ODEN BOWIE, ESQUIRE, GOVERNOR. 129
twenty thousand shares, of the par value of ten
dollars each, to two thousand shares, of the par
value of one hundred dollars each, and the Board
of Directors of said corporation shall have power
to call in and cancel all certificates of stock of the
par value of ten dollars each, and to issue in lieu
thereof to the lawful owners of said certificates
new certificates of stock, in the name of the Monu-
mental Fire Insurance Company, of the par value
of one hundred dollars each, at the rate of one
|
May reduce
stock.
|
share of the par value of one hundred dollars for
every ten shares of the par value of ten dollars
each, and said Board of Directors may also pro-
vide for issuing, whenever it may be necessary so
to do, certificates for fractional parts of a share of
the par value of one hundred dollars, in order to
retire and cancel any number less than ten of the
shares of the par value of ten dollars each.
|
Par value.
|
Sec. 5. And be it further enacted, That the
Board of Directors of said Company may by a vote
of two-thirds of the members present at any regu-
lar or called meeting, increase the capital stock of
said Company to five hundred thousand dollars,
and may receive subscriptions for such new stock
in shares of the par value of one hundred
dollars each, to the amount of three hundred
thousand dollars, or to any less amount as such
majority may direct, and may prescribe the time
or times of receiving such subscriptions, and the
terms, manner and times of paying the amounts
subscribed, and the terms of accepting such sub-
|
Vote.
|
scriptions, and all shares of stock in said Company
shall he transferable upon the books of the same,
in person or by attorney, in such manner and upon
such terms as the by-laws thereof may prescribe,
and the Board of Directors shall have power to en-
force the payment of all instalments of subscrip-
tions and other dues from its members or stock-
holders by such fines and forfeitures as may be
prescribed in the by-laws of said corporations.
|
Transfer.
|
Sec. 6. And be it enacted, That whenever any
subscriber to the stock of said Company shall pay
on account of his subscription the sum of one hun-
dred dollars, he shall be entitled to receive a cer-
tificate of stock therefor, and at all meetings of
the stockholders of said Company, held for any
9
|
Certificate.
|
|
![clear space](../../../images/clear.gif) |