204 . FIFTEENTH CONGRESS. Sess. I. Ch. 44. 1818. Twelve direc- among the stockholders by a majority of votes twelve directors wh gr': aziailigg shall continue in office tintil the first Monday in June, in the yea,r on; &,c_ thousand eight hundred and nineteen; on which Monday in June, in every succeeding year thereafter an election shall be held for twel directors, as aforesaid, who shall icontinue in office for one year from th; time of their election, and until others be chosen in their stead. And bf5g0E,,,,,,,,,',;' ,0 thp said dm-actor? at thelitil fi? meeting, shall choose, from among themosen, c. seves, or rom the stoc o ers at argc, a president and allow him reasonable compensation for his services; and in case br death, removala resignation, or other dis ualification of the resident or a m _ _ , P , ny of the d1 Sectors, ghe remaining directors may clcct others to supply their places uring the remainder of the term for which they were chosen: and ` every case where one of the directors shall be chosen president, th; ~ vacancy shall be supplied, as in the case of death, removal, or resigns. Committee of tion. That the persons hereby authorized to receive subscriptions, or ¢l¤¢=¤¤¤¤. &·¤- alny three of éhem, be a committee to superintend the first election of irectors, an a committee of three stockholders, not bein director be appointed by the directors to superintond every succeedini electiorsii Fresidem and Sec. 5. And be it further enacted, That the president and directors ?;¢:;¤,:;-nps shrill have power to ordain and make such by·laws, ordinances, and rc. &_c_ ’ gu ations, as shall appear necessary for regulating and conducting the concerns0f the company, not being contrary to this act or the laws and Funds of the constrtutionof the United States. And the funds of the company, as gg":;;;!;, mg}; they shall ar1se,·may be vested in the funded stock of the United States ’or gif ang irgdnpdbual state, or in the stock of any incorporated bank. , Members of ac. . n e it further enapted, That the members of the comme company pany shall not be liable for any loss, damage or res 'b` ' . _ _ _ ponsi ilrty other
- ’,;’;rl;’Ll1
- :`:_;_ than the property they have in the capital or ftinds of the comptiny, to
,,e,,y,,,£,° thelamopnt fof the shares respectively held by them, and any profits capita, c. arismgt ere rom not divided: Provided, The said cor f h ll Provisc. gomm timeutio time, apply pll sums of money received bifhbriifof pile; 1u s, o epayment o osses in the first instance, andt k the amount of their original capital, whenever it shall have sudqdiied aiily diminution by losses. dggsadgrprznd f Sic. And, be it further enacted, That the president and directors, powered ,0 dis- orlt e time being, shall have power to dispose of, according to the pro- Basie? gbnmld ylfgpong gfghi second setctppn of this act, the shares which may remain , c. l a e ormationo thecompany· and they shall have power also t 4 I } · I 7 0 pfovide, by purchase, or otherwise, a suitable place for an office, to make thhtrpgcgs and regpdlations for conducting the business of insurance and cerns o e company, not provided for by this act- to appoint a secretary, and such other officers as they may find necessary; ahd to rplake such compensation for their services as they may deem proper; P I-D d grit they shall Save full] power and authority to make insurances against o mics signe t 0n any an every escription of property. All policies of insurance
and other contracts, made by said company, signed by the president and
g,,,,,,, gggnggpzgrgidsfny thpf seicretmyil shalld belobligatory on said company, eeec asitesar oiciesand t thdb attested by corporate sca]. p con rac s a een Birpinessto be Sec. 8. And be it further enacted, That the said president and dizzgsagggdox pectors shall conduct business in the city of Washington; that they shall 6,,, I eep proper books, and record their proceedings therein; that, on the vfggpggeaggg di. hast Nilcngay of May, and the first Monday of November, in every year, , . a eg the rst year, they shall declare adivrdend of so much of the clear - - pro ts as they may deem advisable, and within ten days thereafter shall Restrictions as pay the Same to the stockholders; but it shall not be lawful for the said to dividends d · - · . . · press ent and directors to include, in such dividend, the premiums of pgiygisk which has not actually terminated, nor to divide more than two- 1r s of the clear profits, until, by the half yearly appropriation of the
