Form of sub. scription. cent, Thomas H. Sill, Samuel Hays, Bester Toron, George Seldon, Josiah Kellogg, Joshua Beers and William Himrod, be, and they are hereby appointed commissioners for receiving subscriptions to the stock of a company to be denominated "The Erie Fire and Marine Insurance company," who shall open a book for that purpose in the borough of Erie at a time and place by them to be appointed, of which they shall give public notice, Notice of the in the two papers published in the said county of Erie for three opening of the successive weeks, and said book shall be kept open for three books." successive days between the hours of ten in the forenoon and three in the afternoon of each day, or until the number of twenty hundred shares, at fifty dollars per share, shall be subscribed after which the book shall be closed; all persons of lawful age being citizens of the United States shall be permitted to subscribe to the said stock and on the first day on which said book shall be opened no person shall be permitted to subscribe for more than five shares but if the whole of the said stock shall not then have been subscribed the commissioners shall on the following and succeeding days, permit any person or persons aforesaid, to subscribe for any number of the shares remaining: Provided, That if the subscriptions Proviso. on the first and succeeding days should exceed the number of twenty hundred shares, the shares of each subscriber shall be reduced in a proportionate ratio, so however, that no individual shall without his or her consent, have his or her subscription, reduced below two shares : And provided further, That the 2d proviso: sum of five dollars on each and every share so subscribed, shall be paid at the time of subscribing for such share or shares. SECTION 2. When the whole number of shares in the capital Whole No. of stock as aforesaid, shall have been subscribed, the said comscribed, missioners or any six of them shall certify to the Governor un- com'rs to cer der their hands and seals, the names of the subscribers and the tify to Gov. number of shares by them subscribed respectively, and the governor shall thereupon by letters patent under his hand and the seal of state, erect and create the subscribers into one body politic and corporate, in deed and in law, by the name, style and title of the Erie Fire and Marine Insurance company, by which Style of eor name the said subscribers shall have perpetual succession, and poration. shall be able to sue and be sued, plead and be impleaded in all courts of record and elsewhere, and to purchase receive, have, privileges. hold and enjoy, to them and their successors, lands, tenements and hereditaments, goods, and chattels of what nature, quality, or kind soever, real, personal or mixed, and the same from time to time, sell, demise, grant, alien or dispose of: Provided, That Proviso. the real estate shall be only such as shall be necessary to accommodate the said corporation in the transaction of the busi ness thereof, or shall be taken or held in security for the payment of debts due the corporation, and that the yearly income of the said real estate, shall not at any time exceed the sum of five thousand dollars: And provided also, That the said com. shares sub Capacities & Authority to increase stock. ferable. pany shall have authority to make and to have a common seal and the same to break, alter and renew at pleasure, and also to ordain establish and put in execution such by-laws, ordinances and regulations, as shall appear necessary for the government of said corporation, not being contrary to the constitution or laws of the United States, or of this State, and generally to do all and singular the matters which to them shall lawfully appertain to do for the well being of the said corporation and the management and ordering of the affairs thereof. SECTION 3. The capital stock of the Erie Fire and Marine Insurance company, may be hereafter increased to any amount not exceeding three thousand shares at fifty dollars each, if the exigencies of the case shall require it, and two thirds of the stockholders at any of their regularly convened meetings so order which increase shall be subscribed for, in such manner and and on such terms as said two thirds of the stockholders shall order and direct. SECTION 4. The capital stock of the company by this act How trans- incorporated as well as the stock which may be created in addition to it by the increase as aforesaid, shall be held by the proprietors thereof, and be transferable by them or their assigns respectively, on the terms and in the manner hereinafter specified, that is to say, each and every subscriber shall within ten days after public notice being given by the president and directors in the weekly papers, published in the county of Erie for three successive weeks, pay or cause to be paid to the said president and directors for the use of the said corporation, the amount of the shares so subscribed in such sum or sums, and at such time or times, as they the said president and directors shall direct and appoint, and if any subscriber his or her assignee or transferree shall refuse or neglect to pay any instalment called for and demanded by the president and directors as aforesaid, such subscriber his or her assignee or transferee, shall forfeit each and every share on which the payment shall not be duly made, on account of the share or shares so forfeited, and new subscriptions may be opened and received for the share or shares so forfeited, at the discretion of a majority of the stockholders of said corporation. Penatly on non-payment of instalment. 9 directors SECTION 5. For the well ordering of the affairs of said corelected ann'y poration there shall be nine directors, (who shall be citizens of the United States and stockholders of the said corporation,) elected annually on the first Monday of September, in each and every year at a general meeting for the purpose assembled, public notice whereof having been given in the newspapers published in the county of Eric for three successive weeks, and the directors at their first meeting after each election, shall choose one of their number as president: Provided, That in case it should happen at any time, that an election of directors should not be held upon the day prescribed by this act for holding the same, the corporation shall not for that cause be deemed to be dissolved, but it shall be lawful on any day within the term of Proviso. two months thereafter, to hold said election for the making of said directors, whether through cause in neglecting to hold said election, through tie or any other exigency, the same may not have been made, and in case of any direc tor's death or resignation his place shall be filled for the remainder of the year by appointment by the president and directors for the time being: Provided, That the first elec- 2d proviso. tion for directors shall be held at a time and place to be appointed by the commissioners before mentioned, they giving notice thereof in manner aforesaid, and the directors so chosen shall hold their offices until the first Monday of September, then ensuing, or until new directors shall be chosen in conformity to this act. SECTION 6. The votes of the stockholders shall be by ballot Ratio of votes in person or by proxy, and for the election of directors, and for to shares not the deciding of all questions in general meeting of the stock- to exceed ten, holders, the ratio of votes shall be as follows, to wit: each stockholder shall be entitled to one vote for every share of stock standing in his name not exceeding ten shares, but no stockholder either in his own name or by proxy, shall be entitled to more than ten votes, whatever number of shares he may represent or own, nor shall any stockholder vote at any election for directors, unless the share or shares on which he or she may claim to vote, shall have been standing in his or her name on the books of the said corporation for at least three months previous to said election. SECTION 7. The president and directors of the said corporation for the time being, shall have power to appoint such officers, Power to ap clerks, agents and other persons, as shall be necessary for con- point officers for the time ducting and executing the business of the said corporation, as being. well in the said county of Erie, as elsewhere, and to allow the persons so appointed, such compensation for their services respectively as they shall deem reasonable, and generally to exercise all other powers and authorities for the well governing and ordering of the affairs and funds of the said corporation as this act confers or allows, or as may hereafter be conferred or allowed by the laws, regulations and ordinances of the said corporation. stock. SECTION 8. It may be lawful for the said corporation, to Power to inemploy and improve the capital stock thereof, and all monies vest capital received for premiums which by the eleventh section of this act the president and directors are directed to retain until the risks upon which such premiums have been received, are fully determined by lending the same or any part thereof, upon good and sufficient security, and also to sell, dispose of or transfer said securities, and invest the proceeds in like or other securities: Pro- Proviso vided, That nothing herein contained shall in any way be construed to authorize the said company to use the funds of the institution for banking purposes. SECTION 9. The president and directors shall have full power to make all kinds of marine insurance, all kinds of insu Gen'l powers rance upon inland transportation of goods, wares and merchanof president dize; all kinds of insurance against losses by fire, on any and directors. house, tenement, manufactory or other building; and on goods, Meetings. dividends. wares, merchandize and other effects therein; and on hay, SECTION 10. The board of directors shall meet at their office, which shall be in the borough of Erie, at such times and transact the business of the company by such a quorum as may be provided for by the by-laws. SECTION 11. The directors shall, on the first Mondays of Semi-annual March and September, in each and every year, declare a dividend of so much of the profits of the company as to them shall appear advisable, and such dividend shall be paid to the respective stockholders, or to their respective agents, duly empowered, in ten days after declaring the same; but the moneys received as premiums on risks which shall be undetermined at the time of declaring the dividends respectively, shall not be computed as a part of the profits of the company, and in case any loss shall at any time happen by which the capital stock of No dividend the company shall be diminished, no dividend shall be made unin case of loss til the amount of such diminution shall be replaced and added to the capital; and any president and every director consenting to declare and make any dividend until the diminution is so replaced, shall be accountable for and pay to the company for their use the amount of the dividend declared and paid in violation of the prohibition aforesaid. until such diminution is replaced. SECTION 12. The shares of stock of the said corporation Stook trans- shall be assignable and transferable only according to such rules and regulations as may be prescribed by the by-laws. ferable. Right to repeal. SECTION 13. If at any time it shall appear to the Legisla. ture that the charter privileges hereby granted are injurious to the public welfare, the power thereof to repeal this act shall not on any conditions be denied or impaired; but such repeal shall not affect any engagement to which said company may have become a party previously thereto, and that said company shall have a reasonable time allowed them to bring their accounts to a final settlement and termination. In case of SECTION 14. That should the company fail to meet its enfailure, indi gagements, each person holding stock at the time of said fail. viduals liable. ure, shall individually be liable for the debts of the company to the amount of the balance unpaid on the stock of such stock- section. &e. repealed. SECTION 15. So much of the twenty-eighth section of the act entitled an act to incorporate "The Farmers' Fire Insurance Part of 28th Company of Upper and Lower Saucon townships and for other purposes," passed the third day of May, eighteen hundred and thirty-two, as relates to the election of directors of "The Fire Insurance Company of the county of Philadelphia," to be held annually on the first Monday in January by the stockholders at their general meeting for that purpose assembled, be and the same is hereby repealed, and that the said election shall be held Annual elecon the third Monday in January annually by the stockholders tions. at their general meeting for that purpose assembled, subject to the remaining provisions in said section contained, and that the location of the said "The Fire Insurance Company of the county of Philadelphia," shall always be north of Vine street in the county of Philadelphia. WM. PATTERSON, Speaker of the House of Representatives. Speaker of the Senate. GEO: WOLF, APPROVED-The fifteenth day of April, one thousand eight hundred and thirty-four. No. 220. AN ACT Directing the sale of certain town lots in the town of Beaver and other lands adjacent thereto. Commiss'rs SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That James Lyon, Benjamin Adams, and James Eaken, junior, or any two of them, be and they are hereby directed and empowered to sell at public sale in the borough of appointed to Beaver on the first Monday of September next, and continue sell certain from day to day, until the whole shall be sold, all the lots which lots. have reverted to, and become the property of the Commonwealth, laid out by John Lawrence, Samuel Wilson, and David Potter, under the directions of an act of Assembly entitled, An act for the sale of certain town lots in the town of Beaver, and other lands adjacent thereto, passed the second day of March Anno Domini, one thousand eight hundred and five, excepting those heretofore reserved for public uses, also all the lots heretofore sold by James Alexander, Guian Greer, and James Logan, un |