Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-04-30

monies due the laborers, servants, clerks
md operations of the company in case the
company become insolvent. If dividends
are declared when the company is insolvent,
or if by declaration of dividend the capital
stock is thereby diminished, the directors
thereto shall be individually liable
to creditors for the amount Of dividends
thus declared. Any director may avoid liza
bility by voting against the dividend, or by
filing his objections, in writing, as soon as
he ascertains a dividend has been made;
Provided, said director refuses to receive
the dividend.
Sec. 5. Be it further enacted, That the
form of charter of provision and pack
ing company shall be as follows:
Estate of Tennessee, charter of lncorpor-
alton. Be it known that (here insert the
names of five or more persons not unoer the
age of twenty-one years. are hereby con
stituted body polite and corporate by inc
name and style of (here insert the name VI
the company. The general powers, &c,
of said corporators are (here insert inc
general powers, &C., as directed IN secton
5 of the act of March %, 1879. Inc Dusi-
ness of said company shall be the buying
and slauphtering of live stock and the ouy-
;no of meats. for curing, rehandling and
nackino and manufacturing into all forms
Known 70 commerce. If the Indebtedness
of said company shall, at any time, exceed
the capital stock paid in, the directors as
senting thereto, shall be Individually liable
to the creditors for said excess. The stock
holders are jointly and severally liable indi-
yidually, at all times, for all monies due and
owing to the laborers, servants, clerks and
operatives Of the company, in case the cor
poration becomes Insolvent. If the dlrec
tors declare and pay any dividend when the
company is insolyent, which declaration of q
dividend would diminish the amount of the
capital stock, they shall be jointly and sew
orally liable to creditors for the amount OF
dividends thus declared. Amy director may
avoid liability by voting against the dividend
or by filing his objections in writing as
soon IS he ascertains a dividend has been
made; Provided, said director refuses the
dividend.
Sec. 6. Be it further enacted, That mG-
tual marine insurance companies may here
after be organized in this State under the
provisions Of this act, and charters may be
granted for such corporations by the cor
porators complying with the provisions
thereof, in the same way that charters are
nov granted under section rs of chapter
CHILL, OF the acts of 1875.
Sec. 7. BE it further enacted, That the
form of the charter for mutual marine in
surance company shall be as follows.
State of Tennessee, charter of incorpo-
ration. Be it known that (here insert the
names Of five or more persons not under
twenty one years Of age), are hereby con-
stituted body polite and corporate by the
name and style of (here insert namel. The
C,oparoJ -lOyyarS Of fba pprpOratiOn ara ia
sue and be sued by the corporate name, to
use a common seal, which it may alter at
pleasure; if no common seal, then the sig
nature of the corportion by any duly au-
thoFized officer shall be legal and binding to
purchase and hold or receive by gift in adj
dition to the general property owned by said
corporation, any real estate necessary for
the transaction of the corporate business,
and also to purchase or accept any real
estate in payment of any debt due to said
corporation, or to take and hold mortgages
upon real estate to secure debts due to invest
surplus funds i'll interest-bearing securities or
notes; to make all rules and regulations not
inconsistent with the laws and the constitu-
ton, deemed expeaient for the management
of the corporate affairs; to establish by
laws and to appoint such subordinate officers
| and agents in addition to the president,
| secretary and trustees as the business of the
corporation may require, designate the
| names of the officers and fix their compen-
satiOn."
Sec. 8. Be it further enacted, That said
corporation chartered as aforesaid, shall
have power to make insurance on freights,
goods, wares, merchandise, specia, bullion,
jewels, commissions, bank notes, bills of
exchange in transit, bottomry respondencia,
| marine risks and risks of transportation of
every character whatever, which risks said
| corporation shall have power to insure.
Sec. 9. Be it further enacted, That said
corporation shall take notes from subscfib-
ers to guaranty fund and shall have power
| to make calls for payment of cash upon
| those notes until fully paid.
Sec. 10. Be it further enacted, That NO
charter for mutual marine insurance COM
pany shall be granted and issued under this
act until not less than ten or more persons
or firms shall have made, signed and deliv-
cred their written obligations, subscribing at
least 800, 900 as guaranty fund to pay any
and all risks of insurance made by said COM
pany and a certified copy thereof is filed in
the office of the secretary of State with the
application for charter. Each subscriber to
said guaranty fund shall be liable to the full
| amount of the subscription thereto by him
Or them made, and at the suit of any
creditor of said corporation, but only after
the refusal of the corporation to pay. The
guaranty fund in no event to be les than
500, 900, but may exceed that amount. No
dividend shall be declared upon the guaranty
fund exceeding 10 per cent. per annum.
Sec. IL. Be it further enacted, That par
ties insuring in such corporations as are o.
ganiZed under this act shall be entitled to
participate in the profits thereof, and re-
ceive certificates for the amount of such
profits, which shall be transferable alone
upon the books of the company, and shall
so state upon their faces and such certifi-
Gates shall be chargeable for future losses, to
the amount thereof, and may bear interest
at per cent. per annum,
Sec. r. Be it further enacted, That, until
the profits of such company reach 500, 900,
no certificate shall be redeemed, but certifi-
Gates may be redeemed out of the excess of
profits over that sum, commencing by re-
deeming them in the order issued.
Sec. ID. Be it further enacted That the
certificate may be in the following form ::
-- Is entitled to s., to be redeemed
when the profits of this company exceed
800, 900, and then only in the order of its
issuance; transferable alone on the books of
this company.
Sec. IA. Be it further enacted, That the
following provisions and restrictions are
coupled with the grant of powers to mutual
marine insurance companies. A failure to
elect officers at the proper time does not dis
solve the corporation, hut those in Office