Source: http://mdh.contentdm.oclc.org/cdm/ref/collection/molaws/id/44753/
Timestamp: 2020-06-07 10:18:40
Document Index: 79277585

Matched Legal Cases: ['§ 7', '§ 8', '§ 9', '§ 7', '§ 8', '§ 9']

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218 INSURANCE   COMPANIES.
ident adirector, or other officer of the company, such vacancy shall be filled by
the board of directors; and in case of the absence of the president, the
board ofdirectors shall have power to appoint a president pro tempore, who
shall have all the powers ane perform all the duties of the president regularly chosen.
§ 7. The stock of said company shall be considered personal property
and shallbe assignable and transferable, according to such rules and restrictions as the board of directors shall, from time to time, make and establish-
subject, however, to the general laws ofthe State, as they now exist, or may
be changed hereafter.
§ 8.    The major part of the directors of said  company shall constitute a
board, and shall be competent to the transaction of the  business of the corporation,  and they shall have the  power to  appoint a secretary, and such
clerks, agents, assistants and other servants, as they may deem expedient, and
also from time to time may appoint one or more persons from their own body,
to assist in the performance ofthe business ofthe company, with such salaries
and allowances as they may think proper; to insure against all risks authorized by this act, to receive for the amount of premiums and guarantees such
notes, endorsed and payable in such manner, and at such times as they may
deem proper, in conformity to such regulations and by-laws as shallbe made
on the subject; to declare and make dividends half yearly, of so much ofthe
profits arising from the business of the company, as shall appearto the board
of directors advisable; but the money received and notes taken for premiums
and guarantees on risks, which shall not have expired at the time of making
such dividends, shall not be considered as forming apart of .he profits of said
company; and no dividends shall be paid to the stockholders, till all the capital stock shall be paid in, to settle, adjust, and pay all losses  for which the
company may become liable according to the rules  and regulations, which
shall be prescribed by the by-laws; they may, however, confide to thepres-
dent and secretary, or any two of the directors the power of insuring risks,
fixing and receiving premiums, and guarantees, adjusting and paying losses,
to such amounts as they may think prudent; to make and prescribe such regulations, rules and by-laws as to them shall seem proper, touching the business
and interest of said company, and to have the power generally to do and perform all acts necessary and convenient for the government of the affairs of
said corporation, and to carry into effect the powers and purpose of this act.
§ 9.   It shall be lawful for said company to purchase and hold such real estate
as may be convenient for the transaction of its business, and also to take and
to hold any real estate as a security, or in mortgage orpledge, to secure the
payment of debts due to said company,, either for shares of the capital stock,
or otherwise, and also to purchase and hold real estate, at any sales made in
virtue of any judgment at law or decree in equity, in favor of said company;
to receive, and take in satisfaction of any debts due to said company previously contracted in the .course of its dealings, any real estate, and to hold all
such real estate except that first mentioned, so long only as may be necessary
to enable said company to make sale of the same for money, or on such other
terms as they shall deem most for the interest of the company; but it shall
not be lawful for said company to employ any of its stock, funds or money, in
buying and selling goods, wares and merchandize; nor to execute any notes
or bills, nor shall it be lawful for said company to make any contract for the
payment of money, except in the line of the ordinary business of said company; but it shall, nevertheless, be lawful for said company to purchase and
hold any stock or   funded debt   created  or  to be   created, by or  under
any laws of the United States, or this State, or any of the United States or
territories thereof; for the purpose of vesting therein any part of the stock,
Identifier LAWS_9th_1836-1838_0218.tif
Transcript 218 INSURANCE COMPANIES. ident adirector, or other officer of the company, such vacancy shall be filled by the board of directors; and in case of the absence of the president, the board ofdirectors shall have power to appoint a president pro tempore, who shall have all the powers ane perform all the duties of the president regularly chosen. § 7. The stock of said company shall be considered personal property and shallbe assignable and transferable, according to such rules and restrictions as the board of directors shall, from time to time, make and establish- subject, however, to the general laws ofthe State, as they now exist, or may be changed hereafter. § 8. The major part of the directors of said company shall constitute a board, and shall be competent to the transaction of the business of the corporation, and they shall have the power to appoint a secretary, and such clerks, agents, assistants and other servants, as they may deem expedient, and also from time to time may appoint one or more persons from their own body, to assist in the performance ofthe business ofthe company, with such salaries and allowances as they may think proper; to insure against all risks authorized by this act, to receive for the amount of premiums and guarantees such notes, endorsed and payable in such manner, and at such times as they may deem proper, in conformity to such regulations and by-laws as shallbe made on the subject; to declare and make dividends half yearly, of so much ofthe profits arising from the business of the company, as shall appearto the board of directors advisable; but the money received and notes taken for premiums and guarantees on risks, which shall not have expired at the time of making such dividends, shall not be considered as forming apart of .he profits of said company; and no dividends shall be paid to the stockholders, till all the capital stock shall be paid in, to settle, adjust, and pay all losses for which the company may become liable according to the rules and regulations, which shall be prescribed by the by-laws; they may, however, confide to thepres- dent and secretary, or any two of the directors the power of insuring risks, fixing and receiving premiums, and guarantees, adjusting and paying losses, to such amounts as they may think prudent; to make and prescribe such regulations, rules and by-laws as to them shall seem proper, touching the business and interest of said company, and to have the power generally to do and perform all acts necessary and convenient for the government of the affairs of said corporation, and to carry into effect the powers and purpose of this act. § 9. It shall be lawful for said company to purchase and hold such real estate as may be convenient for the transaction of its business, and also to take and to hold any real estate as a security, or in mortgage orpledge, to secure the payment of debts due to said company,, either for shares of the capital stock, or otherwise, and also to purchase and hold real estate, at any sales made in virtue of any judgment at law or decree in equity, in favor of said company; to receive, and take in satisfaction of any debts due to said company previously contracted in the .course of its dealings, any real estate, and to hold all such real estate except that first mentioned, so long only as may be necessary to enable said company to make sale of the same for money, or on such other terms as they shall deem most for the interest of the company; but it shall not be lawful for said company to employ any of its stock, funds or money, in buying and selling goods, wares and merchandize; nor to execute any notes or bills, nor shall it be lawful for said company to make any contract for the payment of money, except in the line of the ordinary business of said company; but it shall, nevertheless, be lawful for said company to purchase and hold any stock or funded debt created or to be created, by or under any laws of the United States, or this State, or any of the United States or territories thereof; for the purpose of vesting therein any part of the stock,