Losses--how paid. Asessment paid. pay. SECTION 10. The Directors shall, after receiving notice of any loss or damage by fire sustained by any member, and ascertaining the same, or after any judgment recovered against the Company for such loss or damage, settle and determine the sums to be paid by the several members whereof, as their respective proportions of such loss, which shall be paid-first, out of the contingent interest fund; secondly, by calling for a part or the whole of the deposit notes and bills; and finally, if the whole amount of such deposit notes and bills shall be insufficient at any time to pay the losses, the sufferers insured shall receive a proportionate dividend of said amount, and in addition thereto a sum to be assessed on all the members of the Company, ratably, but not exceeding one dollar on every hundred dollars insured to them respectively; and no member shall ever be required to pay for any loss occasioned by fire, at any one time, more than one dollar on every hundred dollars insured in said Company in addition to the amount of his deposit note or bill and the interest paid or due thereon, nor more than that amount for any such loss after his said note or bill shall have been paid in and expended. SECTION 11. Any call upon the deposit notes or bills, and any When to be additional assessment as aforesaid upon the members, shall be payable to the Treasurer in thirty days. The Directors may appoint a collector for the purpose of collecting the same, and if any member for the space of thirty days after demand shall Failure to neglect or refuse to pay the sum so assessed upon him, as his proportion of any loss as aforesaid, the Directors may declare his insurance suspended until paid, and may also sue for and recover the whole amount of his deposit note or bill and unpaid interest, or any additional assessment, or both, with costs of suit; the amount thus collected shall go to the credit of the party paying it, and if any balance remain it shall be returned to him after the next annual meeting, when his policy shall be vacated and he discharged from the Company. Continuance Act of Feb ruary 22, 1847, repeal ed. SECTION 12. This act shall continue in force for twenty years. and no longer, unless resumed; and the Legislature hereby reserves the power of revocation. SECTION 13. The act entitled, "An act to Incorporate The Kent County Mutual Insurance Company: "" passed February 22, 1847, be and the same is hereby repealed. Passed at Dover, February 17, 1865. CHAPTER 518. An Act to amend Section 19 of Chapter 55 of the Revised Code Revised of the Delaware Laws. Code, 150. Chapter 55 SECTION 1. Be it enacted by the Senate and House of Repre sentatives of the State of Delaware in General Assembly met, That Section Nineteen of Chapter Fifty-five of the Revised Code Rev. Code, of Delaware Laws be and is hereby amended by striking out the section 15, words "or gill-seine," in the second line of said Section, "or gill- amended seine," in the fourth line of said Section, "or gill-seine," in the seventh line of said Section. How. SECTION 2. And be it further enacted by the authority aforesaid, That hereafter in the printing of the Laws of this State, the Future pubwords stricken out by this act shall be omitted in said editions. lication. Passed at Dover, February 21, 1865. CHAPTER 519. ers powera An Act to Incorporate the Wilmington Steamship Company. SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met, (twothirds of each branch of the Legislature concurring therein,) That Francis Barry, Samuel Harlan, James Bradford, William commisionG. Gibbons, John A. Harris, and Edward Betts, be and they are and duties. hereby appointed Commissioners to do and perform the several things hereinafter mentioned, that is to say they or a majority of them, shall procure and cause to be opened, at such time and places, and on such notice as they may deem proper, suitable books for subscriptions to the stock of the Wilmington Steamship Company, and they shall permit all persons of lawful age to subscribe in said books, in their own names or in the name of any other person or company who may authorize the same, for any number of shares in the said stock. The capital stock of said Capital Company shall not exceed three hundred thousand dollars, divided into three hundred shares of one thousand dollars each. stock. corporated. corporate powers. SECTION 2. And be it further enacted as aforesaid, That when Company in- and as soon as seventy shares of capital stock in said ComWhen. pany shall be subscribed for as aforesaid, the subscribers, their successors and assigns, shall be and they are hereby declared to Name and be incorporated by the name and title of "The Wilmington Steamship Company," and by the said name they shall have continued succession for twenty years and no longer, and be capable to sue and be sued in courts of law and equity. They shall have power to purchase or build one or more steamships to run between the City of Wilmington in this State, and the City of New York, touching at any point or points on the Delaware river or bay. They shall also have power to rent or purchase and hold such lands, wharves, tenements, machinery or fixtures as may be useful to them in conducting properly such a line of steamers; they shall also have power to connect their wharf or wharves by rail with any railroad in the City of Wilmington, with the assent of the Company owing the same; they shall have a common seal, may ordain by-laws for their own government not repugnant to the Constitution or Laws of this State or the United States, and may enjoy all the franchises incident to a corporation. Provided always, That the said Corporation shall not hibited. have nor exercise any banking powers whatever. Banking powers pro be managed rectors. Of their election. When. Where. How held. SECTION 3. And be it further enacted as aforesaid, That the Business to business and concerns of said Corporation shall be managed by by five Di five Directors, who shall be Stockholders, and three of whom shall be citizens of Wilmington, Delaware. They shall be elected at each annual meeting of the Stockholders, which shall be held at the office of the Treasurer on the second Tuesday in January in every year, and they shall continue in office until the next successive annual meeting, and until successors to them be duly chosen. The Directors shall be elected by ballot by the Stockholders in person or by proxy, who shall have a vote for every share of stock, and a majority of the votes given in shall be necessary to a choice; and such ballots shall be made from time to time until the requisite number of Directors shall have a majority. If any Director cease to be a Stockholder, or if any the offices of vacancy or vacancies shall occur therein by death, resignation, How filled. refusal to serve, or from any other cause, the remaining Directors or Director shall choose one or more Directors to serve until the next election in course, or until successors shall be duly chosen; but if vacancies shall exist at any time in all the offices of Directors, or if such Directors shall not be chosen at the time appointed herein, this Corporation shall not thereby cease, but in the former case such persons shall manage the business and concerns of the said Corporation as may be provided by its by-laws, and in the latter case the Directors shall continue in of fice until successors shall be actually chosen and enter on the duties of their office. The Directors shall choose from among their Vacancies in Directors. choose Pres number a President who shall have such powers and duties as Directors to shall be provided by the by-laws; they shall also appoint other ident and necessary officers for the Corporation, and may require bond, with proper security, from any of the said officers, if they deem it necessary. other off cers. SECTION 4. And be it further enacted as aforesaid, That the bylaws shall be made by the Directors of said Company, subject to By-laws. alteration or amendments at any time by consent of two-thirds of the Directors. counts. statement of SECTION 5. And be it further enacted as aforesaid, That the Directors shall cause to be kept proper books of accounts in Books of acwhich shall be regularly entered the transactions of the said o Corporation, which books shall at all times be subject to the Annual inspection of the Stockholders, and the Directors shall cause to the affairs of be exhibited to the Stockholders, at their annual meeting, a the Compastatement of the affairs and doings of the Company. No Director hibited to shall have any emolument except such as shall be allowed by the Stockholders at their annual meeting. ny to be ex stockholders personal SECTION 6. And be it further enacted as aforesaid, That the shares of the capital stock of this Corporation shall be personal Capital property, and shall be created, certified, held, arranged and stock to be assignable according to the provisions of the by-laws. The property. capital stock shall be paid in such manner and in such installments and at such times as the Directors shall appoint, and the same shall be liable to be forfeited according to the provisions of the by-laws. where held. SECTION 7. And be it further enacted as aforesaid, That the stated meetings of the Directors shall be held at the office of the MeetingsTreasurer, which said office shall be located in the City of Wilmington, Delaware. SECTION 8. And be it further enacted as aforesaid, That this act Public act. shall be deemed and taken to be a public act. Passed at Dover, February 21, 1865. Company incorpora ted. Name. Powers. Meeting of stockholders Directors. CHAPTER 520. An Act to Incorporate the Delaware and Chesapeake Tow Boat SECTION 1. Be it enacted by the Senate and House of Representa- SECTION 2. And be it further enacted, That the said Corporation and their successors shall hereafter be able and capable in law to sue and be sued, plead and be impleaded, to have and use a common seal, and to own, receive, possess, employ and dispose of ships, vessels, steamtugs, and boats with their appurtenances, with all such rights and powers as are or may be properly incident to a Corporation having for its object the towing of vessels, ships and barges, in whole or in part by steam, to and from the Delaware and Chesapeake Bays and their tributaries, by the way of the Chesapeake and Delaware Canal. SECTION 3. And be it further enacted, That the Stockholders shall meet on the first Tuesday of February, A. D. one thousand eight hundred and sixty-six, and on that day in every year thereafter, in the City of Philadelphia, in the State of Pennsyl Election of vania, and choose, by a majority of votes present, five Directors for the said Company to serve for the ensuing year; but any failure to elect Directors at the time or times fixed by this Section shall not cause a forfeiture of this Act of Incorporation, but those in office shall continue therein until others are duly chosen. The Directors shall have power to choose from among their number choose Pres- a President and Secretary, and the five persons named in the Directors to ident and Secretary. Capital stock to con sist of 1000 increase. first Section of this act shall be the Directiors of the said Cor- SECTION 4. And be it further enacted, That the Capital Stock of the said Company shall be divided into shares of one hundred Privilege to dollars each, and shall consist of one thousand shares, with the Stockhold privilege of increasing the same to two thousand shares. And the to one vote persons holding the said stock shall be entitled to one vote for each share of stock held by them, and may vote either in person or stock held. by proxy. ers entitled for each share of H |
