Page:United States Statutes at Large Volume 11.djvu/534

 494 THIRTY-FOURTH CONGRESS. Szss. III. Ch. 40. 1857. been made during this period, the directors, or a. majority of them, may Dividends. declare a dividend of said profits, which shall be paid within ten days thereafter, but it shall not be lawful to divide more than two thirds of said clear profits until a contingent fund of twenty thousand dollars shall be formed; and as often as the said fund shall be impaired by losses, the president and directors shall continue the half-yearly appropriation of one third of the net profits aforesaid, until the contingent fund be restored to the amount before mentioned. Fund for im Sec. 6. And be it further enacted, That the said president and jmed and dis- directors be, and are hereby, authorized to set apart out of the profits of ebled 6mm0n- said company, from time to time as they may think necessary, a portion of said profits, to constitute a fund for the special benefit of such members of the several tire companies as may become injured or disabled in dis- Apgropmtion charge of their duties at any fire, and to appropriate such sums as- they for ro com- may see fit m aid of the several fire companies, and which appropriauon P’”‘i°“· shall not be less than one hundred and fifty dollars per annum. Sec. 7. And be it further enacted, That every building insured by this Losmmow 8s_ company that is destroyed by means of fire, from the first floor upwards, timated. shall be deemed as demolished, and it shall be lawful for the directors, in such case, to order the money insured thereon 't0 be paid within three months after the notice given of the loss as aforesaid; and in case of a. partial destruction by fire, the loss shall be determined by assessors, ap pointed as follows: the person whose property is insured shall have the privilege of selecting one disinterested person, the board of directors shall select another; should these two persons disagree in their valuation of a loss, they shall select another disinterested person, the award of any two of these three shall be final. Sec. 8. And be it further enacted, That the president and directors Scc,m,.y and shall have power and authority to appoint a secretary, and such other other officers. clerks and officers under him as they may think necessary, for transacting the business of the company, and may allow them such salary as they By_hw,_ &c_ shall judge reasonable; to ordain and establish such by-laws, ordinances, and regulations for conducting the concerns of said company, not being contrary to, nor inconsistent with this act, or the Constitution and laws Record. of the United States ; they shall keep a full and fair record of their transactions in books kept for that purpose, which shall be at all times open to the inspection of the stockholders ; they shall have power to hire or pur- Buuding may chase a suitable building, or buildings, in the city of Washixigton or be hired or pur- Georgetown, for the purpose of transacting the affairs of the company, "h"“°d· and generally to conduct the entire business thereof Sec. 9. And be it f·}u·ther enacted, That the stockholders in this com- Liability or pany shall not be liable for any loss, damage, or responsibility arising from capital or funds of the company, to the amount of the stock respectively held by them and any profits arising therefrom, not divided: Provided, The said company shall, from time to time, apply all sums of money received by them for premiums to the payment of losses in the urst instance, and to make up the original capital whenever it shall have suffered diminution by losses. Sec. 10. And be it further enacted, That the said company shall not Power to hold be competent to purchase, take, or hold any real estate other than such ’°°l °$“’·*€· as shall be requisite for its immediate accommodation in relation to the convenient transaction of its business, and such as shall have been bond jide mortgaged or conveyed to it by way of security, oi; in satisfaction of debts contracted in the course of its dealings, or purchased at sales upon deeds of trust or judgments which shall have been obtained for such debts. &;°};gfs5:3_‘t::j Sec. 11. And be it further enacted, That all policies of insurance and me and sigma. notes or obligations of every description shall be signed by the president
 * °°kh°ld¤¤’¤· any contract of insurance other than the property they have in the