Page:United States Statutes at Large Volume 13.djvu/456

 428 THIRTY·—EIGHTH CONGRESS. Sess. II. Ch. 34. 1865. Feb. 14, 1865, Cnr. XXXIV.—An Aa ro immp¢$z¤hthetNa¢io»al Union Insurance Umpany q ———-—- [LS lng UIL. Be it enacted by the Senate and House of Representatives of the Unitca National Union States of America in Congress assembled, That James Harper, Thomas I‘;:“'?)Q.Q,°V€:;’,:‘}` Patton, C. H. Moody, John W. Magill, John M. Reilly, B. F. Guy, Valinggm gncorpo. entine Blanchard, Thomas J. Fisher, Hudson Taylor, Augustus F. Perry, Med- D. Walker, James Montgomery, Joseph J. May, or any five of them, be, and they are hereby, authorized and eéupowered $o‘r;Tiv§ subscfigions to the ca ital stock of a compan bobe enominate ‘ e ationa nion Insurancg Company of Wa,shinpg§lon," who shall open a book for that purpose in the city of Washington, at the time and place to`be by them designated, of which they shall give ten days' notice in two or more of the Amount of dai}; papers of said city, and shall keep the same open until twenty thou- 3i2E1I gd ”l“° san shares of fifty dollars a share each shall have been subscribed; and Membgrsbm any person of lawful age, and a, citizen of the United States, shall be permitted to subscribe upon paying five dollars on each share at the time of Sgg_]’p0wgrs, subscribing. And it shall be lawful for the said corporation to have a, &¤· common seal, sue and be sued, plead and be impleaded, and have and exercise all the rights, privileges, and immunities for the purposes of the corporation hereby created. Directors how Sec. 2. And be it further enacted, That the affairs of the company 'md "h°”°l°°*’°d- shall he managed by nine directors, to be elected annually by ballot on the second Monday of July by the stockholders or by their legally empowered Vous. agents; and each share of stock shall entitle the holder thereof to one vote; the election to be held at the office o the company at a genera _ Notice of meet- meeting of the stockholders convened for that purpose, by tfenvgayd public mg notice in two or more of the daily papers of the city o ashington: First election. Provided, That the first election for directors shall be held pursuant to ten days’ notice given in one or more of the daily papers of the city of Washington by the persons named in the first section of this act, or arg five of them, who shall desi nate the time when and the place where sai election shall be held; and the stockholders shall then and there elect nine directors to serve until the next ensuin election as provided for in this pi,-wm to act. And at the first ensuing meeting §f the directors after every elec- ¤I<=<=f¤P1‘¢¤id€¤f· tion, they shall appoint one of their number as president, who, together Tam of Omce; with themselves, shall hold oi·Hce, until the next ensuing election as herein q¤<>r¤m· provided for; and five members of said board sha]1 compose a quorum. Failure to hold And in case that an election for directors should not be made when pursu- °1€°*;g:§* ¤P· ant to this act it should have been made, the company for that cause shall Pm m°' not be dissolved; and it shall be lawful, within forty days thereafter, to hold and make an election for directors in such manner as the by-laws of the company may prescribe, and the president and directors for the time being shall be continued in oince, until such election take place. And in vacancies in the event of death, resignation, or removal of any director from office, his ¤$¤¤· place for the remainder of his term may be iillcd by the president and direlotors for the time being, in such manner as the by-laws may prescm c. A£p°mm¤m; SEO. 3. And be it further enacted, That the president and directors gg °°¥'¤»¤S¤¤*¤» shall have power to appoint a, secretary and such other omcers, agents, ° and clerks as may to them appear proper, to Hx their compensation and pay the same. capita] stock, Sec. 4. And be it fi4rt}zcr enacted, That the capital stock shall be b°W <>¤U¤d i¤· called in, and paid in such instalments and proportions, and at such times and place, as the president and directors for the time being may require and designate, who shall give Eileen ‘1ays’ notice thereof in two or more Delipquent daily papers of the city of Washington. And if any stockholder, sub- '“b°°"b°'“· scriber, their assignee or transferee, shall refuse or neglect to pay such proportion or instalment, at the time and place appointed, such stockholder, subscriber, transferee, or assignee shall, at the option of the president and