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laid, and all other implements and machinery owned by said company, without other or further description of said property.
Approved, April 14, 1903.
[Senate Joint Resolution No. 37.]
[84.] INCORPORATING THE WEEKLY PAYMENT ACCIDENT INSURANCE
COMPANY. Resolved by this Assembly: SECTION 1. That Warren L. Hall, Arthur D. Warner, Wilson H. Pierce, J. Merrick Gallond, and Howard B. Smith, and all others who may become associated with them as stockholders as hereinafter provided, their successors and assigns forever, be and they hereby are made a body politic and corporate, for the purpose of insuring persons against loss of time arising from personal injuries from accidental causes, and also, if desired, to insure persons against loss of time due to illness, by the name of The Weekly Payment Accident Insurance Company, and by that name shall be and hereby are empowered to purchase, have, hold, and possess to themselves and their successors, property of every kind, both real and personal, and to grant, transfer, invest, and dispose of the same; to sue and to be sued in all courts of justice; to have and to use a common seal and to change, alter, and renew the same at pleasure; to pass and to put into execution such by-laws and regulations as they may see fit for the control of said corporation and transaction of its business; provided, they be not repugnant to the laws of the United States, of this state, or to the provisions of this resolution.
SEC. 2. The capital stock of said corporation shall be not less than fifty thousand dollars, and may at any time hereafter be increased by said company to any sum not exceeding two hundred thousand dollars, and shall be divided into shares of twenty-five dollars each; and each share shall be entitled to one vote in all stockholders' meetings.
SEC. 3. The capital stock of said company shall be transferable according to its rules and regulations; and if any subscriber to any shares of capital stock shall neglect or refuse to pay any instalment for the space of sixty days after the same shall become due and after he has been notified thereof, the stock of said stockholder shall be sold by the directors at public auction, they giving at least ten days' notice thereof in some newspaper published in said Waterbury, and the proceeds of said sale shall first be applied in payment of the instalment called for and expenses of sale, and the balance, if any, shall be refunded to the owner of said stock; and said sale shall in all respects entitle the purchaser to all the rights of a stockholder to the extent of the shares so bought.
SEC. 4. The business of said corporation shall be the insuring of persons against loss of time arising from personal injury from accidental causes in the United States and other countries, or loss of time
arising from illness; and contracts of insurance may be made on such terms and conditions, for such periods of time, and confined to such business, as shall be from time to time ordered and provided for by the by-laws of said corporation.
Sec. 5. The office of said company shall be located in Waterbury, Connecticut, and its stock, property, and affairs shall be managed by not less than five nor more than eleven directors, to be chosen by ballot from among and by the stockholders, which directors first chosen shall hold their offices for one year from the next annual meeting ensuing their election and until others are chosen in their stead; and the annual meeting for the choice of directors shall, after the first election, be holden at the city of Waterbury, on such day and month as shall be determined by the by-laws of said corporation, and the stockholders may determine what number of directors may constitute a quorum to do business.
Sec. 6. If it should so happen that the annual meeting in any year should not be held on the day provided by the by-laws, such annual meeting may be held on any future day within six months, which day shall be fixed by the board of directors last chosen; and public notice of such annual meeting shall be given by order of the directors at least ten days previous to such meeting, by notice printed in a newspaper published in Waterbury, and in such other way as the directors may deem best, and further notice shall be given to each stockholder of such meeting by mailing to him at his last known address a copy of such notice at least two weeks before said meeting.
SEC. 7. To carry out the provisions of this resolution and organize said corporation, Warren L. Hall, Arthur D. Warner, and Wilson H. Pierce are authorized and appointed to open subscription books and to receive subscriptions to the capital stock thereof, and to close the subscription books of said company when said capital stock shall be fully subscribed for; and when the capital stock shall have been subscribed for, by a notice published in some newspaper printed in Waterbury, at least one week before the time of said meeting, the subscribers may meet together at the time and place mentioned in said notice and adopt such by-laws and regulations as may be necessary to commence and carry on business under this resolution. They may also, at the same or at some subsequent time, choose a board of directors as herein provided, who shall hold their offices with all the lawful powers of directors until others are chosen in their stead. When the by-laws have been adopted and directors have been chosen as aforesaid and when the board of directors shall have been organized by the choice of a president and secretary, said corporation may exercise all the powers and privileges conferred by this resolution in accordance with said by-laws and regulations.
SEC. 8. All policies of insurance or contracts authorized by this resolution may be made with or without the seal of said corporation and shall be binding upon said corporation according to the intent and ineaning of such policies and contracts.
SEC. 9. This corporation shall have power to begin business when the sum of ten thousand dollars in cash shall have been paid into its treasury from its subscribers to its capital stock.
SEC. 10. Said company may also, from time to time, having first been authorized so to do by a vote of not less than two-thirds of the shares represented at a meeting of its stockholders called for that purpose, upon at least fourteen days' notice, issue its stock as preferred stock, to such an amount as the stockholders may determine, not to exceed in all twenty thousand dollars, and the holders of such preferred stock, whenever issued, shall in preference and priority over all other stock of the corporation be forever entitled to a semi-annual dividend to be paid out of the net profits of the corporation, not to exceed, however, five per centum per annum, the amount of such dividends to be determined at such meeting ; which dividends shall be cumulative, that is to say, if not earned and paid in any year shall be paid out of the first net earnings of the company thereafter. The holders of said preferred stock shall be entitled to participate in any dividends which may at any time be declared by said corporation upon its common stock in excess of five per centum per annum on said common stock. Such preferred stock shall have the same power of transfer as common stock, and the holders of the same shall have the same power of voting as the holders of the common stock, and such preferred stock shall be counted with said common stock in the same manner in all questions of quorums and majority vote. No preferred stock shall be issued except for cash or its equivalent. The directors of said company shall have the power and authority, from time to time, to declare in lieu of a cash dividend, out of the net surplus of the company then on hand, a stock dividend payable in shares of the authorized common stock of the company then unissued, the same to be issued as full paid stock to holders of the said common stock then outstanding, according to the number of shares held by them respectively; provided, however, that no such stock dividend shall be declared or paid unless all the dividends then accrued upon the then existing issue of the preferred stock shall have been paid in full, nor unless the net surplus earnings of the company on hand at the time any stock dividend is declared, after deducting therefrom the amount of the stock dividend so declared, are equal at least to the sum of the dividends to accrue for and during the two years next ensuing on the preferred stock then issued and outstanding, according to the terms upon which such preferred stock was issued.
Approved, April 14, 1903.
[House Joint Resolution No. 183.]
[85.] AMENDING THE CHARTER OF THE PUTNAM CEMETERY ASSOCIATION.
Resolved by this Assembly: That the resolution, approved February 10, 1886, incorporating The Putnam Cemetery Association be
and it is hereby amended by adding the following section: Said corporation is hereby authorized to receive gifts by will or otherwise for the purpose of caring for, beautifying, and improving its cemetery in the town of Greenwich, and for any enlargements of or additions to said cemetery, and also to receive gifts, legacies, bequests, and devises in trust for the purpose of keeping in order, repairing, and improving such burial lots, monuments, and other constructions in said cemetery or any additions thereto as may be designated by the person or persons creating the trust; and may also be appointed by any court of probate trustee without bonds of any trust created for any of the aforesaid purposes, whenever there may be a vacancy in the office of trustee incumbent upon such court to fill; and may manage the property or estate so held, and make sale of, invest, and reinvest the same by means of its officers and agents and in such manner as it may direct. All property owned or held by such corporation for the purposes hereinbefore enumerated shall be exempt from all taxation.
Approved, April 14, 1903.
[Substitute for Senate Joint Resolution No. 102.]
[86.]. AUTHORIZING THE FIRST UNIVERSALIST SOCIETY OF SCOTLAND TO PAY OVER TO THE TOWN OF SCOTLAND THE SUM OF ONE THOUSAND DOLLARS WHICH IS HELD IN TRUST BY SAID SOCIETY UNDER THE WILL
OF ALFRED AVERY.
Resolved by this Assembly: SECTION 1. That the First Universalist Society of the town of Scotland be and it is hereby authorized and empowered to transfer, convey, and pay over to said town of Scotland the fund of one thousand dollars given said First Universalist Society by Alfred Avery, late of the town and county of Windham, by an instrument in writing dated May sixteenth, 1876, for the purpose of assisting said society in disseminating the doctrine of the “Universal Salvation of all Men” by said society in said town of Scotland, or such portion thereof, both principal and interest, as may now be in the possession of said society, the same to be received, kept, and held in trust by said town of Scotland for the uses and purposes hereinafter mentioned, and upon the terms and conditions hereinafter mentioned.
SEC. 2. Five hundred dollars of said trust fund may be released and transferred by said First Universalist Society to the said town of Scotland, and the interest and income of said five hundred dollars shall be used and expended by said town for the purpose of supporting and maintaining and assisting in supporting and maintaining a free public library in said town of Scotland, and shall be known as “ The Avery Library Fund," and shall be and remain a perpetual fund for the purpose above mentioned; said town of Scotland, on its part, to first
furnish a suitable building with a room or rooms therein well and suitably fitted up and furnished for receiving, caring for, and properly keeping said library and all the property belonging thereto.
Sec. 3. Said library fund, when so transferred by said First Universalist Society to said town of Scotland, shall be received, held, and managed by the town treasurer of said town, who shall deposit the same in some solvent savings bank or savings banks in this state, and shall annually pay over the income of said library fund to a library committee, one or more of the members of which committee shall be annually elected or appointed by said town of Scotland. Said library committee shall use and expend the interest and income of said library fund in purchasing books and magazines for said library, and for no other purpose whatever.
SEC. 4. The remainder of said trust fund, after paying the expenses incurred by said First Universalist Society in transferring said fund to the town of Scotland, shall be paid to the treasurer of said town, in trust for the use and benefit of said town as hereinafter provided. The town treasurer of said town shall receive said fund and deposit the same in some solvent savings bank or savings banks in this state, and said trust fund shall be held by said town treasurer, and his successors in said office, as a perpetual fund in trust for the purpose of maintaining and keeping and assisting in maintaining and keeping the cemeteries in said town of Scotland in good condition and repair as hereinafter provided. The treasurer of the said town of Scotland shall annually collect and pay to the selectmen of said town of Scotland, or the cemetery committee or cemetery association in said town, as said selectmen shall direct, the interest and income of the remainder of said trust fund, and said selectmen or cemetery committee or association shall each year expend the same as follows: The interest and income of the remainder of such fund, or such portion thereof as may be necessary or proper, shall be used and expended in keeping the burial lot in the old cemetery in said town where said Alfred Avery and his family lie buried, in good condition and repair, and in renovating, cleaning, and caring for the monument, tablets, and headstones in said cemetery erected to the memory of said Alfred Avery and his family; and the remainder of said interest and income, if any there be, shall annually be used and expended by said selectmen of said town of Scotland, or said cemetery committee or cemetery association, in caring for, beautifying, and keeping said cemeteries in good condition, as they shall judge reasonable and proper. No part or portion of the principal of said fund hereby given to said town of Scotland shall ever be appropriated or expended by said town, but the same shall be and remain a perpetual fund in trust, to be held and used by said town as herein before provided, and for the uses and purposes hereinbefore provided, and for no other use or purpose whatsoever.
Approved, April 8, 1903.