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ELIHU E. JACKSON, ESQUIRE, GOVERNOR.
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653
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bonds are required of individuals outstanding uncompleted; but
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its income if not needed at any dividend time to make good such
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undertakings, may be added to and disposed of with the general
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income of this company.
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SEC. 16. And be if enacted, That upon all moneys received by
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this company, as depository under the order of any court, interest
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shall be allowed by this company at not less than the rate of one
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per cent, per annum; and when the annual income of an infant,
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of whose estate this company shall be guardian, shall exceed the
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Interest.
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sum allowed, or which may be sufficient for the education and
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support of such infant, such surplus income may be accumulated
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by this company for the benefit of such infant, by adding inter-
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est on the whole as a new principal, and the interest so to be
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allowed and added in such accumulation, shall in no case be less
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than two per cent, per annum.
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SEC. 17. And be it enacted, That no loan shall be made by this
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company to any director, officer or employee thereof; and any di-
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rector or directors, or other person or persons connected with this
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company, making or consenting to any such loan directly or in-
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No loan to
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directly, or knowing that such loan is made, and failing to inform
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employees
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tha board of directors thereof at its next meeting, after obtaining
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such knowledge, shall be liable to this company for the amount
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so loaned, with interest thereon, and all expenses, including coun-
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sel fees, incident to collecting the same.
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SEC. 18. And be it enacted, That it shall be the duty of the di-
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rectors of this company, by a committee of not less than three of
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their number, at least twice in each year, to thoroughly examine
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the books, vouchers and assets of this company, and its affairs
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generally, and such committee may, if it deem necessary, employ
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at the expense of this company an expert accountant to aid it in
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making such examinations, and it shall be the duty of said com-
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Statement
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mittee, as speedily as practicable, after any such examination has
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been completed, to prepare a statement showing the assets and
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liabilities of this company, and to present to the board of directors,
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verified by the oath or affirmations of the directors, or a majority
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of them who made such examination, and by the oath or affirma-
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tion of such accountant, where one is employed; and any wilful
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false swearing thereto shall be deemed perjury, and be subject to
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the prosecution and punishment prescribed by law for that of-
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fense.
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SEC. 19. And be it enacted, That it shall be lawful for this com-
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pany to sell at public auction or private sale, in its discretion, all
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property of what kind soever mentioned or specified in any con-
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To sell.
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tract or agreement between this company and other parties, after
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ten days shall have elapsed from the time of maturity of any
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obligation under said contract or agreement, or immediately upon
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the discovery of any fraud, misrepresentation or concealment in
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