696 TWENTY-FOURTH CONGRESS. SEss.Il. Ch.69. 1837. Shares of decease of a stockholder his share or shares shall become extinct, his ¤¤¢>¢!¤l10ld¢¤’¤ stock notes shall be cancelled, and the actual value of such share or
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- ::l,',;§,;° ljfc shares, at the time of his decease, together with all profits due thereon
' I to him, shall be paid within six months after such extinction, to his heirs, executors, administrators, or assigns. And the directors shall have power to create and dispose of shares equal to the number so extin uished by the death of the said stockholder. Trgnsfersof Sec. 9. And be it further enacted, That transfers of stock may be ¤*·°°k· made by any stockholder to the company, or to a member or members of the fire company to which he or they may belong, or to any other fire company, or any member or members thereof; but no transfer shall be valid which is made to any other than a member or members of a fire com an . Member; ami. Sec. I0. find be it further enacted, That every member of any‘of ¢l¤d¢¤i¤¤¤: the companies belonging to the association, shall be entitled to effect "*"°° M ° d'°` insurances at a discount of eight per cent. less than other persons, upon count &.c. _ , . . . . ’ producing to the satisfaction of the directors a certificate of his right of membership; and all the companies associated, or who may hereafter associate under this act, within the cities of Washington and Georgetown, shall be entitled to an equal participation in all the benefits and advantages of the institution, in proportion to the amount of stock held b such com an . President and ySr:c. 11. Xndybe it further enacted, That the afiiiirs of this company l>¤¤¤‘l of dl- shall be managed by a president and a board of directors, (to be elect- '°°l°”‘ ed as follows,) all of whom shall be stockholders; who, previous to entering on the duties of their respective offices, shall take the following oath or affirmation: “I, A B, do swear [or afiirm, as the case may be] that I will faithfully, diligently, impartially, and honestly fulfil the duties of my office of ——-— to the best of my knowledge and ability." Number of Each fire company holding, together with the members thereof, one hundl¤¢¢>¢¤¤’¤- dred shares of stock, and not more than five hundred, shall be entitled to elect one director. Any fire company holding, together with the members thereof, more than Eve hundred shares, shall be entitled to elect two directors. Any company, together with the members composing it, holding less than one hundred and seventy-five shares of stock, shall not be entitled to the election of a director; and should it so happen that the number of shares of stock possessed by any one company, together with the members composing it, shall become less than one hundred and seventydivc, then, and in that case, the said company shall not be entitled to the election of a director, until the amount of shares held pihereby be increased to the said number of one hundred and seventy- ve. No direetorof Sec. 12. And be it further enacted, That no director of any other pn? °*l*¤¥ lim fire insurance company shall be allowed to be a director of this; and
- ,?;°£;,§f;“` should any director of this company be elected a director of any other
fire insurance company, his acceptance of that appointment shall, ipso facto, disqualify him from continuing a director of this company, and the company from which such director shall have been delegated shall proceed to fill up the vacancy as is hereinafter provided. Erection of Sec. 13. And be it further enacted, That the respective companies directors. composing this association, who may be entitled to the election of one or more directors, shall hold separate meetings for the first election of directors, within two weeks after the aforesaid amount of five thousand shares of stock shall be subscribed for; and on the first Monday in January in each and every year thereafter, and choose by ballot, from among their members, the number of directors to which they are entitled; and each stockholder shall have one vote for each share of stock not exceeding five shares; one vote for every five shares over five, and not exceeding fifty shares; one vote for every ten shares exceeding fifty
