Chapter XL. *to extend the Charter of the President and Directors of the “Firemen’s Insurance Company of Washington and Georgetown, in the District of Columbia.”* Feb. 7, 1857. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* That the charter of t
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Chap. XL.— An Act *to extend the Charter of the President and Directors of the “Firemen’s Insurance Company of Washington and Georgetown, in the District of Columbia.”* Feb. 7, 1857. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* That the charter of the president Charter of the Firemen’s Ins. Co. of Washington extended. 1837, ch. 69. Vol. vi. p. 694.and directors of the “Firemen’s Insurance Company of Washington and Georgetown, in the District of Columbia,” approved on the third day of March, eighteen hundred and thirty-seven, which will expire by its own limitation on the first day of June, eighteen hundred and fifty-eight, be and the same is hereby extended until the first day of June, eighteen hundred and eighty-eight, upon the terms and conditions as hereinafter provided.
THIRTY-FOURTH CONGRESS. Sess. III. Ch. 40. 1857. 493 Sec. 2. *And be it further enacted,* That every stockholder shall he entitled to vote by himself, his agent, or proxy, appointed under his hand Voting.and seal, attested by two witnesses, at elections made by virtue of this act, and shall have as many votes as he holds shares: *Provided,* That no person or body corporate shall have more than one hundred votes in his, her, or their own right; and every stockholder not in debt to the company may, with the assent of the president and directors in person or by power of attorney, assign and transfer his stock in the company on the Assignment of shares.books of the same, or any part thereof, not less than a share; 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 directors.
The capital stock of the company shall Capital stock.consist of a sum not exceeding two hundred thousand dollars, divided into ten thousand shares of twenty dollars each. Sec. 3. *And be it further enacted,* That the president and directors of the present company, two weeks prior to the expiration of the present Annual stock holders’ meetings.charter, shall call a meeting of the stockholders, if the present company, giving two weeks’ notice in two of the papers printed and published in the city of Washington, of the time and place of meeting, and the stock holders, who shall assemble in person or by proxy, shall choose by ballot from among the stockholders, by a majority of the votes of those present, thirteen directors, who shall continue in office for one year from the first Monday in January, in the year eighteen hundred and fifty-eight; and on the first Monday in January, in every year thereafter, an election shall be held for thirteen directors as aforesaid, who shall continue in office for Directors.one year from the time of their election and until others are chosen in their stead, and each director shall hold in his own right not less than twenty shares in the capital stock of the company; and the said directors, at their first meeting, and annually thereafter, shall choose from among themselves a president, and allow him a reasonable compensation for his President.services; and in case of death, resignation, removal or other disqualification of the president or any of the directors, the remaining directors may elect others to fill such vacancies, to serve during the remainder of the term for which they were chosen.
The president and directors of the company, or any three of them, shall superintend the first election of directors under this act, and a committee of three stockholders, to be ap pointed by the directors, shall superintend every succeeding election. The president and directors elect shall, previous to entering on the duties of their respective offices, take the following oath or affirmation: “I (A. Oath of office.B.) do swear (or affirm) that I will faithfully, fully, diligently, impartially and honestly fulfil the duties of my office of _____, to the best of my knowledge and ability.
” Sec. 4. *And be it further enacted,* That the president and directors shall be and they are hereby authorized to make all kinds of insurance Powers of president and directors.against fire within the limits of the county of Washington, in the District of Columbia only, and generally to transact and perform all business relative to the objects aforesaid, and also to invest the capital and funds of the company, from time to time, in the public funds of the United States, or in any other bonds or stocks, and to dispose of the money or property of the company in such manner (not being contrary to law) as to them shall appear most advantageous to the company.
Sec. 5. *And be it further enacted,* That the president and directors shall cause a semi-annual statement of the affairs of the company to be made on or before the first Mondays of January and July in each and Semi-annual statement of affairs to be publishedevery year, which statement shall be signed by the president and secretary, and sworn to by them, and be published' in some paper printed in the city of Washington, in order to ascertain the net earned profits, as near as may he, for the preceding half year; and if it be ascertained that, after payment of all claims against the company, any profits have 494 THIRTY-FOURTH CONGRESS.
Sess. III. Ch. 40. 1857.been made during this period, the directors, or a majority of them, may Dividends.declare a dividend of said profits, which shall be paid within ten days thereafter, but it shall not be lawful to divide more than two thirds of said clear profits until a contingent fund of twenty thousand dollars shall be formed; and as often as the said fund shall be impaired by losses, the president and directors shall continue the half-yearly appropriation of one third of the net profits aforesaid, until the contingent fund be restored to the amount before mentioned.
Fund for injured and disabled firemen. Sec. 6. *And be it further enacted,* That the said president and directors be, and arc hereby, authorized to set apart out of the profits of 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 as may become injured or disabled in discharge Appropriation for fire companies.of their duties at any fire, and to appropriate such sums as they may see fit in aid of the several fire companies, and which appropriation shall not be less than one hundred and fifty dollars per annum.
Sec. 7. *And be it further enacted,* That every building insured by this Losses, how estimated.company that is destroyed by means of fire, from the first floor upwards, shall be deemed as demolished, and it shall be lawful for the directors, in such case, to order the money insured thereon to be paid within three months after the notice given of the loss as aforesaid; and in case of a partial destruction by fire, the loss shall be determined by assessors, ap pointed as follows: the person whose property is insured shall have the privilege of selecting one disinterested person, the board of directors shall select another; should these two persons disagree in their valuation of a loss, they shall select another disinterested person, the award of any two of these three shall be final.
Sec. 8. *And be it further enacted,* That the president and directors shall Secretary and other officers.have power and authority to appoint a secretary, and such other clerks and officers under him as they may think necessary, for transacting the business of the company, and may allow them such salary as they By-laws, &c.shall judge reasonable; to ordain and establish such by-laws, ordinances, and regulations for conducting the concerns of said company, not being contrary to, nor inconsistent with this act, or the Constitution and laws Record.of the United States; they shall keep a full and fair record of their transactions in books kept for that purpose, which shall be at all times open to the inspection of the stockholders; they shall have power to hire or purchase Building may be hired or purchased.a suitable building, or buildings, in the city of Washington or Georgetown, for the purpose of transacting the affairs of the company, and generally to conduct the entire business thereof.
Sec. 9. *And be it further enacted,* That the stockholders in this company Liability of stockholders.shall not be liable for any loss, damage, or responsibility arising from any contract of insurance other than the property they have in the capital or funds of the company, to the amount of the stock respectively held by them and any profits arising therefrom, not divided: *Provided,* The said company shall, from time to time, apply all sums of money received by them for premiums to the payment of losses in the first instance, and to make up the original capital whenever it shall have suffered diminution by losses.
Sec. 10. *And be it further enacted,* That the said company shall not Power to hold real estate.be competent to purchase, take, or hold any real estate other than such as shall be requisite for its immediate accommodation in relation to the convenient transaction of its business, and such as shall have been *bond fide* mortgaged or conveyed to it by way of security, or in satisfaction of debts contracted in the course of its dealings, or purchased at sales upon deeds of trust or judgments which shall have been obtained tor such debts.
Policies, notes, &c. how authorized and signed. Sec. 11. *And be it further enacted,* That all policies of insurance and notes or obligations of every description shall be signed by the president THIRTY-FOURTH CONGRESS. Sess. III. Ch. 41, 42. 1857. 495and countersigned by the secretary; and no promissory note or obligation, except contracts of insurance, shall be given without the previous vote of the board of directors; and no sale or transfer of stock or property shall Transfer of shares.be made, nor any bond or mortgage discharged, except in pursuance of a vote of the board of directors.
Sec. 12. *And be it further enacted,* That the president and directors Other meetings of stockholders.may call a general meeting of the stockholders for any purpose relating to the affairs of the company, giving at least two weeks’ notice thereof in the newspapers published in the city of Washington; and any number of stockholders who, together, shall be proprietors of five hundred shares of stock, may at any time apply to the president and directors to call a general meeting of the stockholders for any purpose relating to the affairs of the company; and if the president and directors shall refuse to call such meeting, the said stockholders, proprietors of not less than five hundred shares of stock, shall have power to call a general meeting of the stockholders, giving at least two weeks’ notice in the newspapers aforesaid, specifying in such notice the object of the meeting.
Sec. 13. *And be it further enacted,* That should it so happen, from any Effect of nonelection of directors at the annual meeting.cause whatsoever, that the annual election of directors should not take place in any year on the day hereinbefore mentioned for that purpose, this company shall not for that reason be dissolved; but such election may be lawfully held on such convenient day thereafter as may, for that purpose, be fixed on by the president and directors, they causing ten days’ notice thereof to be given in one or more newspapers published in the city of Washington.
Sec. 14. *And be it further enacted,* That nothing in this act shall be Nothing to be issued as currency.so construed as to authorize the company to issue any note, token, device, scrip, or other evidence of debt, to be used as a currency. Sec. 15. *And be it further enacted,* That this act shall take effect on When this act shall take effectthe first day of June, eighteen hundred and fifty-eight, except so far as it provides for a notice of the first election of directors, in the third section of this act, which shall go into operation two weeks prior to said first of June, and this act shall continue and be in force until the first day of June, eighteen hundred and eighty-eight.
Sec. 16. *And be it further enacted,* That it shall be lawful for Congress, This act may be amended or repealed.at atty time hereafter, to alter, amend, or repeal this act. Approved, February 7, 1857.