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ROBERT BOWIE, ESQUIRE, GOVERNOR.
4. AND BE IT ENACTED, That for the well ordering
the affairs
of the said corporation, there shall be thirteen directors, each of
them at the time of his election being, and while in office continuing
to be, a stockholder in the said company, and that they shall
be chosen by ballot on the last Monday of March, in the year one
thousand eight hundred and five, and on the same day in every
year thereafter, by a plurality of votes of the stockholders present,
or by proxy, each stockholder having as many votes as he may have
shares; and the directors so chosen shall serve for one year next
ensuing the elections respectively, and until others shall be chosen,
and no longer, and at their first meeting after each election, shall
choose one of their own number as president; and should it at any
time happen 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 deemed to 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 said corporation;
and in case of the death, removal from the state, resignation,
inability, or other disqualification of the president, or any director,
the place of such president or director, for the for the remainder
of the year, shall be filled up by the board of directors for the time
being. |
1804.
CHAP. 41.
Directors to be
chosen. |
5. PROVIDED ALWAYS, AND BE IT ENACTED, That
the present
president and directors of the said insurance company, to wit: Samuel
Sterrett, president, and William Van Wyck, John J. Martin,
Luke Tiernan, Lewis Pascault, Robert Barry, William Taylor,
Thorndick Chase, Charles Ghequiere, Robert McCandless, Amos
A. Williams, John G. Proud and Hugh Neilson, directors, shall
continue to act as such until the last Monday of March, in the
year eighteen hundred and five, and during that period may exercise
all the powers, and shall be bound by all the limitations and
provisions, which any future president and directors may exercise,
or shall be bound by, in virtue of this act. |
Proviso. |
6. AND BE IT ENACTED, That the directors to
be chosen as
aforesaid 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 in that behalf by the said body corporate. |
Names of members
to be entered in a
book. |
7. AND BE IT ENACTED, That the directors shall
have power to
employ the funds belonging to the corporation in such manner, not
being contrary to the laws of this state, as they may deem most
advantageous to the institution; to appoint each and every year
such officers, clerks and servants under them, as shall be necessary,
and to fix the annual salary of the president, and to allow
their other officers severally a certain annual salary for their respective
services, which shall be ascertained and fixed by the directors
each and every year, immediately after the election of said directors,
and before the election of president and appointment of
said officer, clerks or servants; and shall also have power to hire |
Directors to employ
funds as they
may deem most
advantageous. |
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