, by the board
OF directors, and in case OF the alb
scnce of the president and vice-presi-
dent, the board of directors shall have
power to appoint president pro tezi-
pore, who shall have and exercise such
powers and functions as the bylaws Oh
the said corporation may provide.
:. BE a further enacfed, That in
case II should at any time happen that
an election of directors shall not be
made on any day, when, pursuant to
this act II ought to be made, the said
corporation shall not, for that, cause,
be deemed 10 be dissolved, but il shall
and may be lawful, on any other day
to hold and make an election OF dircc.
tors in such manner as shall have beer
regulated in the bylaws of the sale
corporation, not Inconsistent with thil
act; Prorsdtd, That such election be
made within sixty days thereafter.
D. Be Hfurfher enacted, That the
stock OF the said corporation shall be
assignable and transferable according t.
the rules. and subject to such restric.
tons and regulations as the board O
directors shall, from time to time, make
and establish, and shall be considered
personal property; but in case the sale
corporation shall have any demand o.
claim against any stakeholder thereof
whether such claim is due or to become
due at any future period, such stock
holder shall not be entitled to make an,
transfer, sale or conveyance of his or he
stock IN said corporation. or to receive
any dividend thereon, until such claim
or demand shall be paid or secured e
be paid, TO the satisfaction of the boarC
Of directors : and unless such claim Of
demand shall be paid or secured TO be
paid, satisfactorily as aforesaid, wiihir
ninety days after the same shall have
become due, then such stock OF an,
such debtor, or so much thereof a,
shall be sufficient for that purpose
may be sold by the said corporation
under the direction Of and in sucl
manner rs the directors for the time
being may think most advisable, ans
the proceeds thereof shall be apple,
towards the satisfaction Of such claim
or demand.
I'D. Be IL further enacted, That any
FIVE OF the directors of the said corINp
ration may form board, and be com.
petent 10 transact any business Of the
said corporation; and they shall have
full power to alter and prescribe. fron
time to time, such bylaws. rules and
regulations, as TO them shall appeal
needful and proper. touching the man.
agemsnt and disposition Of the stock
property. estate and effects OF said
corporation, the transfer Of shares, ana
touching the duties and conduct oil
their officers and clerks. the election Of
directors, and ali other matters whatso.
ever, that may appeTtain 10 the bust.
ness Of such insurance a. Is hereby au-
thonzed; and they shall also have power
20 appoint secretary, and 80 many
clerks and servants fof carrying on said
business. and for such periods and on
such terms IS shall seem meet; 10 e.
iablish and fix such salaries and allow an
ces 20 each Of them, and also 30 the
president and vice-presijent, a. "a
them shall appear proper Proriaed.
ARRAYS, That such by-laWs. rules and
regulations shall not be repugnant 10
the constitution Of this state. Or of the
United States, OF any provisions Of
this act.
~. Be u further saacicd, That an
policicS of insurance and other con-
tracts, which are authorized by this
act, and which shall h. made or en-
tered into by the SAID coTpoFsiion.