A. W. BRADFORD, ESQUIRE, GOVERNOR.

same, the President and Directors shall appoint a
Secretary and all such officers, agents and ser-
vants to transact the business of the company, as
they may deem necessary, and require bonds for
the faithful, performance of their duties.

369

Sec. 5. And be it enacted, That the balance due
on the stock of said company shall be paid in as
required by the President and Directors, ten days
notice having been given of the same, and should
any stockholder fail to pay an instalment when so
required, the President and Directors may forfeit
the amount already paid for the benefit of the
company, and hold him or them liable for any
damage which, may be sustained from such failure.

Stock may be
forfeited.

Sec. 6. And be it enacted, That the said Presi-
dent and Directors shall have power and authority
to receive endorsements of personal and mixed
property for a term of years in trust, to grant an-
nuities to make insurance on lives or against acci-
dents to persons, to contract for reversionary pay-
ments, to make all kind of contracts in which the
casualties of life and interest of money are involved,
to provide for the investment of the funds of the
corporation in such manner as they shall deem
most safe and beneficial, and to make such by-
laws as may be necessary to carry this act into
effect, and axe not contrary to the same.

May make in-
surance, &c.

See. 7. And be it enacted, That the stock of this
company may be assigned and transferred on
their books, in person, or by power of attorney,
but no stockholder indebted to the company shall
be permitted to transfer his or their stock, or to
receive any dividend until such debt is secured to
the satisfaction of the President and Directions.

Stock trans-
ferable.

Sec. 8. And be it enacted, That the President
and Directors shall annually prepare a full and
detailed statement of the condition of the com-
pany, which statement shall be certified to by the
President and Secretary, and reported to the an-
nual meeting of the stockholders.

To prepare a
detailed state-
ment.

Sec. 9. And be it enacted, That the President
and Directors shall in case of any loss whereby
the capital of the company shall have been dimin-
ished declare no dividend until a sum equal to

47

Dividends
not to be de-
clared.