Page:United States Statutes at Large Volume 6.djvu/797

 TWENTY-FOURTH CONGRESS. Sess.II. Ch.69. 1837. 697 shares; but no person or body corporate shall have, in any instance, more than twenty votes. The directors so chosen shall serve until the first Monday in January, one thousand eight hundred and thirty-eight, and until others shall be chosen, and no longer. At their first meeting C;,,,;,,, of pm, after every election, they shall choose by ballot, a president, either from sidem, Gm. among their own body, or from amongst the other stockholders; and in case of the death or disqualification of the President, the directors shall fill up the vacancy by ballot. The said directors shall produce (before they enter on the duties herein assigned to them) a certificate signed by the president and secretary of the respective fire companies, of the appointment of such person as director. In case of a director being chosen president, the place of such director for the remainder of the year shall be filled up by the company from which such director was delegated, from among the stockholders of the fire company to which the director so electe belonged. Sec. 14. And be it furt/m- enacted, That in case of the death, re- In wwof gignation, or disqualification of a director, the place of such director, for g§:‘g;Jf"°· °f “ the remainder of the year, shall be filled up by the company from which ° such director was delegated, from the fire company by whom he was elected. Sec. 15. And be it{urther enacted, That the president and directors [ummm, only shall be, and they are ereby, authorized to make all kinds of insurance w bv made in against fire, within the limits of the county of Washington, in the Dis- :X;:l""§5°'b trict of Columbia only, and generally to transact and perform all busi- y'` ness relative to the objects aforesaid. And, also, toinvest the capital and funds of the company, from time to time, in the public funds of the United States, or in any other stocks, and to dispose of the money and property of the company in such manner (not being contrary to law) as to them shall appear most advantageous to the company. Sec. 16. And be it further enacted, That the president and directors Dividends. shall declare dividends of the profits of the corporation, or so much thereof as to them shall appear advisable; and in case of any loss or losses, whereby the capital stock of the company shall be lessened, no subsequent dividend shall be made until a sum equal to such diminution, and arising from the profits of the company, shall have been added to the capital. Sec. 17. And be it further enacted, That the said president and Furgd f<}_F_¢l!¤ directors shall be, and they are hereby, authorized to retain and set ;’3°:,,,:’b8g°" apart out of the profits of the 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 fire companies belonging to this association as may become injured or disabled in the discharge of their duties at any fire. Sec. IS. And be it further enacted, That every house insured by Pnymmtfoy this company that is destroyed by means of fire, from the first floor up- l10¤¤¢:i dewards, shall be deemed as demolished; and it shall be lawful for the °"°y° ' directors, in such case, to order the money insured thereon to be paid within three months after the notice given of the loss aforesaid. Sec. 19. And be iqfurther enacted, That in case of a partial destruc- Vul_umio¤ of tion by fire, the loss shall be determined by assessors appointed as fol- l‘::,$ ‘3‘;;l_'1f lows : the person whose property is insured shall have the privilege of gum selecting one disinterested person, the board of directors of this association shall select another; should these two persons disagree in their valuation of u loss, they shall select another disinterested person, and their award shall be final. Sec. 20. And be it further enacted, That the president and directors Aggointment shall have power and authority to appoint a secretary, and such other °f° °¢’¤· clerks and officers under them as shall be necessary for transacting the business of said institution, and may allow them,3tpgether with the 88