Page:United States Statutes at Large Volume 13.djvu/457

 THIRTY-EIGHTH CONGRESS. Sess. II. Ch. 34, 35. 1865. 429 directors, forfeit to the use of the company all his, her, or their right, title, and interest in and to every share on which such instalment has not been duly made ; and fresh subscriptions may be opened for the same, in such manner as the by-laws may prescribe, or the president and directors may, at their option, commence suit for the same and recover against the holder of said stock for the amount of the instalment or proportion so unpaid: Provided, That no stockholder or subscriber shall be permitted to vote at Delinquent any election for directors, or at any general or special meeting of the com- :;°;lj;°ld°'S “°t pany, on whose shares any instalments or arrearages may be due more than ` fifteen days previous thereto. Sec. 5. And be it further enacted, That the president and directors for By-laws. the time being shall have power to ordain, establish, and put in execution such rules, regulations, ordinances, and by-laws as they may deem essential for the well government of the institution, not contrary to the laws Genemlpowm and Constitution of the United States, or of this act, and generally to do of dif€°*°Y¤· and perform all acts, matters, and things which a corporation may or can lawfully do. Sec. 6. And be it further enacted, That the president and directors are Corporation hereby empowered and fully authorized, on behalf of the company, to mall l¤S¤Y¤ b make insurance against losses by fire on any house, building, tenement, Z€g“§;_l°Ss Y manufactories, mills, or other buildings; on goods, wares, chattels, and effects of all kinds therein, or otherwise; upon grain, produce, and implements, and upon vessels building on the stocks, in port or at moorings; and, generally, upon all and every sort and description of property, of whatever kind soever, on land or water; and to make, execute, perfect, Policies, how and conclude so many contracts, bargains, agreements, policies, and other °X€°“*°d· instruments as the nature of the case shall or may require; and all such instruments, bargains, contracts, policies, or agreements shall be in print or in writing, and shall be signed by the president and secretary, or such other persons as the managers may appoint for such purpose, and shall be under the seal of the company: Provided, That said president and direc- Premiums. tors may, at their option and discretion, make insurance on such terms and conditions as to them may appear equitable, reserving the premiums, or appropriating and returning such portions thereof to the insured as may to them appear conducive to the interest of the company and the insured, in such manner and on such conditions as may appear to them just and proper. Sec. 7. And be it further enacted, That the president and directors Yearly divishall, on the third Monday in June of each and every year, divide so d°“d °f°"°E”· much of the profits of said company as to them may appear advisable, first deducting all expenses, and pay the same to the respective stockholders or their agents, duly empowered, in ten days thereafter; but the money received as premiums upon risks which remain outstanding and undetermined at the time of declaring such dividend, shall not then be considered as part of the profits; and if the capital stock paid in shall be lessened by losses, no subsequent dividend shall be made or declared until a sumv equal to said diminution shall have been added to the capital stock. Sec. 8. And be it further enacted, That the stock of said company Transfer of Shall be transferred on the books of the company in such manner only as “°°k· the by-laws of the company shall direct. _ Sec. 9. And be it further enacted, That nothing in this act shall be Act may bg construed as making it perpetual, but congress may at any time alter, 31*9*% &°· amend, or repeal the same. A1>PBOVED, February 14, 1865. CHAP. XXXV.—An Act for the Relief of Collectors and Surveyors of the Customs in Feb. 14, 1865. certain Cases. »""—"-"" Be it enacted oy the Senate and House of Representatives of the United States of America in Congress assembled, That in all cases in which any