ROBERT BOWIE, ESQUIRE, GOVERNOR. NOVEMBER.

1804.

further payments, unless the same may be necessary to defray and satisfy losses previously sustained
by the said corporation, and the directors shall vest two thirds of the first payment in stock of the
United States, or bank stock, and shall employ the remaining funds of the corporation in such man-
ner as they may deem most advantageous to the institution, not being contrary to the laws of this
state; and the said directors shall have power to appoint, each and every year, such officers, clerks
and servants, under them, as shall be necessary, and to allow them severally a certain annual salary
for their respective services, which shall be ascertained and fixed by the directors, immediately
after the election of said directors, and before the appointment of the said officers, clerks or ser-
vants.

CHAP.
LXXVII.

IX. AND BE IT ENACTED, That the directors shall keep full, fair and correct entries of their
proceedings, which shall at all times be open to the inspection of the stockholders.

Entries to be
kept, &c.

X. AND BE IT ENACTED, That the said corporation shall not hold any lands, tenements or he-
reditaments, except such as may be requisite for its accommodation in relation to the convenient
transaction of its business, and such as shall have been bond fide mortgaged to it by way of security,
or conveyed to it in satisfaction of debts contracted in the course of its dealings, or purchased at
sales upon judgments which shall have been obtained for such debts; and every conveyance made by
the corporation of its lands, tenements and hereditaments, shall be effectual and valid, to every in-
tent and purpose, if the president shall thereunto subscribe his hand, and affix the seal of the corpo-
ration, and shall, in the name and in behalf of the corporation, acknowledge the same before
such person or persons as the law directs in the cases of any person or persons executing and ac-
knowledging any deed for the conveyance of land in fee-simple.

Not to hold
lands, &c.

XL AND BE IT ENACTED, That the board of directors is hereby fully empowered to make, re-
vise, alter or annul, all such rules, orders, by-laws and regulations, for the government of the
said corporation, and that of its officers, clerks, servants and affairs, as they, or a majority of
them, shall from time to time think expedient, not inconsistent with law, or the provisions of this
act.

Directors may
make rules, &c.

XII. AND BE IT ENACTED, That the directors shall, on the second Monday in January and July
in each and every year, declare a dividend of the profits of the company, or so much thereof as
to them shall appear adviseabie, and the dividend so delared shall be paid to the respective proprie-
tors on demand, but the monies received as premiums on risks which shall be undetermined and out-
^standing, shall not be considered as part of the profits of the corporation; and in case of any loss
or losses, whereby the capital stock of the corporation shall be lessened, no subsequent dividend
, shall be made until a sum equal to such diminution, and arising from the profits of the corporation,
shall have been added to the capital.

And declare a
dividend, &c.

XIII. AND BE IT ENACTED, That no person who is a director of any other insurance company
shall be a director of this.

No persons to
be a direstor,
&c.

XtV. AND, for the greater security of persons having insurances effected in the Chesapeake in.-
surance company, BE IT ENACTED, That if at any time the funds of the corporation should not be
competent to pay and satisfy the just demands of the assured, that nothing herein contained shall be
construed to discharge the stockholders from being liable for their respective proportions of said
losses, according to the number of shares they may hold therein; but no stockholder shall be liable
for more than his own proportion of losses as aforesaid, or to answer for the failure or deficiency of
others, further than as an endorser on their notes; 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 pro-
perty can be found whereon an execution may be laid to satisfy the said judgment, then and in such
ease the plaintiff or plaintiffs may, and he or they are hereby empowered to file, in the court of chan-
cery, a bill of discovery and relief against the directors of the corporation as against private indivi-
duals, when they shall be severally compelled to discover the interest or shares which each and every
member of the corporation may have therein, and upon such discovery being had, the chancellor
shall ascertain the proportionate parts of the said judgment which the said members severally ought
to pay, and he is hereby authorised to decree accordingly the sum of money which each and every
member of the said corporation shall pay to ihe said plaintiff or plaintiffs.

Not to dis-
charge the
stockholders,
&c.

XV. This act to commence on the first day of February next, and to continue and remain in force
for the term of fifteen years, and until the end of the next session of assembly which shall happen
thereafter.

Commence-.
ment, &c