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ROBERT BOWIE, ESQUIRE, GOVERNOR.
of directors, in such manner as shall have been regulated by the
by-laws and ordinances of the said corporation; and in case of 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. |
1804.
CHAP. 60. |
5. PROVIDED ALWAYS, AND BE IT ENACTED, That
the present
president, directors and secretary, of the said company, to wit:
Robert
Gilmor, president, Mark Pringle, Robert Oliver, George Grundy,
John Swan, John Carruthers, Stewart Brown, Daniel Howland,
Hugh Thompson, Christopher Johnson, Samuel Hollingsworth,
John Sherlock and Samuel Walker, directors, and David
Stewart, secretary, shall be and remain in office, and exercise all
the duties and functions of president, directors and secretary, of
the said Marine Insurance Company, until the first Monday in
April next, and until the election of directors and secretary under
and in pursuance of the provisions of this act. |
Proviso. |
6. AND BE IT ENACTED, That the directors shall
have full power
and authority to make insurances upon vessels or merchandise
at sea, or going to sea, or upon any goods, wares, merchandise,
freights or other personal property, going or gone, by land or water,
and also insurances upon lives and against fire, and to lend
money upon bottomry and respondentia, and generally to transact
and perform all business relative to the objects aforesaid, and also
to vest the capital and surplus funds of the company from time to
time in the public funds or banks, and to dispose of the money and
property of the corporation in such manner as to them shall appear
most advantageous, not being contrary to law. |
Insurances on vessels,
merchandise,
&c. |
7. AND BE IT ENACTED, That the directors for
the time being
shall have power to appoint such officers, clerks, and servants, under
them, as shall be deemed necessary for executing the business
of the said company, and allow then such salaries as they may
judge reasonable. |
Appointment of
officers. |
8. AND BE IT ENACTED, That the said directors
shall, from
time to time, apply all sums received by them for premiums, to the
payment of their losses, in the first instance, and to make up the
amount of their original capital when it shall sustain any diminution
by such losses, and shall make such dividends of their clear net
profits from time to time as they shall judge expedient; provided,
that not more than two parts in three of such profits be divided
at any one time, and that the remaining one third part of such profits
be added from time to time to the capital stock of said company. |
Premiums to be
applied in the first
instance to payment
of losses. |
9. AND BE IT ENACTED, That in case the losses
of said company
shall exceed the amount of premiums received, and the capital
stock of said company, then the stockholders shall be liable in
their individual capacities for the deficiency in proportion to their
several and respective shares, and not further or otherwise; and if
a judgment shall or may at any time be rendered against the said
corporation, in a suit upon a policy of insurance by them signed,
and no property can be found whereon an execution may be laid to
satisfy the said judgment, then and in such case the plaintiff or
plaintiffs may, and he or they are hereby empowered to file, in the
court of chancery, a bill of discovery and relief against the directors,
and members of the corporation, as against private individuals, |
Stockholders to
be liable for their
proportion of losses. |
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