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Session Laws, 1849
Volume 613, Page 264   View pdf image
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CHAP. 222.

company may have earned for policies issued them re-
spectively, and should any portion of said notes have
been used for paying losses, before any disposition shall
be made of the funds of the company toward the re-
demption of dividend certificates, as hereinafter pro-
vided for, the same shall be made good as soon as the
business and resources of the company will permit, it
being the true intent, and meaning of this act, that
should the said sum of fifty thousand dollars, or any
part thereof, be at any time required to meet any de-
mands against the company, such amount shall be
made good, principal and interest, to the respective
signers of said notes, before estimating or dividing any
profit of the business of said company.

May issue

SEC. 5. Be it enacted, That said company may, for
the purpose of more fully meeting the daily increasing
demands for insurance, in their discretion, issue stock to
an amount not exceeding one hundred thousand dollars,
in such form and amounts, and payable in such man-
ner as the board of directors may deem proper, and
subject to such limitations, conditions and restrictions as
shall be expressed on the face of the certificates of such


stock; provided always however, that the whole amount,
either paid or secured to be paid for such stock, shall be
liable to the assured for making good any losses sus-
tained by them on policies issued by said company.

Duties of pres-
ident and direc-

SEC. 6. Be it enacted, That the president and di-
rectors of said company shall have full power and au-
thority to make insurances on vessels, merchandise and
all other kinds of property, in or touching property at
sea, or going or gone by land or water, or subject to, de-
pendent on, or connected with the risk of conveyance
by land, sea, or water, and to lend money on bottomry,
ad respondentia, also to make insurances against, losses
and damage by fire on all kinds of property, and gene-
rally to transact, all business, enter into all contracts,
and take all security for, or relating to, the said busi-
ness, and to cause the said company to be re-insured,
when deemed expedient, against any risk which it may
have taken.

Capital stock.

SEC. 7. Be it enacted, That the said company,
acting by its proper officers, shall have full power and
authority to invest the capital and surplus funds and
profits, or other funds, remaining in the hands of the
company, from time to time, or public funds, bank
stock, or other securities, and generally to invest and
dispose of the capital, money and properly of the com-
pany as they may deem most advantageous.

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Session Laws, 1849
Volume 613, Page 264   View pdf image
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