THOMAS SWANN, ESQUIRE, GOVERNOR. 283
time to time establish local agencies in this State
and the other States and in Europe and elsewhere,
and may from time to time enact by-laws and regu-
lations for the management of the business and
affairs of the principal agency and of the local
agencies, and prescribe the number of their officers
and agents and designate their powers, duties and
compensation, and each of the local agencies shall
be under the management of Directors chosen by
the shareholders of such agency, and shall have
like powers, franchises and privileges as are herein
granted to the principal agency, subject to the re-
strictions herein made, and the profits accruing on
the business of the several agencies 'shall be di-
vided among the shareholders of the agency in
which such profits may accrue in the proportion of
the shares held by them respectively in such
agency, and the principal agency and each local
agency shall be responsible for and bound to pay
the sums due upon the obligations by them re-
spectively entered into, but neither the principal
agency nor any of the local agencies shall beliable
for or bound to pay the sums due upon the obliga-
tions or contracts of any other agency, unless by
contract they shall have agreed to become liable
therefor; and until the election of Directors as pro-
vided for in section two of this Act shall have
been made, the persons named in that section
shall be a Board of Directors, a majority of whom
are hereby authorized to act with all the powers,
rights and privileges that are herein given to the
Directors of the said company. |
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Sec. 5. And be it enacted, That whenever the
said company shall have paid off the sums due on
any of the certificates, to secure the payment of
which they shall have deposited bonds or securities
as aforesaid, and shall have cancelled the same, it
shall be the duty of the Treasurer or Trustee, as
the case may be, to release and deliver to the said
company bonds and securities deposited with him
as aforesaid to an amount equal to the deposit made
to secure the payment of the certificates thus paid
and cancelled. |
Treasurer or
Trustee requir-
ed to release.
&c. |
Sec, 6. And be it enacted, That this Act shall
take effect and be in force for thirty years from and
after its passage and until it be hereafter modified |
In force, and
inconsistent
Acts repeated, |
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