General Treasurer for the use of the State in the manner following, viz: one third part thereof on the first Monday of October, 1851; one third part thereof on the first Monday of December, 1851; and the remainder on the first Monday of March, 1852. SEC. 6. In case the capital stock of said bank shall hereafter be increased, in pursuance of the provisions of this act of incorporation, the said bank shall within ninety days of the time of such increase, pay to the General Treasurer for the use of the State, in manner by law provided, the sum of two per cent. upon the additional amount of capital stock; and the said bank in all respects, as to the insertion of such increase from time to time, in its annual report, and as to the collection of such sums or any part thereof mentioned in this section, if default be made in payment, shall be subject to all the provisions and penalties provided in and by the act entitled " an act imposing a duty upon licensed persons and others, and bodies corporate." AN ACT to incorporate the Merchants Insurance Company, in Providence. It is enacted by the General Assembly as follows: Insurance Provi SECTION 1. That Amasa Manton, William Foster, Merchants Moses B. Lockwood, Samuel B. Wheaton, William Company Comstock, William Sprague, Hezekiah Anthony, Wil-denceliam Viall, Asa Pierce, Royal Chapin, Henry Lippitt, corporated. Robert L. Lippitt, Joseph Manton, Charles L. Fisher, Truman Beckwith, Samuel Foster, Paris Hill, Joseph Carpenter, William J. Cross, Earl P. Mason, Seth Padelford, Charles T. James, Adnah Sackett, Duty Greene, Robert Manton, Walter Manton, Henry A. Hidden, Jabez C. Knight, Byron Sprague, Orray Taft, Edward A. Green, William H. Bowen, and James G. Anthony of said company, together with their successors and assigns, and such others as they may associate with them, be and they are hereby erected, created and ordained a body politic and corporate, by the name and style of the Merchants Insurance Company in Providence; and by that name shall have perpetual succession, and shall be able and capable in law to make insurance on vessels, and on freight and all property laden on board thereof; upon houses and other buildings and the furniture and other goods therein, and upon all other legal subjects of insurance, except life insurance; to acquire, purchase, hold, possess and enjoy lands, tenements, goods and chattels, and all other effects of every kind and nature, and the same at pleasure to sell, demise, lease and otherwise dispose of; to have and to keep a common seal, and the same at all times to alter, destroy and renew; to ordain and pass such rules, regulations and by-laws for the government of said company and for conducting the business thereof, as may be judged expedient, provided the same are not repugnant to the laws of this State or of the United States, and generally to do and transact all matters and things fit and proper for bodies corporate to do, act and transact. SEC. 2. Said company, by and in the corporate name of said company, shall have full power and authority to sue and be sued, to plead and be impleaded, to defend and be defended against, and to answer and be answered unto, in all courts of law and equity. SEC. 3. Said company shall be and they hereby are authorized and empowered to hold annual meetings on the first Wednesday of June in each and every year, and at all such other times in each year as they may deem necessary; at which said annual meeting, the said company shall elect not less than nine, nor more than fifteen directors, to hold their office for one year, and at the said meeting, and at all other legal meetings, said company may choose such other officers as they may judge necessary for conducting the business thereof, and in case of vacancies in the office of directors as aforesaid, by death, resignation, or disqualification, the board of directors shall have power to fill the same until the then next annual meeting. SEC. 4. No person shall be eligible to the office of director as aforesaid, unless at the time of his election he shall be a proprietor of at least twenty shares in said company, and shall be a resident of this State; and that no director shall hold said office longer than he shall continue a proprietor and resident as aforesaid; and the said directors for the time being shall have power to elect from their number a president; to employ a secretary and other officers if necessary, and to allow said president, secretary and officers a reasonable compensation for their respective services; to agree upon all policies of insurance and the premiums and cause the same to be signed by the president in behalf of said company and countersigned by the secretary, who shall also sign and countersign respectively, all other written contracts and agreements made by said company; to make all contracts to appropriate and improve the funds and property of said company, and the same to dispose of in such manner as they deem most beneficial thereto, and generally to superintend and execute the affairs and business of said company, conformable to the rules, regulations. and provisions thereof; provided, nevertheless, that whenever the president shall be interested otherwise than as a stockholder in any policy of insurance or other contract or agreement made with said company, or shall be absent, the same shall be signed by two disinterested directors; and no director shall vote or exercise any authority upon any question or in any case, in which he has an interest other than that of a stockholder as aforesaid. SEC. 5. The said directors shall cause to be kept a record of their proceedings, and from and after the first policy shall have been issued, shall quarterly cause the accounts to be regularly stated, and once a year or oftener cause a dividend to be made of so much of the profits of the company as they may judge advisable; the said directors shall have power to pass by-laws and regulations touching the execution of the business within their peculiar province, provided the same are not repugnant to law, and to the rules and regulations established by the stockholders; provided, nevertheless, that in case of a diminution of the capital stock by losses, no dividend shall be made until a sum equal to such diminution arising from the profits, be added to the capital stock. SEC. 6. That if any director or other officer shall commit fraud or embezzlement upon the funds or property of said company, he shall forfeit all his shares and interest therein and be liable to further prosecution by law. SEC. 7. That if any porson or persons who now are or hereafter may be indebted to said company for shares therein, shall neglect to pay to said company any of his, her or their installments on or before the day whereon the same may become payable, he, she or they, so neglecting, as aforesaid, shall forfeit to said company, all his, her, or their shares and interest therein, and also the monies which he, she, or they may have paid to said company, for shares as aforesaid; and shall moreover be liable to the payment of the remaining installments due on his, her, or their note or notes respectively; provided, nevertheless, that in case of the death of any stockholder, a failure of payment of such stockholder's share or shares, shall not operate as a forfeiture of such share or shares, if payment thereof with interest shall be made within six months after such death as aforesaid. SEC. 8. That every stockholder shall, in person, or or by proxy, be entitled at all general meetings to as many votes as he or she holds shares, if the number does not exceed twenty; and all shares over twenty, one vote on five shares, provided that no person shall have more than forty votes in his own right; the stock or shares shall be transferable at the insurance office only and by such form as the president and directors shall prescribe from time to time, but no stockholder being indebted to the company either as principal or endorser, individually or as copartner, whether the same has become due and payable or not, shall be allowed to sell or transfer his or her shares, without the consent of the president and directors for the time being. And the stock of each stockholder is declared to be at all times pledged and liable for the payment of any debts due, or liability incurred to said office, other than original instalments; and may be sold, or so many shares thereof as shall be necessary, by said president, directors and company, at public auction, for the satisfaction thereof; sixty days previous notice of such sale being given in one of the newspapers printed in Providence, and the surplus, if any, to be paid over to such stockholder. SEC. 9. The capital stock of said company shall not exceed the sum of five hundred thousand dollars, to be divided into shares of fifty dollars each; that shares to the amount of one hundred and fifty thousand dollars shall be taken by the stockholders, and one fifth of the amount paid in before any policy shall be issued by said company; and the remaining four-fifths shall be paid in when it may be deemed expedient by the board of directors; and that the stockholders in said company, shall not be liable to any responsibility further than the amount of their respective shares and interest therein, for, or on account of any damage or loss sustained by said company, or for, or on account of any debts due thereon; provided, nevertheless, that the stock of said company shall not be increased beyond the before named sum of one hundred and fifty thousand dollars, unless a majority of all the votes of the stockholders shall be given for the augmentation thereof, and provided also, that no regulation shall be made to effect the rights acquired under subscriptions previous to augmentation. SEC. 10. That in case said company shall fail to elect their directors or any part thereof on the days respectively appointed by this charter for that purpose, the same may be nevertheless elected at any meeting of the stockholders thereafterwards to be holden. SEC. 11. Process against said corporation may be served on the president or secretary or either of the directors thereof. SEC. 12. Either of the persons named in the first section of this act may call the first meeting of the corporation for the purpose of organization and the election of officers, and the persons so elected shall hold their offices until the first annual meeting, first giving personal notice of the time and place thereof to the persons named in the first section of this act, and to the other petitioners for the same. AN ACT to incorporate the "People's Savings Bank, in Providence." It is enacted by the General Assembly as follows: Savings incorporat SECTION 1. That William Sprague, Orray Taft, Mat- "People's thew Watson, Paris Hill, Joseph Carpenter, Asa Pierce, Bank in William Grosvenor, Resolved Waterman, Austin Gur-Providence ney, Amos D. Smith, George W. Hallet, Earl P. Mason, ed." Samuel Foster, James T. Rhodes, James G. Anthony, Hezekiah Anthony, William Viall, Royal Chapin, Jo |