T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

upon vessels, freights, goods, wares, merchandize,
specie, bullion, jewels, profits, commisions, bank
notes, bills of exchange and other evidences of debt,
bottomy and respondentia interests, and to make
all and every insurance appertaining to or connected
with marine risks and risks of transportation and
navigation.

CHAP. 365,

ART. 2. The capital of said company shall con-
sist of two hundred and fifty thousand dollars, di-
vided into five thousand shares of fifty dollars each,
with liberty to increase the same to any sum not
exceeding, in all, a half million dollars, to wit: by
further issue of stock not exceeding in all two hun-
dred and fifty thousand dollars or by the conver-
sion into stock of the reserved profits or surplus
fund represented by the scrip, as hereinafter pro-
vided.

Capital stock.

ART. 3. All the corporate powers of said com-
pany shall be exercised by a board of directors and
such officers, clerks and agents as said directors,
from time to time, may appoint; they shall elect a
president and one vice-president, who shall be ex-
officio directors, and the votes of at least two-thirds
of the whole number of the directors shall be neces-
sary to their election; they shall serve for two years,
but they may hold over, and unless removed at the
expiration of their terms respectively by the elec-
tion of others to fill their places, they shall be
deemed to have been re-elected for another term,
and the same for each succeeding term; all other
officers, clerks and agents may be appointed at and
during the pleasure of the. directors; the board of
directors of the company shall have power to make
such by-laws, not inconsistent with the Constitu-
tion and laws of this State, as may be deemed
necessary for the government of its officers and the
conduct of its affairs.

Corporate
powers.

ART. 4. The board of directors shall consist of
thirty-five members, exclusive of the officers of the
company, who are ex-officio members, and each di-
rector of the company shall be a stockholder during
the time he shall continue a director, and they shall
all be citizens of this State, the term of office of the
directors shall be two years; they shall be eligible
for re-election, and shall have authority if vacan-
cies occur to fill the same for the unexpired term;
in the election of directors every stockholder of the

Board of di-
rectors.