130 THIRTEENTH CONGRESS. Sess. Il. Ch. 24. 1816. vember, in the year one thousand eight hundred and fourteen, on which Monday in November in every succeeding year thereafter, an election shall be held for twelve directors as aforesaid, who shall continue in office for one year from the time of their election, and until others be Proceedings at chosen in their stead. And the said directors, at their first meeting, ‘h° °l°°‘$°“‘· shall choose amongst themselves, or the stockholders at large, a president, and allow him a reasonable compensation for his services; and in case of death, removal, resignation, or other disqualification of the president, or any of the directors, the remaining directors may elect others to supply their place during the remainder of the term for which they were chosen; and in every case where one of the directors shall be chosen president, the vacancy shall be supplied as in the case of death, removal, or resignation. That the persons hereby authorized to receive subscriptions, or any three of them, be a committee to superintend the first election of directors, and a committee of five stockholders, not being directors, be appointed by the directors to superintend ever succeedin election. dirgsysjgigg Sec. 5.y And be itdurther enacted, That the president and directors ,,c,by_,,,WS_y shalllhave authorgtyl to ordain and mak? such by-lpws, ordiinanctps, and re u ations, as s a a pear necessary or re u a in an con uctmo the concerns of the cgmpany, not being codtrary 5) this act, or th; laws and constitution of the United States. And the funds of the company, as they shall arise, may be vested in the stock of any of th·e banks in the United States, such personal property or gr0und—rents as the Provisc. president and directors shall judge most advantageous: Provided always, and be it enacted, That the funds and property of this company, of whatever description, are declared to be liable to attachment and execution for debt, in like manner as personal pro erty. Towhatextent Sec. 6. And be it further enacted, That the mpembers of the com-
- 2; ;;nml;$l’S,i';` pany shall not be liable for any loss, damage, or responsibility, other
blc ,-0,, lggsgsr than the property they have in the capital and funds of the company, &c-,&c. to the amount of the shares respectively held by them, and any profits Proviso. arising therefrom not divided: Provided, That the said corporation shall, from time to time, apply all sums of money received by them for remiums to the payment of losses in the first instance, and to make hp the amount of their original capital whenever it shall have suffered any diminution by losses, and that dividends shall be made of the net profits arising on the capital stock, at such periods as the president and directors may judge proper, not oftener than once in six months; and the same shall be paid to the stockholders, or their legal representatives; but if a dividend shall be at any time declared of a greater arnount than the net proceeds of the said company at the time of making the same, each and every director that consented thereto shall, and is hereby declared to be liable for, in his individual capacity, and bound to contribute to make good the deficiency in the capital stock occasioned by such improper dividend. dirgggsjgienthzgg Sec. 7. And be it further enacted, That the president and directors power ,0 dispose shall have the disposal, direction and management of those shares of nnsnbseribed which may not be disposed of at the formation of the company, and “l’g3?ér&°(gvg;· power also to provide, by purchase or otherwise, a suitable place for @.,9,,,,, 3cm_ an oflifce; to make all gules and regulations for conducting the business o insurance andt e concerns of the com an , not rovided for by this act; to appoint a secretary and such othbr ciliicers fiis they may End necessary, and to make such compensation for their services as they may deem proper. That they shall have full power and authority to make insurances against fire, on any and every description of property: all policies of insurance and other contracts made by said company, signed by the president, and countersigned by the secretary, shall be obligatory on said company, and have the same effect as if the said policies and contracts had been attested by a corporate seal.
