The daily clarion., 1865-12-09
An act to Incorporate the Southern Trav

0lcrS InSuranC0 company.
Section l. Be it enacted by the Legis.
lature of the State of Mississippi, That
Cornelius McLaurin, John J. MeRae,
c. P. Gage, D. w. Goodman, P. Hamilton
and their associates, be and thay are
hereby declared to be body polite and
corporate, by the name and Style of the
Southern Travellers Insurance Company,
and by that name and style, tn she and be
sued contract and be contracted with, have
and use common seal and tthe same to
break and alter at their pleasure.
Sec, 2 Be it further enacted, That the
capital stock of said corporation, shall
consist of the sum of two hundred and
fifty thousand dollars, to be divided into
shares of one hundred dollars each said
shares shall be transferable on the books
of said company, under such rules and
regulations as it may adopt.
Sec. 8. Be it further enacted, -' That
the business of said corporation shall be
managed and conducted by Board of
Directors, consisting of seven stockhold-
ers, to be elected annually by the shares
holders of said company. Said Directors
shall elect one of their number President
of said company. They may elect or 9TH
erwise appoint such officers and agents as
the business of said company may require,
and may adopt such rules ard by laws for
the government of said company as to
them may seem meet, not inconsistent
with the laws of this State, and OF the
United States.
Sec. 4. Be it further enacted, That
the business of said company shall con-
sist in insuring the persons Of travellers,
| by land and water, against death and in
| Jury from accidents occurring in the
1 Il h,vl 10,
may be carried on by means of contract
with passengers, either for "a certain
length of time, or against specific injuries,
| and upon such premium or consideration,
and upon such terms and condition for
the payment of sum certain; or weekly,
or monthly payment of money, as may
be agreed upon between it and the party
or parties contracting with the company
but said corporation shall have no author
ity to carry on any other business whats
ever. 1t may go into operation whenever
the sum of fifty thousand dollars is SUBJ
scribed to its capital stock, and paid in or
secured, and for the purpose OF carrying
| on the business therein named, all pow-
| ers necessary, for said business are hereby
conferred, but no other. Said corpora
ton may invest its funds in any species
of personal property it sees fit.
/ SEQ. 5. Be it further enacted, That if
at any time any judgment or decree be
recovered against said corporation, upon
any contract of insurance herein authori-
zed, and the sum remain unpaid for the
space of six months, after the date ofsuch
Judgment or decree, unless the same have
been removed by proper proceedings to
an appellate court or court of review, and
be there suspended or superseded; such
ron- payment, shall be taken and held to
be an act of insolvency, and shall author,
ize any Court of Chancery having .juris-
diction over the property of the company
upon bill fled by such judgment creditor
or by one or moro shareholders, holding
FIVE thousand dollars in the capital stock
of said company, to take jurisdiction oi
the case, and wind up and settle the affairs
/ of said corporation, and distribute its
assets and property among the parties
entitled thereto, as in cases for the settle.
ment of copartnerships; and for thisp pur.
pose, when needed, may appoint one on
more receivers, and make ali orders and
DEGREES necessary to carry into effect the
power of control herein given to said
Court.
Sec. 6. Be it further enacted. That
this charter shall continue in force for
twenty years from the date of its passage,
and the several Railroad Companies char.
tered by this State, .are authorized to be-
come stockholders in said corporation to
the extent of FIVE per cent. upon their
respective capitals.
Sec. ]. Be it further enacted, That
this act may be altered, amended or re-
pealed mt the pleasure of the Legislature,
with or without the consent of the cor.
poration.
Approved November 30th, 1865.