THOMAS SWANN, ESQUIRE, GOVERNOR. 149
Sec. 7. And be it enacted, That the President
and Directors of the said Company, be and they
are hereby authorized and empowered to loan mo-
nies belonging to said Company, to the holders of
policies in said Company upon collateral securities,
or upon mortgage of real and leasehold property,
at the legal rates of interest. |
May loan
money. |
Sec. 8. And be it enacted, That should any loss
or damage by fire occur, it shall be adjusted by
assessors appointed as follows : the person whose
property shall have been damaged, shall have the
power to appoint one disinterested person and the
President and Directors of this Company shall ap-
point another disinterested person, who shall pro-
ceed to estimate the damages, and in event of these
two disagreeing, they shall have power to appoint
another disinterested person, and the award of any
two of these shall be final, and the Company shall
pay the amount awarded within sixty days after
the award shall have been made. |
Loss—how
adjusted. |
Sec. 9. And be it enacted, That the President
and Directors shall have power to appoint a Vice
President, Treasurer and such other officers as
may be required for the proper transaction of the
business of the Company, to require bonds for the
proper fulfilment of their duties, to make by-laws
for its government, and to do all things necessary
and proper for its management, which are not in-
consistent with the laws of the State and of the
United States. |
President to
appoint offi-
cers. |
Sec. 10. And be it enacted, That the Presi-
dent and Directors shall declare dividends of the
Corporation semi-annually, or so much thereof as
to them shall appear advisable, and in case of any
loss or losses whereby the capital stock of this
Company or Corporation shall be diminished, no
subsequent dividend shall be made until a sum
equal to such diminution arising from the profits
of the Corporation, or the contribution of the Stock-
holders shall have been added to the capital. |
Dividends to
be declared, |
Sec. 11. And be it enacted, That the President
and Directors shall keep full, fair and correct en-
tries of their transactions, which shall at all times
be open to the inspection of the Stockholders, they
shall annually prepare a full and true statement |
Shall keep
full and cor-
rect entries. |
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