Ypsilanti sentinel. [volume] (Ypsilanti, Washtenaw Co., Mich.) 1843-1900, 1844-05-09


Sec. %. That when the Directors
shall ascertain the amount Of premium re-
ceip,s that have been forfeited. and the
amount Of permanent stock 10 oe issued
~ complete tho whole number of one
thousand shares, they shall distribute such
deficiency OF permanent stock among the
existing Stockholders, in proportion to
their respective amounts of stock al the
time Of said distribution, or may permit
new subscribers to tho amount of such
forfeiture.
Sec. %. That the Directors shall have
power to appoint as many agents. aPprai-
sers. surveyors and clerks, with such sala.
ries and emolumenls as they shall deem
proper and necessary, for the business o;
the Company.
Sec. "a. The company shall exist for
the term of twenty years. unless the Le-
gisIa,u.e shall sooner repeal the charter,
or unless dissolved by vote Of three
fonr,hs of its Stockholders, or its charter.
ed privileges shall be declared forfeited
by the final decision Of court of law or
equity, and if .aid dissolution shall take
place before such Company shall have is
sued 100000 of permanent stock and
premium receipts, then the capital stock
thereof, after paying expenses and extin-
gushing outstanding policies. shall be d.
vided among the holders of permanent
stock and premium receipts, according to
their respective amounts /: Provided, That
six months notice be given in daily
newspaper Published in Detroit, that said
distribution is about to be made, requiring
the holders OF premium receipts to produce
the same at the Office of said Company !:
and all such receipts not presented on or
before the expiration of one year from
and after the frs, publication of such no.
ice, shall be barred and excluded from
such distribution but If said distribution
shall lake place after The issue of one
hundred thousand dollars of permanent
stock, then the distribution shall be upon
the shares of permanent stock alone, share
ard share alike.
Sec. %. That no dividend or distribu-
ton Of the profits of the company shall
be made until the whole amount of CAPT
tai stock, one hundred thousand dollars,
shall have been received and is possessed
az said Company and if it shall a. any
lime occur, during the existence of this
act. that the capital stock of said company
shall be reduced by losses below one hun
dred thousand dollars, no dividend shall
be declared or paid thereafter, until the
deficiency in the capital stock be restored,
aud surplus accumulated, which may
be divided; and all dividends shall be on
the permanent stock, share and share
alike.
See. 26. Nothing in this act contained
nor in any Of its provisions, shall be con-
strued TO authorize the corporation here
by created to exercise banking powers or
privileges, to discount bills or notes, TO
deal in exchonge, or to issue notes, bills,
certificates. or paper of any other descfip
lion whatever, as circulating medium
And every violation of section, shall, fpso
facto, work forfeiture ofthe charter, aud
subject TIE Directors and officers offend
Cg in the premises, to such penalties as
he Legislature may from time to time |
enact.
Sec. 81. That no person shall vote at |
lny election of this Company, as proxy
or another, unless he shall himself be a
in said Company.
Sec. %. That all committees, appoin-
ed by the Legislature, the Governor and
Attorney General or either Of them, may
It any time examine into the affairs of
his Company, and have free access 10
IS books, papers and vaults, for that pur-
ose.
Approved March IL. ls44. /
DEATH OF A CoNGREssMAN.-Anot
in Congress, the Aon.
ie.re A. Bossier, Of Louisiana, died in ,