Page:United States Statutes at Large Volume 11.djvu/538

 498 THIRTY—FOURTH CONGRESS. Sess. III. Ch. 49. 1857. oflice until the first Monday in September, in the year one thousand eight Annual meeting. hundred and fifty-seven ; on which Monday in September in every suc- Dgm.,;0,·s_ ceeding year thereafter, an election shall be held for nine directors as aforesaid, who shall continue in office for one year from the time of their election, and until others shall be chosen in their stead. And the said directors, at their first meeting, shall choose from among themselves, or President. from the stockholders at large, a. president, and allow him a reasonable compensation for his services; and, in case of death, removal, resignation, or other disqualification of the president, or any of the directors, the remaining directors may elect others to supply their places during the remainder of the term for which they were chosen; and in every case Vacancies. where one of the directors shall be chosen president, the vacancy shall be supplied as in case of death, removal, or resignation; that the persons Cornmitteo to hereby authorized to receive subscriptions, or any three of them, be a Q:f;;""°""d °l°°' committee to superintend the first election of directors, and 2. committee ` of three stockholders be appointed by the directors to superintend every succeeding election. Sec. 5. And be it further enacted, That the membexs of the company Rggpousibility shall not be liable for any loss, damage, or responsibility arising from any of Shareholders contract of insurance other than the property they have in the capital or f°'1°”‘"" funds of the company, to the amount of the shares respectively held by them, and any profits arising therefrom not divided: Pmvide¢L 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. Sec. 6. And be it further enacted, That the president and directors P°"°*` W i“*“'°· shall have full power and authority to make insurance 0n dwellings, houses, stores, and all other kinds of buildings, vessels in port, house furniture, merchandise, and all other property against loss and damage by fire; and also to make insurance on vessels, merchandise, freight, speeie, bullion, commissions, profits, bank-notes, bills of exchange, and other evidences of debt, botwmry and respondentia interests, and to make all and every insurance connected with marine risks of transportation and navigation; and to cause said company to be reinsured, when deemed ezzpcdient, against any risk or risks on which it may make insurance. Sec. 7. And be it jiortlwr enacted, That it shall be the duty of the _P¤we¤- mq du- president and directors to superintend the concerns of the company in all
 * 3 d‘;£cg$:d°"* things not otherwise herein provided for, and to cause a proper office to be

' kept in the city of Washington for the transaction of business ; they shall have power to dispose of} according to the provisions of the second section of this act, the shares remaining unsold at the formation of the company; to appoint a. secretary and other officers or agents, and to make such compensation for their services as they may deem proper. The president and directors shall hold stated meetings, at least once in each month, and at every such 'meeting shall examine the state of the c0mpany’s ailhirs, and act on all matters and things which may come before them, and they shall hold such other special meetings as they may deem necessary, or when thereunto notified by the president; the president and three directors, or, in the absence of the president, five directors, shall constitute a quorum. Dum, or were Sec. 8. And be 6t_f·hrt}wr enacted, That the secretary shall attend daily whenever he may deem it necessary, examine alone or jointly with the directors, the property olfered for insurance ; he shall cause all the property belonging to the company to be safely kept; shall receive all moneys paid into the office, and shall deposit the same in bank to the credit of the " Washington Insurance Company," subject to be drawn by check or checks signed by the president; he shall sign all policies; and he shall
 * 7- at the ccmpa¤y’s office, and receive applications for insurance, and shall,