THOMAS G. PRATT, ESQUIRE, GOVERNOR

1845.

SEC. 4. And be it enacted, That the president and the
other commissioners are hereby appointed and constituted
a board of directors of the said company until the first
election of directors, as herein provided for, shall take
place; that they shall have power to fill vacancies in
their own body, make by-laws, and possess all the other
powers conferred upon the directors by this act.

CHAP. 192.

Board of di-
rectors.

Fill vacancies.

SEC. 5. And be it enacted, That the said company
shall have full power and authority to make insurance on
vessels, merchandise, freight, specie, bullion, commissions,
profits, bank notes and bills of exchange, and other evi-
dences of debt, bottomry, ad respondentia interests, and
all other personal properly, or interests in or touching
property at sea, land or water, to lend money on bottom-
ry, and ad respondentia or otherwise; and to cause said
company to he re-insured, when deemed expedient,
against any risk or risks on which it may have made in-
surance, to build or purchase vessels or steamers to be
employed as packets, and use and employ them in such
manner as they may deem proper.; to make and enter in-
to all contracts for and relative to the objects aforesaid.

Insurances on
vessels, &c.

SEC. 6. And be it enacted, That for the greater safety
and security of the persons dealing with this company,
and in furtherance of the objects proposed by this act, it
shall be, lawful for said company, to receive from those
wishing to promote the object in view, and participate in
its profits, notes payable on twelve months credit, and
renewable at the option of the company, to the amount
of two hundred thousand dollars; but the aggregate
amount of said safely notes shall not, at any one time,
exceed two hundred thousand dollars; and the said Safe-
ty notes shall be, in every instance, secured by the hy-
pothecation of real estate bank of other stocks, or by such
other securities as the board may approve; and each per-
son who shall thus give his note as aforesaid, for the pri-

Lawful to re-
ceive notes on
12 months, &c.

vilege of enjoying the advantages to which those safety
notes are entitled, shall at the option of the board, pay a
bonus not exceeding ten per cent., which shall be carried
to the profit account of said company.

Bonus ten per
cent.

SEC. 7. And be it enacted, That it shall be lawful for
said company to negotiate and use the said notes, in the
course of its business, in payment of claims or otherwise;
but they shall not be used by the company until all its
other available funds are exhausted; and in lieu of all
other compensation or interest, the drawers of the said
safety notes shall be entitled to the same privileges and
to the same share of dividends of the profits of the com-

Lawful to ne-
gotiate said
notes, &c.