Page:United States Statutes at Large Volume 6.djvu/562

 462 TWENTY-FIRST CONGRESS. Sess. II. Ch. 90. 1831. stock, or dispose of the same in such manner as in their judgment may be most advantageous to the said institution; that they shall have full power and authority to appoint a secretary, and such other clerks and servants under them as shall be necessary for transacting the business of the said institution, and may allow them such salary as they shall judge reasonable; to ordain and establish such by-laws, ordinances, and regulations, as shall appear to them necessary for regulating and conducting the concerns of the said institution, not being contrary to, or inconsistent with, this act, or the laws and constitution of the United States; that the said president and directors shall conduct business in Georgetown, that they shall keep full, fair, and correct entries of their transactions, which shall be at all times open to the inspection of the stockholders; they shall also have power to hire or purchase a suitable building or buildings in Georgetown, for the purpose of transacting the affairs of the institution; that the president, or such other person as may be appointed in his place, and .our directors, shall form a quorum for transacting business, and all questions which may come before them shall be decided by a plurality of votes. Policies Sec. 9. And be it further enacted, That, all policies of insurance ` made by this corporation shall be signed by the President, attested by the Secretary, and sealed with the common seal thereof; 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 company. DMd,,,,d._ Sec. 10. And be it further enacted, That, dividends of the nett profits arising on the capital stock, or so much thereof as to them may appear advisable, after reserving one-third of the nett profits as a surplus fund, until it shall amount to the sum of twenty thousand dollars, shall be made 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 a dividend shall at any time be declared of a greater amount than the nett 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. Liubimy of Sec. 11. And be it further enacted, That, no stockholder shall be sro6kb01am_ answerable, in his person or individual property, for any contract or agreement of said company, or for any losses, deficiencies, or failures, of the capital stock of said institution, except in the case of a director declaring an improper dividend, as before provided for in the tenth section of this act; but the whole of the said capital stock, together with all property, rights, and credits, belonging thereunto, and nothing more, shall at any time be answerable for the demands against the said company. Legal mum _ Sec. 12. And be it further enacted, That, the stock of this institugrmck, tron is hereby declared 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 company shall be permitted to make a transfer, or receive a dividend, until such debt is paid or secured to the satisfaction of the president and board of directors. Lim,mi0n_ Sec. 13. And be it further enacted, That this act shall be and continue in force until the first day of December, in the year one thousand eight hundred and fifty, and until the end of the next session of Congress which shall happen thereafter ; and on the dissolution or expiration of this charter, the president and directors for the time being shall take prompt and effectual measures for closing all its concerns; but no such dissolution or expiration shall operate so as to prevent any suits to be brought or continued by or against the said corporation, for any debt or