THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1846.

pany, and applied to the expenses and other charges of
said corporation; and provided also, that said certifi-
cates shall not be paid until they shall amount to the sum
of three hundred thousand dollars; but whenever they
shall amount to that sum, said certificates shall be paid
annually thereafter, beginning with the oldest date; but
such payments never to dimmish the amount below three
hundred thousand dollars.

CHAP. 359.
Proviso.

SEC. 9. And be it enacted, That it shall be lawful for
said company, from time to time to divide among the
holders of said certificates, so much of the profits of said
company, arising from insurance, to an amount not ex-
ceeding six per cent, per annum, or in case of losses, to
declare a pro-rata deduction of the amount of outstanding
certificates; original certificates may be called in by the
company and new ones issued in their stead, less the
proper reduction; all shares of stock, certificates and in-
terest in the company, shall be deemed personal proper-
to; and further provided, that the parties effecting insu-
rance with this company, and holding the certificates
thereof, shall not be liable for the debts or losses of said
company, otherwise than as herein before stated.

Company to
divide, &c.

SEC. 10. And be it enacted, That no transfer or as-
signment of or contract to transfer or assign any share
or shares of said stock, shall have any effect as to the
said corporation, until the transferer or assignor thereof
shall have paid and satisfied the said corporation for all
debts due and payable at the time of such contract or
transfer or assignment, or attempted transfer or assign-
ment; and all debts due and payable to said corporation
by any stockholder, shall be deemed liens on the share
or shares of such stockholder, which the said corpora-
tion may enforce and satisfy by retaining and taking to
itself until satisfaction thereby of said debts, the profits
and dividends from time to time accruing upon the said
share or shares, and also by public sale of said shares,
either before or after partial satisfaction in manner afore-
said, out of the said profits and dividends, giving howev-
er, at least three weeks notice to such stockholder, pre-
vious to the sale of his stock, serving such notice on him
personally, or leaving it at his place of abode; and the
purchasers of such stock shall be and become by such
purchase, to all intents and purposes, stockholders and
members of said corporation.

No transfer le-
gal until cor-
poration are
satisfied.

SEC. 11. And be it enacted, That the said company
shall not be competent to purchase, lake or hold any
real or personal estate other than such as may be re-

In relation to
real estate.