be paid on any stock that has not been fully paid for, but shall be passed to the credit of such stock as part payment thereof.

SEC. 8. That all policies of insurance which may be made or entered into by said corporation shall be subscribed by the president, or president pro tempore, or by such officer as shall be designated for that purpose by its by-laws, and attested by the secretary, and being so signed and attested shall be binding and obligatory on the said corporation, without the seal thereof, according to the true intent and meaning thereof; and all such policies or contracts may be entered into and so signed and attested, and the business of the corporation may be carried on without the presence of the board of directors, by the president and secretary, subject nevertheless to the by-laws, rules, ordinances, and regulations established by the board of directors; it shall be the duty of the secretary at every annual or other general meeting of the stockholders, to lay before them a correct and particular statement of the conditions and affairs of the company.

SEC. 9. That the stock of said company shall be assignable and transferrable on the books of the same or otherwise, according to such rules and by-laws, and subject to such restrictions and limitations as may be established by the directors, and all such stock shall be held and considered as personal property.

SEC. 10. That any number of the stockholders who shall at the time be the owners of one-tenth part of the stock sold shall have power to call a general meeting of the stockholders by giving two weeks' notice in some newspaper printed in said town of the time and place of such meeting, and the stockholders present in person or by proxy at any such meeting shall decide all questions proposed for consideration by a plurality of votes, and may make and prescribe such by-laws, ordinances, rules, and regulations as to them shall appear needful and proper in relation to the management of the affairs of the company or the government and direction of the officers thereof.

SEC. 11. That books for the subscription to the capital stock of said company shall be opened in the town of Franklin by and under the direction of S. Herriott, Jos. S. McClellan. George King, S. S. Winslow, F. M. Finch, H. Fox, and Thomas Williams, who are hereby appointed commissioners for that purpose, whose duty it shall be, or any three of them, to give notice of the time and place of opening books for subscriptions in a newspaper printed in said town; and it shall be lawful for any individual, company, or body corporate to subscribe for any number of shares, and such individual, company, or body corporate shall at the time of subscribing pay to the said commissioners one dollar on each share so subscribed; and it shall be the duty of said commissioners as soon as fifty shares are subscribed to give two weeks' notice in some news

paper printed in said town of the time and the place for the stockholders to meet and elect the first board of nine directors, which election shall in all respects be governed by the provisions of this act for the election of directors, and the board of directors thus elected shall constitute the first board and shall continue in office until the next annual election.

SEC. 12. That so soon as the board of directors are elected as aforesaid it shall be the duty of the commissioners to pay over to the said board of directors all moneys that may be in their hands belonging to said company and deliver over to them all books and papers belonging to the same; and it shall be the duty of the directors, before they proceed to make any policies of insurance, to demand and receive of each stockholder the full amount of stock by by them respectively subscribed, which payment shall be made either in cash or secured to be made by giving real or personal security to the satisfaction of the directors. and if any stockholder shall fail to make such payment or give security as aforesaid within thirty days after the election for directors, such stockholder shall forfeit to the company the amount paid on such stock at the time of subscribing: Provided, That the said corporation shall not commence business or grant any policies of insurance until one hundred shares are subscribed and paid for or secured to be paid as aforesaid, it being one quarter of the capital stock; all the remaining balance of the stock shall be offered for sale at such time and place, and on such terms as the directors for the time being may from time to time direct.

SEC. 13. That when said corporation shall have commenced business as aforesaid and shall grant any policy or policies of insurance on any kind of property, real or personal, against loss or damage by fire, or any other cause, or risk on any goods, merchandize, or produce, whether on the land or on the water, on any vessel or boats whatever, and wherever they may be, on life or lives, or shall lend any money on bottomry or respondentia, or shall become the underwriter of any foreign or domestic bill of exchange, bond, note, or obligation, it shall be lawful to charge such rate of premium or interest as may be agreed upon by the parties.

SEC. 14. That whenever any property, real or personal, on which a policy may have been effected, shall be sold during the existence of the policy, it shall be lawful for the vender or venders to assign such policy to the vendee or vendees of such property, and such assignee or assignees shall have the benefit thereof: Provided, That before any loss happens, notice shall be given said company of said assignment: And Provided, That said company when so notified shall be at liberty to return a rateable proportion of the premium and thereupon be exonerated.

SEC. 15. That whenever said corporation shall be notified of

any loss sustained or incurred on any policy of insurance granted or issued by the same, it shall be the duty of said corporation to pay the amount so lost or incurred on such policy within sixty days after being so notified: Provided, There shall have been no violation of the condition of the policy on the part of the insured; and on all judgments obtained by said corporation there shall be no stay of execution, except on judgments for money loaned and on discounted promissory notes, upon which said judgment for money loaned and discounted notes, there shall be allowed the same stay of execution as is now or may hereafter be allowed by law in other cases; the stockholders may, at any regular meeting, either increase or diminish the number of directors: Provided, That there never shall be more than thirteen nor less than five.

SEC. 16. That in all cases where execution shall issue against said corporation, the same shall be first levied on the goods, chattels, lands, and tenements belonging to said corporation as its joint property, and on a return on such execution of no property found, or not a sufficiency of property to satisfy said execution, then and in that case the individual property of each of the corporators who are or were stockholders at the time the debt, demand, or liability accrued, shall be held for said debt to the amount of his, her or their stock and no further; but no execution shall issue against any stockholders in their individual capacity until a scire facias shall be issued against and served on them to appear and show cause, if any they can, why execution shall not go against them, and upon such trial the stockholders, or any one of them, may be permitted to plead that he was not a stockholder at the time of contracting such debts, demands, or liability, or that the corporation was not liable for said debts or any cause of legal defense.

[SEC. 17.] This act shall be in force from and after its passage, and shall be deemed and taken to be a public act, and shall be construed favorably for every beneficial purpose.

CHAPTER CCLXII.

An act to authorize John Warren to file a bill in chancery in the Tipton Circuit Court.

[APPROVED FEBRUARY 13, 1851.]

SECTION 1. Be it enacted by the General Assembly of the State of Indiana, That John Warren, of Tipton county, be, and he is hereby authorized to file a bill in chancery in the Tipton circuit court, praying to be divorced from his wife, Elizabeth Warren; and the court aforesaid is hereby authorized to retain, hear, and grant the prayer thereof, as though the persons aforesaid had been separate and apart two years.

SEC. 2. This act shall take effect and be in force from and after it is filed in the clerk's office of said county of Tipton, and the secretary of State is hereby required to forthwith forward a copy of this act to the clerk of said court.

SEC. 3. All laws, and parts of laws, contravening the provisions of this act are hereby repealed so far as the parties aforesaid are concerned.

CHAPTER CCXLIII.

An act authorizing the president and trustees of the town of Lafayette to purchase and hold real estate.

(APPROVED FEBRUARY 4, 1851.]

SECTION 1. Be it enacted by the General Assembly of the State of Indiana, That the president and trustees of the town of Lafayette be, and they are hereby vested with full power and lawful authority to purchase and hold by deed, in fee simple, title bond, or otherwise, real estate situate either within or without the corporate limits of said town to an amount not exceeding ten thousand dollars.

SEC. 2. This act shall take effect and be in force from and after its passage.

CHAPTER CCXLIV.

An act to authorize the Lafayette Insurance Company to increase its capital stock.

[APPROVED FEBRUARY 10, 1851.]

SECTION 1. Be it enacted by the General Assembly of the State of Indiana, That the Lafayette Insurance Company incorporated by an act of the General Assembly of the State aforesaid, approved February 8, 1836, be, and they are hereby authorized and empowered, in addition to the privileges and immunities granted said company by the said act of incorporation, to increase their capital stock one hundred thousand dollars.

SEC. 2. This act to be a public act, and be in force from and after its passage and acceptance by the directors of said company.

CHAPTER CCXLV.

An act declaring Flat Creek, or so much thereof as lies within the counties of Pike and Dubois, a public highway.

[APPROVED FEBRUARY 4, 1851.]

SECTION 1. Be it enacted by the General Assembly of the State of Indiana, That Flat Creek, or so much thereof as lies within the counties of Pike and Dubois, from Scraper's mill, in Pike county, to Patoka river, be, and the same is hereby declared to be a public highway.

SEC. 2. Nothing in this act shall ever be so construed as to require highway labor to be performed on said creek or to interfere with mill dams erected thereon.

SEC. 3. This act shall be in force from and after its passage.