Delaware State journal and statesman., 1865-03-03

the company at general meeting of the siocks
holders convened for that purpose, by ten days
pubic notice in tTo or more Of the daily papers
OF the city OF Washington Provided, That the
iirst election Tor directors shall be held pursuant
TO ten days notice given In one or more Of the
daily papers OF the city Of Washington by the
persons named in the first section of this act, or
any hve OF them, who shall designate the time
when and the place where said election shall he
held mud the stockholders shall then and there
elect nine directors 10 serve until the next Gu
suing election as provided for in this act. And
at the first ensuing meeting of the directors after
every election ihoy shall appoint one Of then
number us president, who, together with them
selves, shnll hold office until the next ensuing
election, as herein provided for; aud five mem
bers Of said board shall compose a quorum
And in case Tint an election for directors should
not be made when pursuant to this act il should
have been made, the company Tor that cause
shall net be dissolved; md it shall be lawful,
within forty days thereafter, to hold and make
an election for directors in such manner as the
bylaws of the COMPANY may prescribe, and the
president and directors for the time being shall
be continued in Office, until such election take
place. Aud in the event Of death, resignation
or removal Of any director from Office, hls place
for the remainder OF his term may be filled by
the president and directors for the time being
in such manner as the bylaws may prescribe.
Sec. o. And be it further enacted, That the
president and directors shall have power to ap-
point a eocretRry aud such other officers, agents
and clerks MS may to them appear proper, to Ok
their compensation and pay the same.
Sec. And be it further enacted, That the
capital stock shall be called in, and paid in such
instalments and proportions, and at such times
and place ~ the president and directors for the
time being nny require aud designate, who shall
give fifteen days notice thereof in two or more
daily papers Of the city of Washington. And if
any s,ockholder, subscriber, their assignee or
lransfereo shall refuse or neglect to pay such
proportion or nstnlment at the time and place
appointed, such stOckh0lder, subscriber, trans
feree or assignee shall, at the option Of the pre-.
Hident and directors, forfeit TO the use OF the
company all his, her or their right, title and
interest in and to every share on which such
instalment has not been duly made; and fresh
subscriptions may be opened for the same in
such manner as the by-laws may prescribe, or
the president and directors may, at their option,
commence suit for the same and recover against
the holder of said stock for tho amount Of the
insialment or proportion no unpaid Provided,
That no stakeholder or subscriber shall be per-
mtted 10 vote at any election for directors or at
any general or special meeting Of the company,
ON whose shares any instalments or arrearages
thereto.
Sec. g. And be 1t further enacted, That the
presdent and directors for the time being shall
have power TO ordan, establish and put 10 exc
cuton such rules, regulations, ordinances, and
bylaws as they may deem essential for the
well government Of the institution, not contrary
to the laws nnd Constitution of the United States,
or Of this act, and generally to do and perform
all acts, matters and things which q corporation
may OF can lawfully do.
Sec. 6. And be 1t further enacted, That the
pres dent and directors are hereby empowered
anu fully authorized, on behalf of the company,
to make insurance against losses by fire on any
house, building, tenement, manufactures, mills
or other buildinge; on goods, wares, chattes
and effects Of oil kinds therein, or otherwise;
upon grain, produce and implements, aud upon
vessels building on the stocks, in mort or at
and generally, upon oil and every
sort and description of property Of whatever kind
soever, on land or water; and to make, execute,
perfect and ooclude 30 many contracts, bargains
agreements policies and other instruments as
the nature of the case shall or may requires and
all such instruments, bargains, contracts, poll |
ces or agreements shall bo in print or in wri-
ting, and shall be signed by the president and |
secretary, or such other persons aSthe managers
may appoint for such purpose, and shall be un
der the seal of the company Provided That said
president and directors may, at their option and
discretion, make insurance on such terms aud
conditions as to them may appear equitable, re-
serving the premiums, or apprOpriating and re-
turning such portions thereof to the insured as
may 10 them appear conducive to the interest Of
the company aud the insured, in such manner
and on such conditions as may appear TO them
Just and proper.
Sec 7. And be it further enacted, That the
president and directors shall, on tue third Mon
day in June Of each and every year, divide go
much Of the profits of said company as to them
n ay appear advisable, first deduoting all expen-
sOs and pay the same to the respective stock-
holders or their agents duly empowered, in ten |
days thereafter; but the money received as pre-
n iums upon risks which remain outstanding |
and undetermined at the time Of declaring such |
dividend shall not then be considered as part Of |
he profits; and if the capital stock paid in shall
% lessened by losses, no subsequent divided |
shall be made or declared until sum equal to |
aid dminution shall have been added to the |
inpital stock.
Sec 9. Aud be it further enacted, That the
itock of said company shall be transferred on
he books of the company in such manner only !
Ii the bylaws of the company shall direct.
SEQ 9. Aud be itfurther enacted, That Moth
pg in this act shall be construed as making 1t |
10 erpetual but Congress may at any time alter, |
mend or repeal the same.
Approved, February IA, 1865.