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of goods, wares, merchandises, and country produce, and all
kinds of marine insurances, when they shall so determine; and ge-
nerally to transact and perform all business relative to the objects
aforesaid; and also to invest the capital and surplus funds of the
company, from time to time, in the public funds of the United
States, or in any bank or banks of this state, or of the United
States, and to dispose of the money and property of the company
in such manner, (not bring contrary to law) as to them shall ap-
pear most advantageous in prosecuting the objects of this institu-
tion.
6. And be it enacted, That the president and directors for the
time being, shall have power to appoint such officers, clerks and
servants, under them, as shall be deemed necessary for executing
the business of the said company, and allow them such salaries
as they may judge reasonable.
7. And be it enacted, That all policies of insurance made by
this corporation, shall be signed by the president, and sealed with
the common seal; and all losses on any such policy or policies
shall be adjusted by the president and board of directors, and
paid agreeably to the terms of the policy, out of the funds of
the corporation; and in case of the absence, death, resignation,
or disqualification of the president, the directors for the time,
bring shall appoint a president pro tern, to execute the several
duties assigned to him, until the vacancy is filled up as provided
for by this act.
8. And be it enacted, That the said corporation shall from time
to time apply all sums of money received by them for premiums
to the payment of losses in the first instance, and to make up the
amount of their original capital, whenever it shall have suffered
any diminution by losses, and that dividends shall be made of the
neat profits arising on the capital stock, at such periods as the
president and directors may judge proper, not oftener than once
in six months, and the same shall be paid to the stockholders, or
their legal representatives; but if at any time a dividend shall
be declared of a greater amount than the neat profits of
the said company, at the time of making the same, each and
every director that consented thereto shall and is hereby declared
to be liable for in his individual capacity, and bound to contribute
to make good the deficiency in the capital stock occasioned by
such improper dividend; and to form a quorum for such purpose
the board shall not be less in number than eight, including the
president, and the resolution shall be laid before the directors six
days before they are called upon to decide; for all other purposes
the president and four directors shall be a quorum.
9. And be it enacted, That the stock of this institution is hereby
declared to be personal and not real estate, and may be assigned
and transferred on the books of the company in person, or by
power of attorney only; but no stockholder indebted to the com-
pany shall be permitted to make a transfer or receive a dividend,
until such debt is paid, or secured to the. satisfaction of the- pre-
sident and board of directors; and whereas the security of the
assured, and the stability of this institution, will in some measure
depend upon the stockholders being persons of property, credit
and responsibility, no transfer shall be made of the stock or
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Dec. Ses. 1816
To appoint
officers, &c.
All policies
to be signed by
president, &c.
Dividends to
be made, &c.
Stock declar-
ed to be person-
al estate—how
to be transfer-
red.
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