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tive signers of said notes, before estimating or dividing any
profit of the business of said company.
SEC. 5. And be it enacted, That the said company shall
have full power and authority to make insurance on dwell-
ings, houses, stores, and all other kind of building vessels
in port, house furniture, merchandise, and all other proper-
ty, against loss and damage by fire.
SEC. 6. And be it enacted, That on the second Tuesday
of July, eighteen hundred and forty-six, and yearly all
wards on the same day, seven out of the twenty-five
largest contributors to the company, by premiums on poli-
cies of insurances, or by notes given to the company in
advance of premiums, the selection of whom shall be made
by ballot by the board, and in presence of the policy hold-
er's, who by special notice shall be invited to attend shall
be ipso facto, and shall be declared to be the directors of
the company for the ensuing year; and in the even to
death or resignation of any one director, the vacancy shall
be filled up by the board, out of the aforesaid list of the
largest contributors to the company as aforesaid.
SEC. 7. And be it enacted, That it shall be the duty of
the president and directors to superintend the concerns of
the Company in all things not otherwise herein provided
for, and to cause a proper office to be kept for the trans-
action of business; the president and directors shall hold
regular meetings at least once a month, and at every such
meeting shall examine the state of the company's affairs,
and act on all matters and things which may come before
them; and they shall hold such other meeting as they
may deem necessary, or when thereunto notified by the
president; the president and three directors, or in the ab-
sence of the president, five directors shall constitute a quo-
rum; it shall also be the duty of the president and director to
investigate the best mode of investing from time to time the
funds and surplus profits of the company; and they shall
have power to direct the manner of loaning or investing
he same they shall also at the end of each year examine
the statement of the affairs of the company and shall com-
pare the same with the books, and shall fix the amount or
Which dividend certificates shall be issued, as hereinafter
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CHAP. 279.
Authority, &c
Yearly elec-
tion of direc-
tors.
President and
Directors to
superintend
concerns and
cause a proper
office to be
kept.
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provided for.
SEC. 8. And be it enacted, That the president shall at
tend daily at the company's office, and receive applications
for insurance; and shall, whenever he may deem it neces-
sary, examine alone or jointly with the directors, the pro-
perty offered for insurance; he shall cause all the property
belonging to the company to be safely kept; shall receive
all money's paid into the office, and shall deposite the same
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President to
attend daily at
the office.
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