made important changes in their by-laws in these respects, the value of this feature will be readily apparent. Such by-laws as relate to the mere ordinary routine incident to any business corporation are omitted. In order that the work might be thoroughly reliable and authoritative, all the data contained herein has been submitted to the several companies before printing, so that there is official endorsement of its correctness. January, 1906. THE SPECTATOR COMPANY. ETNA INSURANCE COMPANY. At a General Assembly of the State of Connecticut, holden at Hartford, in the said State, on the first Wednesday of May, in the year of our Lord one thousand eight hundred and nineteen. SEC. I. [Powers granted to Company.]-Be it enacted, etc., That the subscribers to the petition, praying for an act of incorporation, with powers and privileges necessary and convenient to the business of insurance against losses by fire, etc., be and they hereby are incorporated, and made a body politic, by the name, style and title of the "Ætna Insurance Company," and by that name, style and title shall be, and hereby are empowered to purchase, receive, have, hold, possess and enjoy to themselves, and their successors, lands, tenements, rents, hereditaments, goods, chattels, and effects of every kind, and nature; as also United States stocks, and bank stock of the United States Bank, or any bank in the United States, and the estate and stocks aforesaid to alien, grant, sell and dispose of; to sue and be sued, plead and be impleaded, in all courts of justice; also, to have and use a common seal, and the same to change at pleasure; also to ordain and execute all bylaws and regulations by them deemed necessary for the well-ordering and governing said corporation; provided said by-laws and regulations are not repugnant to the constitution and laws of this State, and of the Constitution and laws of the United States. SEC. 2. [Capital Stock.]-The capital stock of said corporation. shall not be less than one hundred and fifty thousand dollars, and may, at the pleasure of said corporation, be increased to any further sum, not exceeding five hundred thousand dollars, and shall be divided into shares of one hundred dollars each, and on the said capital stock of one hundred and fifty thousand dollars, in part of said stock, shall be paid into the treasury of said corporation, for the use of said corporation, within thirty days after the first meeting of said corporation, five per centum; and within sixty days next after said first meeting of said corporation, the further sum of five per centum on said stock, shall in like manner, for like purposes, be paid into said treasury; and the remainder of said stock shall be secured to be paid by mortgage on real estate, or endorsed promissory notes, approved by the president and directors of said corporation, and shall be payable in thirty days after demand; and such endorsers shall have a lien on the stock for which such note or notes are given. SEC. 3. [Election of Directors.]-There shall be seventeen directors for the well-ordering the affairs of said corporation, chosen by one or more ballots from among and by the stockholders of said corporation, which said directors shall hold their office at pleasure for one year, and until others are chosen in their room; and the annual meeting for the choice of said directors, shall, after the first election, be holden in the city of Hartford, on the first Thursday of June, or on such day in the month of June as shall be appointed by said board of directors. SEC. 4. [Appointment of President.]-The said directors shall choose one of their number to be president of said corporation, and in case of his absence from business may, so often as necessity shall require, elect from among themselves a president for the time being; and in case any vacancy shall occur in said direction, said directors may elect a director or directors, from among the stockholders, to fill such vacancy, who shall hold their office at pleasure, until others are chosen in their room; and said directors shall have power to appoint for the time being, such officers, secretaries, agents, and servants as they shall judge necessary, and shall be capable of performing such other acts, and exercising such other powers, as shall be by them deemed for the best interest of the company. And no director shall be entitled to any emolument unless by vote of the stockholders in general meeting. SEC. 5. [Quorum of Directors.]-The directors shall determine what number of their own body shall constitute a quorum for the transaction of business, and when such quorum is formed, if the president is not present, the electors present shall appoint a president pro tempore. SEC. 6. [Voting Privileges of Stockholders.]-The number of votes each stockholder shall be entitled to in the choice of directors, or any other concern or business of the company, shall be equal to the number of shares he shall be the owner of; provided no stockholder shall, by virtue of the number of shares he may be the owner of, in any case be entitled to more than fifty votes. SEC. 7. [Voting by Proxy.]-The stockholders shall be entitled to vote in person, or by proxy duly appointed; and none but stockholders shall be eligible as directors. SEC. 8. [Meetings of Stockholders.]-Public notice shall be given, by order of the directors, at least ten days previous to any meeting of the stockholders, in a newspaper printed in the city of Hartford, and in such other manner as they may judge expedient. SEC. 9. [Insurance of Property.]-Said corporation may insure on dwelling houses, and all other buildings, on ships and vessels of every description, while in port or on the stocks, on goods, chattels, wares, merchandise, and on all kinds of mixed and personal estate of every description, and shall be liable to make good and pay to the several persons who shall be assured by the said corporation, for all losses they may sustain by fire in the subject matter insured, agreeable to the contract of assurance, and of their policy, effected with said corporation. Provided always, that no stockholder shall be liable to said corporation, for any amount beyond the amount of stock by him holden, and unpaid to said corporation, and neither the members of nor said corporation shall, in any event, be liable beyond the amount of their said capital, for any loss or losses whatever; but for misconduct or fraud, the person guilty thereof, shall be personally liable to said corporation, or to the insured, as the case may be. SEC. 10. [Transfers of Stock.]-The capital stock of said corporation shall be transferable according to the rules and regulations prescribed by the directors; and every subscriber of any share or shares in said stock, who shall neglect to pay the installments aforesaid, or to secure the residue of the said share or shares as aforesaid, shall forfeit to the said corporation such share or shares, and all payments made thereon, and all profits which may have arisen thereon. SEC. 11. [Policies, how Signed.]—All notes or policies of insurance, signed by the president, and countersigned by the secretary, shall bind and oblige said corporation according to the terms and tenor thereof. SEC. 12. [Assignments of Policies.]-In case any insured, named in any policy or contract of insurance, made by the said corporation, shall sell and convey, or assign the subject matter insured, during the period of time for which it is insured, it shall be lawful for such insured to assign and deliver to the purchaser such policy, or contract of insurance, and the same shall inure to his benefit, and in every respect as effectual as though the same had been delivered by said corporation to said assignee. Provided always, that before any loss happens, such assignee shall obtain the consent of the assignor to such assignment, and shall obtain said assent to be endorsed on or annexed to the said policy or contract of assurance, executed and signed as a new policy or contract ought to be according to such rules as shall be prescribed by the directors, and not otherwise. SEC. 13 [Organization of Incorporators.]-Thomas K. Brace is authorized to call a meeting of the subscribers to said petition, to be holden in the city of Hartford, in the month of June, 1819, which meeting may be organized, by a moderator and such committees as shall be deemed proper, and said meeting may be adjourned from time to time, until said corporation shall be organized agreeable to the charter; and the stock shall be taken up to the amount of one hundred and fifty thousand dollars before said directors shall be chosen, and before said corporation make any assurance. SEC. 14. [Payment of Installments.]-As soon as the installments aforesaid shall have been paid or secured by endorsed notes, and the remainder of the stock secured agreeable to the provisions aforesaid, and the whole to be done to the satisfaction of said directors and no part of said stock shall be assignable or transferable until both of said installments shall have been paid, anything in this act to the contrary notwithstanding. Provided, this act may at any time be altered, amended, or revoked by the General Assembly. General Assembly, May Session, 1819. DAVID PLANT, Speaker of the House of Representatives. Approved June 5th, 1819. INSURANCE UPON LIVES AND INCREASE OF CAPITAL AUTHORIZED. At a General Assembly of the State of Connecticut, holden at New Haven in said State, on the first Wednesday of May, in the year of our Lord one thousand eight hundred and twenty. Be it enacted by the Senate and House of Representatives, in General Assembly convened, That it shall and may be lawful to and for the said corporation to add to their present actual capital the sum of fifty thousand dollars, and at the pleasure of the company, may increase said addition to any sum not exceeding one hundred and fifty thousand dollars; and the whole of said capital stock, created by, and raised under this act, shall be denominated the annuity fund, and shall be secured and paid into the treasury of the corporation, and vested in the same proportion and manner as is authorized and required by the act to which this is an addition, in relation to the fire insurance stock thereby created. And the stock created by this act shall be exclusively held and pledged as a fund for the payment of annuities which shall be granted by said company, and of losses upon insurance for a life or lives, or in any way dependent upon life or lives, and shall in no case be liable for the other debts, contracts, liabilities or engagements of the said company. And said annuity fund shall alone be liable to pay, bear and satisfy all losses, expenses, payments and charges, in respect to insurance on life or lives, or in any manner dependent on life or lives, and annuities which may be granted by said company; and said |