Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1855-01-27

purpose paying losses or the current expenses of
said company, or both, to call for the payment of
any portion oil the principal of the 6eposlte notes.
they shall settle and determine the sum to be paid
by the several members of said company, which
shall Away he in proportion to the original amount
of the respective deposite notes and shall give each
OF said members notice thereof, in such manner as
the bylaws shall have prescribed; and if any mem
her shall, for the space of thirty days alter recev-
ing such notice, refuse or neglect to pay the sum
assessed upon him, in such case the managers may
proceed to collect the whole amount OF such depo-
site note, with all costs accruing thereon and the
amount thus collected shall remain in the treasury
Of the company, subject to the same liabilities as
said note or notes would have been liable to.
SEC. II. Andbed further enacted, That the gene
raj meeting OF this company shall be held annually,
the time and place to be determined by the mana
gers; also it shall be the duty of the president to
call meeting of the company whenever requested
to do so by twenty of its members. The election
ofmansgers shall be held at the annual meetings,
and be by ballot, each member having one vote for
each risk held by him It shall also be the duty
OF the managers of said corporation to cause to be
published annually, in newspaper published in the
city Of Washington, the amount of the premium
notes and cash on hand, and securities held by
them and the amount of losses, ifany, during the
previous year, and such other matters relating to
lhO oH0iiANoo u ooid
proper, said publication to be at least two weeks
previous to the annual meeting of the members of
the company and of said meetings notice shall be
given IN two newspapers published in the city Of
Washington at least two weeks previous thereto
SIC. ID. Aad be ii further enacted That nothing
in this act shall be construed to grant banking
privileges or the right to issue any note in the
ture ola bank note, or TO circulate as money or
currency. 1t shall, however, be lawful for said
company to employ and improve all moneys receiv-
ed by them and the profits thereof, in such manner
as the managers deem best for the interest of the
company, except as above prohibited, and except
in the purchase of real estate. And all real estate
purchased by said company for the purpose of COL
Letting or securing debts shall escheat to the gov
eminent of the United States, unless the same
shall have been sold and disposed Of, and passed
bona tde from the possession and ownership of said
corporation, within three years: Provided, Said
company may hold property that may be absolute
y necessary for the transaction of their corporate
business
SEC. IA. And be il further enacted. That this act
shall be in full force and effect from its passage
SIC. 15 And be 1t further enacted, That Con-
gress reserves to itself the right to change, alter
repeal, or annul this act, or any part thereof at
their pleasure.
SEC. 16. And belt further enacted That the mem
bers fsaid corporation shall each be liable in his
or her Individual capacity for all debts created by
said corporation in favor Of persons not members
thereof
Approved JAM 10, 1865