Page:United States Statutes at Large Volume 6.djvu/561

TWEN'FY-1·`IRS'1` CONGRESS. SEss.II. Ch.90. 1831. 461 each share shall be paid to the Commissioners at the time of subscrib- Pa ments on ing, and a further sum of four dollars on each share of stock by instal-_ Mclements, after giving thirty days’ previous notice to the stockholders, in one or more newspapers printed in the District of Columbia, not exceeding two dollars on each share; and tl1at the remainder of the said twenty-five dollars shall be secured by notes payable on demand, signed and endorsed to the satisfaction of the President and Directors. The said notes shall be renewed whenever the directors may consider it proper; but the directors are hereby required to cause the same to be renewed at least once in every twelve months; and every stockholder Foyfeimms, neglecting or refusing to renew his note, or neglecting or refusing to pay any instalment, when required by the President and Directors so to do, shall forfeit all his interest in this company, and be held liable for his proportion of any loss which may have occurred previous to such neglect or refusal. nc. 5. And be it further enacted, That, should any forfeiture be Remission of incurred by any member of this institution, the same may be annulled, forfeiture. remitted, and made void by a majority of the whole board of directors present at the meeting at which the motion for such remission shall be made; Provided, That no remittance of any forfeiture under this act Proviso. shall take place without the payment of the principal of said instalment, and interest thereon, or the renewal of his note', as required by the directors, as also the payment of his proportion of such loss as may have occurred previous to such forfeiture. Sec. 6. And be it further enacted, That, as soon as two thousand Directors. shares shall be subscribed for, the Commissioners hereby authorized to receive subscriptions shall call a meeting of the subscribers, after giving ten days’ notice in one or more of the newspapers printed in the District of Columbia; and the subscribers who shall assemble in consequence of such notice, or appear by proxy, shall choose by ballot from among the stockholders, by a majority of votes, twelve directors, who shall continue in office until the nrst Monday in August, in the year one thousand eight hundred and thirty-one; on which Monday in August, 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 chosen in their stead ,: and the said directors, at their first meeting, shall choose from President, among themselves, or from 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 places during the remainder of the term for which they were chosen. Sec. 7. And be it further enacted, That every subscriber shall be votes_ entitled to vote by himself, his agent or proxy, appointed under his hand and seal, attested by two witnesses, at all elections made by virtue of this act; and shall have as many votes as he holds shares, as far as ten shares; one vote for every five shares which he may hold over ten shares as far as fifty other shares; and one vote for every twenty shares which he may hold over sixty shares. Sec. 8. And be it further enacted, That, the affairs of this institu- Powers of tion shall be conducted by the president and directors elected as afore- 5;*8**3:*** and said; that the president shall preside at all meetings of the directors, r°° r°‘ and, in case of absence, his place may be supplied by one of the directors, appointed by the board; that the president and directors shall have power and authority to make all kinds of insurances against loss or damage by fire, and insurances on inland transportation of goods, wares, merchandise, and country produce, not exceeding ten thousand dollars in any one policy, and to invest the funds of She institution m o