LEVIN WINDER, ESQ. GOVERNOR,

57

corporation, to such person or persons as may apply for
the same, who may be admitted a member or mem-
bers according to the restrictions and qualifications here-
in contained; out the money which the president and di-
rectors shall receive from the sale of the share, shares or
parts of a share actually paid for by such delinquent, shall
re-paid by them to him, his executors, administrators
or assigns, but he shall nevertheless remain liable fur his
proportion of any loss which may arise from risks taken

DEC. SESS.

1813.

antecedent to said refusal; Provided, That in case of the
death of any stock-holder, the neglect or refusal of his
executors, administrators or legatee to give the notes, or
such collateral security as may be required as aforesaid,
shall not be a forfeiture of the interest which the said
stockholder in his lifetime had in the corporation; but the
said executor, administrator or legatee, shall have one
whole year next after the day of the said death either to
give the said notes, or such collateral security as afore-
said, or to transfer the said share or shares; and in case
the said note, or the said collateral security shall not be
given within the said term of one year by such executor,
administrator, legatee, or assignee, all interest which
the said stockholder had in his lifetime in and to the said
corporation shall be forfeited, and shall be disposed of as
aforesaid by the said president and directors; and such
executor or administrator shall be, and he is hereby au-
thorised and empowered at any time within the said term
of one year, to sell or transfer such shares, as the or-
phans court of the county where such person or persons
nave obtained letters testamentary, or letters of admin-
istration on the said estate, shall from time to time order
and direct.

Proviso.

6. AND BE IT ENACTED, That the president for
the time being, by order and direction of the directors,
shall have full power and authority in the name and be-
half of the corporation, to make all kind of marine in-
surances, insurances against fire, insurances on lives,
and insurances on the inland transportation of goods,
wares and merchandise, and to lend money on bottomry
and respondentia, and generally to do, transact and per
form all the business relating to the objects aforesaid, and
subscribe all policies of insurance on behalf of the said
corporation, under the stile and title of president of the
Universal Insurance Company.

Privileges.

7. AND BE IT ENACTED, That it shall not be
lawful for the president and directors at any time after
the receiving of the first payment as aforesaid, to require
or demand from the stockholders any other or further
payments, unless the same may be necessary to defray
and satisfy losses previously sustained by the said corpo-
ration; and the president and directors shall have power
to appoint each and every year such officers, clerks, and
servants under them as shall be necessary, and to allow
8

Second pay-
ment. Offi-

cers, &c, Sal-
aries.