Chapter LXIX. *to incorporate the President and Directors of the Firemen’s Insurance Company of Washington and Georgetown in the District of Columbia.* March 3, 1837. *Be it enacted, &c.*, That French S
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Chap. LXIX.— An Act *to incorporate the President and Directors of the Firemen’s Insurance Company of Washington and Georgetown in the District of Columbia.* March 3, 1837. *Be it enacted, &c.*, That French S. Evans and Edmund Hanly, of Certain persons incorporated.the Union; Charles L. Coltman and James H. Smoot, of the Franklin; John Purely and John H. Goddard, of the Perseverance; Charles K. Gardner and John Lynch, of the Columbia; Marmaduke Dove and William Speiden, of the Navy Yard;
George Shoemaker and John H. King, of the Western Star, and Nathaniel Harden and William J. Gozler, of the Vigilant, fire companies, and the subscribers to the stock of the association, and their successors, shall be, and they are hereby declared to be, a body politic and corporate, by the name and style of “The President and Directors of the Firemen’s Insurance Company of Washington and Georgetown;” and by that name shall have perpetual succession, and be capable in law to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in all courts of law or equity, or elsewhere; and to make and use one common seal, and the same to alter or renew at their pleasure, and generally to do and perform all things relative to the objects of this institution, which now is or shall be lawful for any individual or body politic or corporate to do.
Sec. 2. Capital stock. *And be it further enacted,* That the capital stock of this company shall consist of a sum not exceeding two hundred thousand TWENTY-FOURTH CONGRESS. Sess. II. Ch. 69. 1837.695dollars, divided into ten thousand shares, at twenty dollars each. Two dollars shall be paid on each share at the time of subscribing; four months after such subscription and payment, a further instalment of two dollars shall be paid on each share of stock; and notes payable on demand, with security to be approved of by the president and directors for the time being, shall be given for the remaining sixteen dollars.
The said notes shall be renewed whenever the directors may consider it proper; and any stockholder neglecting or refusing to renew his note, or neglecting or refusing to pay an instalment when required by the directors, shall forfeit all his interest in this company, and be held liable for his proportion of any loss which may have occurred previous to such neglect or refusal. Sec. 3. *And be it further enacted,* That, should any forfeiture occur,Remission of forfeitures. it may be remitted by a majority of the whole board of directors present at the meeting at which the motion for such remission shall be made, upon the payment, by the person incurring a forfeiture, of the principal of said instalment, and the interest thereon up to the time of such payment; as also of his proportion of such loss as may have occurred previous to such forfeiture.
Sec. 4. *And be it further enacted,* That the president and directorsCall for the remaining part of shares. shall not call on the stockholders for any part of the remaining sixteen dollars per share, secured to be paid as above mentioned, unless the exigencies of the company shall require it, and then only in such proportions as the said stockholders are severally interested, taking care, always, to give sixty days’ notice thereof, in the papers in the cities of Washington and Georgetown.
Sec. 5. *And be it further enacted,* That so soon as five thousandCompany may transact business, when. shares are subscribed for and paid, or secured to be paid, the company shall be competent to transact all kinds of business for which it is established. Sec. 6. *And be it further enacted,* That each fire company in theEach fire company may subscribe, &c. city of Washington and Georgetown shall be entitled to subscribe by itself, for its own use, in its corporate capacity, or by means of trustees, for the use of said company; or the members of a company may, in their individual capacity, for the use of themselves or the company or companies to which they belong, subscribe for an amount of stock, not to exceed, in the whole, one thousand four hundred and twenty-eight shares for each company.
Each company shall open books of subscriptionEach company to open books of subscription. for the same, on the first Monday in May, eighteen hundred and thirty-seven, and shall deliver the said books and the money paid on the subscription, to the board of directors, so soon as they shall be appointed and prepared to receive the same. Sec. 7. *And be it further enacted,* That if any fire company, togetherWhen a company shall not subscribe for its full number of shares, &c. with its members, shall not subscribe for the number of one thousand four hundred and twenty-eight shares allotted to them, within the space of three years from the time the books may be opened for subscription, the residue of shares between the amount of their subscription and the said one thousand four hundred and twenty-eight shares, may be subscribed for and taken by the other fire companies, or the members there-of, in equal portions to each company, or in such manner as the directors may determine.
Sec. 8. *And be it further enacted,* That no person, other than aMembers of fire companies only entitled to hold stock. member of a fire company, shall be entitled to purchase or hold any part of the capital or joint stock of this company; and the share or shares of a stockholder ceasing to be a member of a fire company, shall be purchased at their actual value, by the company to which the said stockholder belonged; or by the members thereof, for their own use, or for the benefit of the said company; or by the hoard of directors of this association, and may be disposed of by them for its benefit.
Upon the 696TWENTY-FOURTH CONGRESS. Sess. II. Ch. 69. 1837.Shares of stockholders ceasing to be members, &c.decease of a stockholder his share or shares shall become extinct, his stock notes shall be cancelled, and the actual value of such share or shares, at the time of his decease, together with all profits due thereon to him, shall be paid within six months after such extinction, to his heirs, executors, administrators, or assigns. And the directors shall have power to create and dispose of shares equal to the number so extinguished by the death of the said stockholder.
Sec. 9. Transfers of stock. *And be it further enacted,* That transfers of stock may be made by any stockholder to the company, or to a member or members of the fire company to which he or they may belong, or to any other fire company, or any member or members thereof; but no transfer shall be valid which is made to any other than a member or members of a fire company. Sec. 10. Members entitled to insurance at a discount, &c. *And be it further enacted,* That every member of any of the companies belonging to the association, shall be entitled to effect insurances at a discount of eight per cent, less than other persons, upon producing to the satisfaction of the directors a certificate of his right of membership; and all the companies associated, or who may hereafter associate under this act, within the cities of Washington and George-town, shall be entitled to an equal participation in all the benefits and advantages of the institution, in proportion to the amount of stock held by such company.
Sec. 11. President and board of directors. *And be it further enacted,* That the affairs of this company shall be managed by a president and a board of directors, (to be elected as follows,) all of whom shall be stockholders; who, previous to entering on the duties of their respective offices, shall take the following oath or affirmation: “I, A B, do swear [or affirm, as the case may be] that I will faithfully, diligently, impartially, and honestly fulfil the duties of my office of ________ to the best of my knowledge and ability.
” Number of directors.Each fire company holding, together with the members thereof, one hundred shares of stock, and not more than five hundred, shall be entitled to elect one director. Any fire company holding, together with the members thereof, more than five hundred shares, shall be entitled to elect two directors. Any company, together with the members composing it, holding less than one hundred and seventy-five shares of stock, shall not be entitled to the election of a director; and should it so happen that the number of shares of stock possessed by any one company, together with the members composing it, shall become less than one hundred and seventy-five, then, and in that case, the said company shall not be entitled to the election of a director, until the amount of shares held thereby be increased to the said number of one hundred and seventy-five.
Sec. 12. No director of any oilier fire insurance company eligible. *And be it further enacted,* That no director of any other fire insurance company shall be allowed to be a director of this; and should any director of this company be elected a director of any other fire insurance company, his acceptance of that appointment shall, ipso facto, disqualify him from continuing a director of this company, and the company from which such director shall have been delegated shall proceed to fill up the vacancy as is hereinafter provided.
Sec. 13. Election of directors. *And be it further enacted,* That the respective companies composing this association, who may be entitled to the election of one or more directors, shall hold separate meetings for the first election of directors, within two weeks after the aforesaid amount of five thousand shares of stock shall be subscribed for: and on the first Monday in January in each and every year thereafter, and choose by ballot, from among their members, the number of directors to which they are entitled; and each stockholder shall have one vote for each share of stock not exceeding five shares; one vote for every five shares over five, and not exceeding fifty shares; one vote for every ten shares exceeding fifty TWENTY-FOURTH CONGRESS.
Sess. II. Ch. 69. 1837.697shares; 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 meetingChoice of president, &c. after every election, they shall choose by ballot, a president, either from 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 elected belonged.
Sec. 14. *And be it further enacted,* That in case of the death, resignation,In case of death, &c. of a director. or disqualification of a director, 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 the fire company by whom he was elected. Sec. 15. *And be it further enacted,* That the president and directorsInsurance only to be made in Washington county, D. C. shall be, and they are hereby, authorized to make all kinds of insurance 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 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 directorsDividends. 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 andFund for the benefit of injured members. directors shall be, and they are hereby, authorized to retain and set 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. 18. *And be it further enacted,* That every house insured byPayment for houses destroyed. this company that is destroyed by means of fire, from the first floor up-wards, 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 aforesaid. Sec. 19. *And be it further enacted,* That in case of a partial destructionValuation of loss in case of a partial destruction. by fire, the loss shall be determined by assessors appointed as follows: the person whose property is insured shall have the privilege of selecting one disinterested person, the board of directors of this association shall select another; should these two persons disagree in their valuation of a loss, they shall select another disinterested person, and their award shall be final.
Sec. 20. *And be it further enacted,* That the president and directorsAppointment of officers. shall have power and authority to appoint a secretary, and such other clerks and officers under them as shall be necessary for transacting the business of said institution, and may allow them, together with the 698TWENTY-FOURTH CONGRESS. Sess. II. Ch. 69. 1837.By-laws, &c. may be made.president, 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 said institution, not being contrary to or inconsistent with this act, or the constitution and laws of the United States; 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 the city of Washington or Georgetown, for the purpose of transacting the affairs of the institution, and generally to conduct the entire business thereof.
Sec. 21. No stockholder answerable in his person, &c. *And be it further enacted,* That no stockholder or member of this said company shall be 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 this company, except in the case of a director by his vote declaring an improper dividend, 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 said company.
Sec. 22. Assignment of stock. *And be it further enacted,* That the stock of this institution 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. Sec. 23. Meetings of stockholders. *And be it further enacted,* That the president and directors may call a general meeting of the stockholders for any purpose relative to the affairs of the institution, giving at least two weeks’ notice thereof in the newspapers of Washington and Georgetown: and any number of stockholders, not less than one hundred, who, together, shall be proprietors of twelve hundred shares, may, at. any time, apply to the president and directors to call a general meeting of the stockholders for any purpose relative to the affairs of the institution; and if the president and directors refuse to call such meeting, the said number of stockholders, proprietors of not less than twelve hundred shares, shall have power to call a general meeting of the stockholders, giving at least two weeks’ notice in the said newspapers printed in the cities of Washington and Georgetown, specifying in such notice the object of the meeting.
Sec. 24. In case of the annual election of directors not taking place on the day fixed, &c. *And be it further enacted,* That should it so happen, from any cause whatsoever, that the annual election of directors should not take place in any year, on the day hereinbefore mentioned for that purpose, this corporation 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’ public notice thereof to be given in one or more of the newspapers printed in the cities of Washington and Georgetown.
Sec. 25. Reduction of stock notes. *And be it further enacted,* That the president and directors shall have power to appropriate such portions of the profits accruing to the company, to the reduction of the stock notes of the stockholders, as the board of directors shall, from time to time, deem advisable. Sec. 26. Act to continue until 1st June, 1858. *And be it further enacted,* That this act shall continue and be in force until the first day of June, one thousand eight hundred and fifty-eight.
Sec. 27. May be altered, &c. *And be it further enacted,* That it shall be lawful for Congress, at any time hereafter, to alter, amend, or repeal this act. Approved, March 3, 1837. Chapter LXX: authorizing the Secretary of the Navy to place the name of Doctor John P. Briggs on the navy pension list. 6 Stat. 699 1837-03-03 Chapter LXX Charles C. Little and James Brown text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
Digitization Vendor 2025-12-05 16 2 private TWENTY-FOURTH CONGRESS. Sess. II. Ch. 70, 71, 72, 73, 74, 76. 1837. 699
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Chapter LXIX
*to incorporate the President and Directors of the Firemen’s Insurance Company of Washington and Georgetown in the District of Columbia.* March 3, 1837. *Be it enacted, &c.*, That French S
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