| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
that an election of directors shall not be made upon the day
when pursuant to this act it ought to have been made, the said corporation
shall not for that cause be dissolved, but it shall be lawful
on any other day, within ten days thereafter, to hold and make an
election of directors, in such manner as shall have been regulated
by the by-laws and ordinances of the said corporation; and in case
of the death, resignation or disqualification, of a director, the place
of such director for the remainder of the year shall be filled up by
the board of directors for the time being; and no person who is a
director of any other insurance company shall be a director of this. |
1815.
CHAP. 78. |
5. AND BE IT ENACTED, That the directors thus
chosen shall
immediately cause to be entered in a good and sufficient book in
folio, the names of all the members of the corporation, with their
number of shares thereto respectively annexed, and in the same
book they shall also cause to be entered each and every transfer
that shall from time to time be made of any of the said shares, and
the stock of the said corporation shall be assignable and transferrable
under such rules, regulations and by-laws, as shall be prescribed
by the said body corporate. |
Names of members
to be entered in a
book. |
6. AND BE IT ENACTED, That the said directors
shall immediately
require from the several stockholders, promissory notes,
with two approved endorsers, for the payment of the remaining
nine-tenths of their respective subscriptions, in nine several notes,
each for one-tenth part, payable on demand, or such collateral
security for the payment thereof, either in the stock of the United
States, in bank stock, or in land, as the said directors from time
to time shall require and approve; which said notes, or such part
of them as shall remain unpaid, shall be renewed in the month
of November in every year, with the same or such other two endorsers
as the said directors for the time being may require and
approve; and in case such collateral security should at any time
thereafter become manifestly insufficient, from a depreciation
thereto, or otherwise, then the said directors shall, and they are
hereby authorised and directed, to require the party to give such
additional or other security as aforesaid, as they may approve; and
any stockholder who may refuse to give such notes, or such collateral
security as may from time to time be required as aforesaid,
shall forfeit all his interest in the corporation, and his share,
shares, and parts of shares, shall be disposed of by the said directors
for the benefit of the corporation, to such person or persons
as may apply for the same, who may be admitted a member
or members according to the restrictions and qualifications herein
contained; but the money which the directors shall receive for the
sale of the share, shares, or parts of shares, actually paid for by
such delinquent, shall be repaid by them to him, his executors,
administrators or assigns, but he shall nevertheless remain liable
for his proportion of any loss which may arise from risks taken
antecedent to said refusal; Provided, that in case of the death
of
any stockholder, the neglect or refusal of his executors, administrators
or legatee, to give the notes, or such collateral security as
may be required as aforesaid, shall not be a forfeiture of the interest
which the said stockholder in his life-time had in the corporation,
but the said administrator, executor or legatee, shall have
one whole year next after the day of the said death, either to give |
Security for payment
of instalments
—insufficiency
—defaulters.
Proviso. |
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