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

4
one hundred shares shalt aave been Ia.
ken after which the payment, rs afore-
said, of Que hundred dollars shall be re-
CURED for each share ofpermanent stock.
Sec. Is That each certificate of per-
manent stock shall express the date of is
Sue, and amount paid to the company for
each share therein, and shall be transfer
able ouly OF the books of said Company,
and moi until all debts, dues and demands
Of said Company against The Stakeholder
m whose name such stock shall stand, are
fully paid.
! Sec. Ia. That oil persons or compa'
nies, who shall pay cash in advance for
insurance, shall be entitled to credit Oh
the books ofthe Company for the amount
paid, which shall be applicable to the pay
meu, Of premiums on auy policy ,hereaf-
| ,er TO be issued to such stock holder, or To
such other person or persons as he may
direct Provided. such s;ockholder shall
apply for such policy or policies before
the expiration of three years from the Gate
Of such credit.
Sec. Is. That all persons or compa.
lies who shall pay any premiums to said
Company, shall be entitled to a receipt
for the amount so paid, which shallbe re-
ceived by said Company in payment for
stock.
Sec. 16. That at ali elections held by
said Company, each share of permanent
stock shall entite the holder thereof to
one vote Provided That 30 one Stock
holder shall, by proxy or otlierw Use. give
more than fifty votes and Prorided fui-
Their, That after the first election for Di-
rec:ors, no Stakeholder shall be entitled 10
vote, unless the stock represented by him,
shall have been standing in his name on
the books of said Company, at least sixty
days.
Sec. II. That i shall be the duty Uf
the Directors Of said Company, annually
in the month of January, to report to the
Legislature of this State, showing The a.
mount Of permanent stock paid in: tie
amount of premiums received, and OF
what risk the amount of losses within
tie preceding year, and On what risk I; the
amount of expenses The preceding year;
the amount of capital, and how invested
the amount of premium receipts outstand-
ing the amount Of cash on hand, and
where deposited; copy of which re-
port shall be delivered to each Stockhol-
der, on request, and shall be published for
two weeks in a daily paper printed in De-
troit.
Sec. 1s. That the Directors may lu-
vest The capital stock or accumulated pro-
fits of said stocks, in stocks of the Uni
ted States, or any ofthe several States.
Sec. 10. That no policy OF fire or ma
rine insurance shall be issued by said Co.
for period longer than two years; and
no Stakeholder or person insured in said
company shall be Incorporated thereby to
prosecute said company at law or in equi-
,y, or TO be prosecuted by said company;
and any S,ockholder in said company
may be witness for or against it, in any
cause 10 which he is not individually a
party, or in which he has not ON interest /
other than that created in virtue of his be-
ing a Stock holder therein.
Sec. 20. That said Company may
purchase aud hold real estate for an office
and dwelling house exceeding not in val
tie, ten thousand dollars: Provided, That
in case it shall be necessary in securing
deb.s due said Company. 10 purchase re-
al estate at execution or on mortgage sale
Or OH compromise or commutation of such
debts, il shall not be deemed violation Of
hio section.
Sec. 81. That whenever the amount
IF permanent stock and premium shall a.
nonut to ore hundred thousand dollars,
he Company shall give notice, by pubi-
:ation a: leas. enc month ia newspaper
printed in ihe city Of Detroit, calling up
IN the holders ofpremium receipts, TO re-
urn them to the Office Of the Company \
nd receive therefor certificates Of per. u
nanent stock; and all premium receipts u
ot presented or returned to the company a
Or the purpose before mentioned, within 4
wo years from the date of said notice. 81
hall be forfeited and forever excluded o
'om any participation in the stock offunds
{ said Company. beia.s sd yau 700 o
sf 10 .of'ETrrra adj ratfsl.r. trr. f.1