1843.

FRANCIS THOMAS, ESQUIRE, GOVERNOR.

chap. 342.

he may hold shares; and the directors so chosen, shall
serve until others shall be chosen and no longer; and on
the return of the same day in each and every year there-
after, there shall be held a like election; and at their first
meeting after such election, said directors shall choose
from amongst the stockholders a president; and should it
at any time happen that an election of directors shall not
be made upon the day when, pursuant to this act, it
ought to have been made, the said corporation shall not
for that cause, be deemed to be dissolved, but it shall be
lawful on any other day within thirty days thereafter, to
hold and to make an election of directors in such manner
as shall have been regulated by the by-laws and ordinan-
ces of the said corporation; and in case of death, resigna-
tion 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.

May make in-
surances a-
gainst damage
by fire, &c.

Sec. 7. And be it enacted, That the president and di-
rectors shall have full power and authority to make in-
surances against all loss or damage from fire or other ca-
sualty, and against all loss or damage from any cause,
hazard or liability whatsoever on and relating to factories,
mills, bridges and other works and buildings, and on
goods, wares, merchandize, choses in action, country
produce and personal property of every description,
whether in store or elsewhere; to provide for the invest-
ment of the funds of the corporation in such manner as
they shall deem most safe and beneficial, and generally to
make, execute and perfect all such contracts, agreements
and other instruments as may be found necessary to carry
into effect the provisions of this law.

May ordain
and establish
by-laws.

Sec. 8. And 6e it enacted, That the president and di-
rectors, for the time being, shall have power and authori-
ty to ordain and establish such by-laws, ordinances and
regulations, as shall appear necessary in regulating the
concerns of the said corporation and also to appoint such
officers, clerks and servants under them, as shall be deem-
ed necessary for executing the business of said company,
and allow them such salaries as they may judge reason-
able.

All policies to
be signed by
President and
sealed with
the common
seal.

Sec. 9. And be it enacted, That all policies of insu-
rance made by this corporation, shall be signed by the
president, and sealed with the common seal, and all loss-
es on any such policy or policies, shall be paid agreeably
to the terms of the policy, out of the funds of the corpo-
ration, and in case of the absence, death, resignation, or
disqualification of the president, the directors for the time
being, shall appoint a president pro tempore, to execute