FIFTEENTH CONGRESS. Sess. I. Ch.13. 1818. 199 tion from their own body, and shall continue in office until the succeeding election of directors, and no longer. Under the same regulations shall an election be repeated annually. But if one happens not to be made on the day hereby limited, this charter shall not therefore be void, provided an election be completed within thirty days thereafter. No pergon shall continue president or director after ceasing to be a stockol er. Sec. 4. And be it further enacted, That the president and directors Powers of the shall have power to make regulations for the government of the corpora- sF°“‘d°“‘ ““d tion : Provided, They be not repugnant to the laws of the United States ii$0°:°;;:Q or this act: to appoint a secretary, all other officers and servants, and to fix their compensations; to supply vacancies in their own body; to hold such real estate as may be necessary for the transaction of their business, not exceeding in amount forty thousand dollars, or that may be conveyed to them as security for debt; to vest the corporate funds in stock of the United States, or of any of the individual states, or in stock of any incorporated company, this corporation being inhibited from issuing any promissory note in the way of banking; to lend money on bottomry and respondentia; to insure ives; also, property against all manner of risks: Provided, Every insurance be expressed in writing, Proviso. signed by the president, and attested by the secretary; and to sell the shares of any stockholder who shall fail to give satisfactory security for any part thereof that may be unpaid; also to sell, if the security which may have been given be manifestly impaired and deficient, and such stockholder shall fail to make it satisfactory when thereunto required; and further, to sell if such stockholder shall fail to pay instalments when demanded: nor shall any such sale preclude the liability of any such stockholder, his executors, and administrators, the endorser or endorsers, or any security he may have given, from making good any further injury which may be sustained. Sec. 5. And be itfurrher enacted, That the said president and direc- Business to be tors shall conduct business in the town of Alexandria, in the District of Jn Columbia; that they shall keep proper books and record their proceed- Dum, of ih., ings therein; that, on the first day of May and the first day of November president and in every year, they shall declare a dividend of so much of the clear profits d“`°°l°"· as they may deem advisable, and within ten days thereafter shall pay the same to the stockholders: but it shall not be lawful for the said president and directors to include in such dividend the premium of any risk which has not actually terminated, nor to divide more than twothirds of the clear profits, until, by the half yearly appropriation of the other third thereof, a contingent fund of twenty thousand dollars shall be formed; and so often as the fund shall be impaired by losses, the said president and directors shall continue the half yearly appropriation aforesaid, until it be restored to the amount beforementioned. Sec. 6. And be it further enacted, That every director who shall be Directors prepresent at the declaration of any dividend, in violation of the sixth ¤T¤¢ at **16, ¤· [fifth] section of this act, shall be individually answerable to the stock- 3i,;" holders for the injury resulting therefrom, unless his protest be recor- dend, individuded on the books of the corporation. lm? °“’g°"*bl° Sec. 7. And be it further enacted, That every stockholder may sell uggigholggrs and transfer his stock, provided the transferee give satisfactory security may Sen and for the regular payment of such part of said stock as may then be un- ¤;¤¤;Y$¤‘ ¥l¤¢¤‘ called for and unpaid; but all debts actually due and payable to the ziggdj corporation by the transferer, must be satisfied before such transfer shall be made; and, until such debts be recovered and paid, all dividends due, and which may become due, shall be applied to the credit thereof, unless I the president and directors shall direct to the contrary. _ Ccrpcruuonlto Sec. 8. And be it further enacted, That this corporation shall ·con- §?;‘l‘]'l,‘;‘;;’;*,;€r tinue until the thirty-first day of December, in the year one thousand ]837_
