THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1845.

by-laws, restrict or increase the authority and powers of
the president, in respect to the authority and powers
above mentioned, and delegate to such agents as they may
select, a portion of the powers herein above reserved to
the board.

CHAP. 192.

SEC. 10. And be it enacted, That the board shall have
power to fix and establish the salaries of all its officers,
clerks and agents; and by a vote of not less than a ma-
jority of the whole board, to make such by-laws as they
may deem proper and necessary to regulate the concerns
of this company; provided, they be not contrary to this
act, to the laws of this State, and the laws and constitu-
tion of the United States.

Fix salaries.

Proviso.

SEC. 11. And be it enacted, That the president and
directors shall have full powers and authority to invest
the capital and surplus funds of the company, from time to
time, in such manner as they may think conducive to its
interest; all the moneys of the company shall be safely
deposited in bank by the president, but none shall be
drawn therefrom except by checks signed by the presi-
dent, or vice president, in case of absence, and by two
directors, under sanction of the board.

Invest capital
and surplus.

SEC. 12. And be it enacted, That the said company
shall not be competent to purchase or hold any real
estate, except such as shall be requisite for the more ad-
vantageous and convenient transaction and management
of its business, and such as shall have been bona fide
mortgaged or conveyed to it by way of security, or in
satisfaction of debts contracted in the course of its deal-
ings, or purchases at sales upon judgments which shall
have been obtained for such debts.

Not to hold
real estate.

SEC. 13. And be it enacted, That on the first Tuesday
of July, eighteen hundred and forty-seven, and yearly af-
terwards, it shall be the duly of said board of directors,
to ascertain the exact amount of earned premiums, and
the amount of all its earnings from other sources, and af-
ter deducting therefrom all its expenses, and all claims
against the company for losses or otherwise, to divide the

Amount of
earned pre-
miums yearly.

nett profits amongst all the holders of its policies of insu-
rance whose risks shall have terminated, all the drawers
of the safety notes which they may have received, and
all those holding its receipts for freight paid to their
steamers during the year, and pro rata of their respective
amounts; but in computing and calculating the dividends
due to each, all the fractional parts above and under ten,
twenty, thirty, forty and other decimal sums shall be ne-
glected, and the dividends shall be calculated upon the

Divide profits.