their board, and to appoint other necessary officers of said company, and to make, alter, and repeal all needful and legal by-laws and regulations, and shall, after paying all debts, declare a dividend out of the net earnings of said company, annually. That the commissioners to be appointed on said bridge shall give public notice in one or more newspapers printed in Bridgeport, of the time when and the place where the books of subscriptions to the stock of said company shall be opened; and that whenever the stock necessary for the construction of said bridge is subscribed, they shall distribute the same, and shall give public notice through one of the newspapers printed in Bridgeport, of the first meeting of said corporation. That when said bridge is completed, the said company may erect a toll-gate, at such convenient plate on said bridge, or at either extremity thereof, as the directors may elect, and collect at such toll-gate the following rates of toll, viz: For each man and horse, For each chaise or gig, and passengers and horse, For each sulky and man and horse, For each pleasure four wheel coach, or hack with two horses, driver For each stage, driver and passengers, 04 12 06 and passengers, 12 12 For each pleasure four wheel carriage, drawn by one horse, 08 For each one horse wagon, driver and horse, 06 For each two horse wagon and driver, 08 For each two horse pleasure sleigh, driver and passengers, 08 For each loaded wagon or sleigh and driver, 12 For each one horse sleigh, driver and passengers, 06 For each loaded cart or ox wagon, drawn by four beasts, 12 02 For each and every loaded cart or ox wagon, drawn by less than 12 For each empty cart or ox wagon, drawn by four beasts, For each loaded ox sled, drawn by four beasts, and driver, For each loaded ox sled and driver, drawn by less than four beasts, 08 For each led or drift horse, mule, ox or neat kine, For each sheep, swine, or goat, 06 01 01 01 Provided, that persons going to and from public worship, within the said or next adjoining towns, or to a funeral, or to military duty, or to electors' or town meetings, shall pass said bridge free of charge; provided also, that the inhabitants living within two miles of either end of said bridge, on application to the commissioners of said bridge, at an annual meeting of said commissioners, to be holden on the first Monday of May, in each and every year, after said bridge shall be erected, reasonable notice of such meetings being first given, may, in lieu of such toll, be assessed in such sums by the year, as said commissioners shall deem just and reasonable, taking into consideration the number of times and mode in which said applicants shall pass said bridge; provided also, that any inhabitant of said town living within such distance of such bridge, may, at any time during any year, on application to said commissioners, be assessed in the manner above stated, due notice of such application being given to said company. And said inhabitants may, at the time of such assessment, elect to pass said bridge at the rates of toll hereinbefore mentioned, or to abide by the assessments made by said commissioners, the persons so assessed not to pass said bridge, under such assessment, until the same shall have been paid to said bridge company; provided also, that the draw to be erected over the channel of said river in said bridge, shall be constructed of the width of fifty feet, and shall be so arranged as to furnish as little impediment to navigation as is consistent with a proper and economical construction of said bridge, and shall always be provided with an attendant, to open and shut the said draw, whenever required for the passage of vessels; provided also, that said bridge, when completed, shall have at its sides a good and substantial railing, well braced, or secured in a thorough and safe manner, to be approved of by the commissioners on said bridge; provided also, that this grant shall be subject to be altered, amended, or repealed at the pleasure of the general assembly, and that said bridge shall be completed within five years from the passage of this bill. And provided further, that the town of Westport shall have the right to purchase said bridge and the franchise of said company at any time after the completion of said bridge and the opening of the same for public travel at a fair valuation; and in the event said town and said company cannot agree as to the value of said bridge and franchise, then either party may apply to a judge of the superior court, capable in law of judging between the parties, who shall appoint three disinterested persons, freeholders, not residents of said town of Westport, who shall value said bridge and franchise, and whose judgment in said matter shall be final, and said town shall give and said company take the sum which shall be thus fixed for said bridge and franchise. Approved, May 30th, 1866. [Vol. V., 712.] Changing the Name of the Shepaug Spathic Iron and Steel Company, to that of the American Silver Steel Company, and increasing the Capital Stock of the Same. Resolved by this Assembly, SEC. 1. That the name of the Shepaug Spathic Iron and Steel Company be changed; and that said company shall hereafter be known and designated by the name of American. Silver Steel Company. SEC. 2. That said Company be allowed, and authority is hereby given, to increase the capital stock of said company to one million of dollars. Approved, May 30th, 1866.. Incorporating the Hartford Live Stock Insurance Company. Upon the petition of J. W. Beach and others, praying for an act of incorporation: Resolved by this Assembly, SEC. 1. That J. Watson Beach, Edward W. Parsons, Guy R. Phelps, George D. Jewett, William Francis, Robert A. Johnson, Charles M. Pond, Oliver D. Seymour, and William G. Allen, with all others that may become associated with them as stockholders, as hereinafter provided, and their successors, be, and they are hereby created a body corporate, for the purpose of live stock insurance and other purposes hereinafter mentioned, by the name of the Hartford Live Stock Insurance Company, and by that name are empowered to purchase, have, hold and enjoy lands, tenements, hereditaments, chattels, stocks, choses in action, and effects of every kind, and the same to sell, grant, demise, aliene and convey; to sue and be sued, plead and be impleaded in all courts of law and equity; to have and hold a common seal, and the same to change at pleasure; and to ordain and put into execution by-laws and regulations, as they may deem proper for the well ordering of said corporation and the transaction of its business: provided, such by-laws and regulations be consistent with the laws of this state and of the United States. SEC. 2. The capital stock of said corporation shall be not less than one hundred thousand dollars, and may be increased by vote of the directors, at any time, to five hundred thousand dollars; the shares of the capital stock to be of the value of one hundred dollars each; upon which five dollars shall be paid upon each share at the time it is subscribed for, as hereinafter provided, and five dollars additional shall be paid upon each share of stock subscribed for, to said corporation, within thirty days from the time of the organization of said company, and the remaining ninety dollars per share shall, within sixty days from the organization of said company, be paid into the treasury of said corporation, or be secured to be paid, either by mortgage of real estate or by such endorsed promissory notes as shall be approved by the directors of said company. SEC. 3. The capital stock of said company shall be transferable according to their by-laws; and if any subscriber to said stock shall fail to pay his subscription, or secure the same to be paid as aforesaid, for the space of thirty days after the same shall become due, and if upon the increase of the capital stock of said company any subscriber to the same shall fail to pay the installments as called for by the directors of said company, for the space of thirty days after the same shall become due, then said stock of such delinquent subscriber shall be sold by the directors at public auction, upon at least fifteen days notice of such sale, by publication in some newspaper published in Hartford, and the proceeds of said sale shall be first applied to the expenses of said sale and payment of the installments due upon the stock, and the balance of proceeds, if any, shall be refunded to the owner of said stock. The delinquent stockholders may be notified in such way as the by-laws may provide, of the maturity of the installments. The stock sold in manner above pro vided for shall entitle the purchaser to all the rights of a stockholder, to the extent of shares so purchased. SEC. 4. The business of said corporation shall be insurance of live stock of all kinds; and contracts of insurance may be made, providing for all risks, hazards, and contingencies to which such insurance is applicable, and upon such conditions and for such periods of time as may be determined by said corporation; and said company may procure such reinsurance of their risks as may be deemed desirable. Policies may be issued stipulated to be with or without participation in profits; and all dividends which shall be allotted to such participating policies which are not claimed and called for within two years after the same shall have been declared, shall be forfeited to said company. SEC. 5. The office of said company shall be located at Hartford, and its affairs shall be managed by not less than five nor more than eleven directors, (their number to be determined by the by-laws), to be chosen by ballot from among and by the stockholders, a majority of which said directors shall be residents of this state; which directors first chosen shall hold office until the second Wednesday in May, next ensuing the date of their election, and until others are chosen to supply their places. And the annual meetings for the choice of directors shall, after the first election, be holden at the city of Hartford on the second Wednesday in May, or on such other day in the month of May as shall be determined by the by-laws of said corporation. Each share of stock represented by the holder or his proxy shall be entitled to one vote in the choice of directors. SEC. 6. If it shall so happen that a choice of directors shall not be made at the time of any annual meeting, said corporation shall not be thereby dissolved, but an election may be had within one year thereafter, at some time signified by the directors last chosen. Public notice by order of the directors shall always be given at least ten days previous to any meeting of the stockholders, in a newspaper printed at Hartford. The president may call a special meeting of the stockholders at the request of three of the directors. SEC. 7. To carry out the provisions of this charter, and to organize the said corporation, George D. Jewett, Edward W. Parsons, and J. Watson Beach, and in case of the death or disability of either of them, then any two of them are authorized and appointed to receive subscriptions to the capital stock thereof, and the payment of the first installment thereon, and when one thousand shares of said stock shall have been subscribed for, and the first installment has been paid thereon, upon the call of said Jewett, Parsons, and Beach, (or in case of the death or disability of one of them, of the other two,) by notice published in a newspaper printed in Hartford, ten days before the time of said meeting, the subscribers may meet at the time and place named in said call, and adopt such bylaws, rules and regulations as they may deem proper, in compliance with this act; and said subscribers may at said meeting elect a board of directors in the manner aforesaid, to hold office as above provided ; and when the by-laws have been adopted, and the board of directors have been organized, by the choice of a president and secretary, the said corporation may exercise all the power conferred by this act. SEC. 8. The directors may choose a president, vice-president, and secretary, and appoint such other officers, clerks, and agents, and establish such agencies in this state and elsewhere as shall be by them deemed advisable for conducting the business of said company; fix their compensation, and take bonds of any and all of them for the faithful discharge of their duties, and may make such contracts and agreements as may be deemed necessary, and such contracts and agreements, signed either by the president or secretary, shall be binding on said company. The president and vice-president shall be chosen from the board of directors, and may hold their appointments for one year, and until others are chosen in their places; the other officers and employees of said company may be removed and new ones appointed at the pleasure of the directors. In the absence or disability of the president and vice-president, the directors may choose a president pro tempore; and in case a vacancy occurs in the board of directors, the remaining directors may fill such vacancy. SEC. 9. All policies or other contracts of insurance authorized by this act may be made with or without the seal of said corporation, and shall be signed by the president or vice-president and the secretary, and when so signed and executed shall be binding and obligatory upon said corporation, according to the true intent and meaning of said policies and contracts. No stockholder shall be responsible in his private capacity and estate for any debt or liability of said company. SEC. 10. The capital stock, acquired moneys and personal estate of said corporation, may be invested at the discretion of the directors, in real estate, in loans upon real estate, in bonds and mortgages, in loans upon or purchase of United States notes and bonds, bank stocks, or bonds issued by states, or by municipal or other corporations, or may be loaned upon endorsed promissory notes not having more than twelve months to run; and the same may be called in and reinvested under the provisions of this act. And it shall be the duty of said corporation to make an annual, report to the general assembly, containing a full and accurate statement of its condition and affairs. SEC. 11. This act shall take effect from the day of its passage, and may be altered, amended, or repealed at the pleasure of the general assembly. Approved, May 30th, 1866. [Vol. V, 16, 302, 560.] Authorizing the Home Insurance Company of New Haven to Increase their Capital Stock. Resolved by this Assembly, That the Home Insurance Company of New Haven are hereby authorized at any time hereafter, or from time to time, to increase their capital stock to any amount they may deem proper, not exceeding in the whole, including the amount they now have, the sum of three millions of dollars, in shares of one hundred dollars each: provided, that so much of said increase as may at any time be made from the surplus earnings of said company, shall be divided pro rata among the persons who may be stockholders at the time or times when such addition or additions shall be made. Approved, May 30th, 1866. |