Weekly hawk-eye and telegraph. [volume] (Burlington, Iowa) 1855-1857, 1855-10-17
AN ACT

AN ACT '-
To incorporate the IVestern Exchange. Fire and Ma
rine Insurance Company,
SECTION l. Be it enacted by the Council and
House Of Representatives Of the Territory Of Ne
braska, That K. w. Latham, VIM. kempton. Jas.
S. Iznri,J McNeal Latham, W. +. Moore, Thos.
II. Benton ,jr, and their ates, not 10 exceed
thirteen in number, their heirs and assigns hereby
constituted aud declared boly corporate aid poll
tic with perpetual succession, under the name and
style Of the estern Exchange, Fire and Maine
Insurance Company" with Capital Stock Of Fifty
Thousand Dollars; which may be Increased, at the
will Of the stakeholder, to any amount not ex-
ceeding five hundred thousand dollars to be divided
into shares of one hundred dollars each: and the
said company, under the above and STYLE, are
heltb by declared capable, in law, of dealing in ex.
changes of all Fnds ~ insure all kinds of property
against loss of damage by fire, and to ma lie all
kinds Of insurance against loss, whether happening
on land or water, and to make such other insurance
as they may deem proper or expedient, and to rein
sure themselves against loss on any risk they may
have taken and generally to do, and perform all
matters and things necessary to carry out the objects
above umerated: and also to buy and possess prop
ery of all kinds and the same to sell and dispose
Of at pleasure to contract and be contracted with to
sue and be sued, to defend and be defended against
to plead and be mpleaded in all courts and places
whatsoever, in all manner of actions and may have
common seal, and the same to alter and change ut
pleasure. -, ts
SEC 9. That the company hereby created shn III
have power to books to be opened for the sub
scripton of lid stock in such manner and at such
times and places as they may appoint, until the full
sum Of fifty thousand dollars is subscribed and in
q reasonable time Thereafter, the subscribers shall
meet and ch, their directors in number un-
der such and regulations as the company may
adopt; first giving notice of such meeting some
newspaper printed in tn, City of Omaha, and Coun.
ty Of Douglas, where the Office Of said company is
hereby permanently located.
SEC. g. That the directors chosen by the stockhold-
ers of this company shall as soon may be, after
their election choose Of their number to act rs
President, and one as Vice President. The Presi-
dent shall preside at all regular meetings If the
Board IF Directors hereby created and in case Of his
absence resignation, the Vice President shall pre-
side, either of whom, with the Secretary, shall sign
alpoicies or contracts made by the Board of Direc
tors, which policies contracts shall be binding Ell
Their with without the seal Of said corporation and
the President shall do and perform such other acts
and things as may be prescribed by the bylaws of
the corporation.
Sec. 4. That for the transaction Of the business,
and carrying out the objects Of said company, the
Board of Directors hereby created shall ha re power
to provide for the election of such officers at such
times and places as may seem to them most expedent
and to prescribe the duties and define the powers Of
all such officers.
SEC. 5. That the corporation hereby created shall
have foil power and authority to invest its capital
and surplus funds in any funded debt created to
be created by or under law Of the United States
any of the States, in mortgages on real estate,
promisory notes, bills Of exchange, and on bottom
ry and respondenta to sell and transfer change and
renvest the same as the rectors may deem best to
the interest of the company receive deposits and un
der such rules and regulations may be prescribed
by the bylaws of said company to issue certificates
therefor.
Sec. 6. That the sock Of said company shall be
considered personal property and shall be transform
BILE according to such rules and under such restric
lions as the Board ef Directors may adopt; who
shall have power at all times to adept such bylaws
rules and regulations may be necessary to promote
the interest Of said company, not inconsistent with
the Constitution and awsof the United States md Of
this TER itory.
SEC. Z. This act shall be, and the same is hereby
declared public act and courts judicial officers,
and other exercising judicial powers under and by
tue of any laws Of this crit ry, shall judcislly
take notice Of the same, and all the ri ,hts. powers
and authority hereinbefore enumerated and confer
red shall be exerci ed and enjoyed by said company.
SEC. s. This act shall take effect and be in full
force from and after its passage.
Approved March Is, 1855. oct. 10.