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the several duties assigned to him, until the vacancy is
filled up as provided for by this act.
Sec. 10. And be it enacted, That the said corporation
shall, from time to time, apply all sums of money recived
by them for premiums, to the payment of losses in the
first instance, and to make up the amount of their original
capital whenever it shall have suffered any diminution by
losses; and that dividends shall be made of the nett pro-
fits arising on the capital stock, at such times as the pre-
sident and directors may judge proper, not oftener than
once in six months, and the same shall be paid to the
stockholders or their legal representatives; but if at any
time a dividend shall be declared of greater amount than
the nelt profits of the said compnny, at the time of ma-
king the same, each and every director that consented
thereto, shall and is hereby declared to be liable for, in
his individual capacity, and bound to contribute to make
good the deficiency in the capital stock, occasioned by
such improper dividend, and to form a quorum for such
purpose, the board shall not be less than five, including
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chap. 342.
Corporation
to apply sums
of money re-
ceived for pre-
miums to the
payment of
losses.
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the president.
Sec 11. And be it enacted, That the stock of this in-
stitution is hereby declared to be personal and not real
estate, and may be assigned and transferred on the books
of the company in person or by power of attorney only;
but no stockholder indebted to the company shall be per-
mitted to make a transfer or receive a dividend until such
debt be paid or secured to the satisfaction of the presi-
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Stock to be
personal not
real estate.
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dent and board of directors.
SEC. 12. And be it enacted, That the president and
directors may call a general meeting of the stockholders
for any purpose relative to the affairs of the institution,
giving at least two weeks notice in one or more of the
newspapers printed in the town of Westminster, and any
number of stockholders not less than twenty, who togeth-
er shall be proprietors of one thousand shares, may at any
time apply to the president and directiors to call a general
meeting of the stockholders for any purpose relative to
the affairs of the institution; and if the president and di-
rectors shall refuse to call such meeting, the said number
of stockholders, proprietors of not less than the aforesaid
number of shares, shall have power to call a general
meeting of the stockholders, giving at least two weeks
notice in one or more of the newspapers printed in the
town of Westminster, specifying in such notice the ob-
ject or objects of such meeting, and the resolutions of
stockholders, owners of a majority of all the shares of the
company's capital stock; in general meeting assembled,
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President &c.
may call ge-
neral meeting.
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