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Notice to be notice in two of the daily papers, printed in the said city, for given. at least thirty days, shall in their discretion direct and apPenalty on point. And if any subscriber shall refuse or neglect to make neglecting to the first payment as aforesaid, he or she shall cease to be pay, &c. deemed a subscriber or member of the said corporation, and his or her subscription shall be opened, and new subscriptions received for the number of shares so forfeited. And if any subscriber, his or her assignee or transferee, shall refuse or neglect to make any subsequent payment called for and demanded by the president and directors as aforesaid, such subscriber, his or her assignee or transferee, shall pay an interest on the amount of such instalment, at the rate of five per centum per month, for the time the payment of the said instalment shall be deferred or delayed after the time the same shall have been directed to be paid as aforesaid; and if the said instalment, together with interest thereon, at the rate aforesaid, shall not be paid within six months from the time it shall have been so called for, and directed to be paid, each and every share or shares on which such default shall have been made, together with the sum or sums previously paid thereon, shall be forfeited, and new subscriptions may be opened and received for the share or shares so forfeited, at the discretion of the stockholders of the said corporation.

Thirteen di

SECT. IV. And be it further enacted by the authority aforesaid, rectors to be That for the well-ordering of the affairs of the said corporachosen. tion, there shall be thirteen directors, who shall be citizens of Qualification this commonwealth, and stockholders of the said corporation,

of.

President to be chosen.

But elections may be held within 90 days, &c.

holding at least two shares each, in their own right, elected annually by the stockholders, at their general meeting, for that purpose assembled; and the directors at their first meeting after each election, shall choose one of their number as Corporation president; but in case it should so happen at any time, that not to be dis- an election of directors should not be made upon any day, solved for ne- when, pursuant to this act it ought to have been made, the glecting to said corporation shall not for that cause be deemed to be diselect, &c. solved; and it shall be lawful, on any day within ninety days thereafter, to hold an election of directors in such manner as shall have been regulated by the laws and ordinances of the said corporation, until which election the president and directors chosen and appointed at the next preceding election, shall to continue continue in office, and in case of any director's death or reones be quali- signation, his place shall be filled up for the remainder of the year in such manner as the ordinances of the said corporation shall for that purpose direct; Provided, that the first directors shall be Joseph Ball, John Claxton, Lewis D. Carpenter, Jacob Sperry, Joseph Peace, Patrick Gernon, Henry Lentz, First direct. Thomas P. Cope, Mahlon Hutchinson, John Bohlen, Andrew Petit, John K. Helmuth, and Samuel York, who shall hold

Old officers

until the new

fied.

How vacan

cies to be supplied.

ors named.

within ten

days.

their offices until the third Monday of January, in the year of Their term our Lord, one thousand eight hundred and thirteen, and until of service. new directors shall be chosen; and the said first directors President to shall, within ten days after the passing of this act, meet and be elected appoint their president. SECT. V. And be it further enacted by the authority aforesaid, of voting. That the votes of the stockholders for directors shall be by ballot, and for the election of directors, and for the deciding all questions in a general meeting of the stockholders, the ratio of votes shall be as follows, to wit: A stockholder having five shares or less, shall have one vote for each share so held; having fifty shares or less, shall have one vote for every five shares he shall so hold above five shares; having one hundred shares or less shall have one vote, for every ten shares he shall so hold above fifty shares; having above one hundred shares, he shall have one vote for every twenty shares he shall so hold above one hundred shares; but no stockholder shall be entitled in his own right, or as proxy, to a greater number than thirty votes; nor shall any stockholder vote at any election, for directors, unless the share or shares upon which he or she may claim to vote, shall have been standing in his or her name, in the books of the said corporation, for at least three months previous to such election, and such stockholder may vote by proxy: Provided, that no vote shall be received Of proxies. on any proxy more than nine months after the date of said proxy, and further, that no transfer of proxy shall be allowed, and that no person shall be allowed to vote as the proxy of more than one stockholder.

SECT. VI. And be it further enacted by the authority aforesaid, Seven directThat the directors of the said corporation, for the time being, ors to be a four of whom with the president, or in case of his absence, quorum. seven shall be a quorum, shall have power to appoint such Powers of officers, clerks, agents, and other persons, as shall be necessary for conducting and executing the business of the said corporation, as well in the said city of Philadelphia as elsewhere, and to allow the said 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 the affairs and funds of the said corporation, as this act confers and allows.

company may

SECT. VII. And be it further enacted by the authority aforesaid, Funds of the That it may be lawful for the said corporation to invest the capital stock thereof, and all monies received for premiums be vested in of insurance, and for the grant and sale of annuities and other stock, ground purposes, in any stock of the United States, or of this state, or of any chartered or incorporated bank, or in the purchase of ground rents or mortgages, or to lend the same on good and sufficient security, and also to sell and dispose of, and

N

rents, &c.

Which may be sold as occasion may

transfer all or any of the said stock and securities, and to invest the proceeds thereof in like and other such stock or securities, whenever the safety or immediate exigencies of the require. said corporation shall render the same necessary: Provided, No business that no deposit, loan of money upon interest, (except in such to be done in cases as may be authorized by this section,) or promissory note shall be allowed, made or issued in the manner of a bankCompany not ing institution; And provided also, that nothing in this act to speculate contained, shall be construed to authorize the said corporation in stock, &c. to buy or trade in any stock whatsoever, for the purpose of making a profit by such buying and trading.

the nature of

banking.

May make an insurance on

lives. Annuities.

SECT. VIII. And be it further enacted by the authority aforesaid, That the president and directors shall have full power, on behalf of the said corporation, to make insurances on lives by sea, and on shore, and to contract for, grant, and sell annuities and reversionary payments; and generally to make all kinds of contracts in which the casualties of life and interest of money are principally involved, except as before excepted; and to make, execute and perfect such and so many contracts, bargains, agreements, policies, and other instruments, as shall or may be necessary, and as the nature of the case shall or may require; and every such contract, bargain, agreement to be in writ- and policy, to be made by the said corporation, shall be in ing or print. writing or in print, and shall be under the seal of the said corporation, signed by the president, and attested by the actuary, or other officer who may be appointed by the president and directors, for that purpose.

Policies, &c.

And under

seal.

Directors to

in Jan'y next.

And in July and January

SECT. IX. And be it further enacted by the authority aforesaid, meet on the That the president and directors shall, on the first Monday first Monday of January, in the year of our Lord, one thousand eight hundred and thirteen, and on the first Monday of July and of January, in every year thereafter, declare and divide so much of the profits of the said corporation, as to them shall appear Dividends to safe and adviseable, and the dividend so declared, shall be be made and paid to the respective stockholders, agreeably to such rules as the president and directors shall make for that purpose.

every year.

declared.

Shares to be assignable.

Stock not to be held by aliens.

Legislature

may resume the powers hereby granted.

SECT. X. And be it further enacted by the authority aforesaid, That the shares of the stock of the said corporation shall be assignable and transferable, according to such rules and regulations, as the president and directors shall for that purpose. ordain and establish, and not otherwise: Provided, that no person or persons shali hold, or be owners of any share or shares of the stock of this corporation, who are not citizens of, or resident in the United States.

SECT. XI. And be it further enacted by the authority aforesaid, That if at any time it shall appear to the legislature, 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 engagements to which said company may have become a party, previously thereto; and that the said company shall have a reasonable time to bring their accounts to a final settlement and termination.

JOHN TOD, Speaker

of the House of Representatives. P. C. LANE, Speaker of the Senate.

APPROVED the tenth day of March, one thousand eight hundred and twelve.

SIMON SNYDER.

CHAPTER LXV.

An ACT for the relief of John Hoskins and Daniel Dougherty, old soldiers.

Baird.

SECT. 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 the 40 dollars to state treasurer be, and he is hereby authorized, to pay to John be paid to J. Hoskins, or order, the sum of forty dollars; and that an annui- Hoskins, and ty of forty dollars be granted to the said John Hoskins, to be an annuity for paid yearly during his life, to Thomas Baird of Allegheny his use, to T. county, his executors or administrators, his or their lawful attorney, by the state treasurer, to commence the first day of January, one thousand eight hundred and twelve, and shall be expended by the said Thomas Baird, his executors or administrators, his or their lawful attorney, in providing clothing and diet for the said John Hoskins; and the said Thomas Baird, provide his executors or administrators, his or their lawful attorney, clothing, &c. shall make an annual statement, to the orphans' court of Alleg- And account heny county, on oath or affirmation, shewing the manner in to the orwhich he or they have executed the trust reposed in him or phans' court, them by this act; and it shall be the duty of the clerk of said court to file said account without fee or reward.

Who shall

&c.

J. Scott.

SECT. II. And be it further enacted by the authority aforesaid, 40 dollars to That the state-treasurer be, and he is hereby authorized to be paid to D. pay to Daniel Dougherty or order, the sum of forty dollars Dougherty. out of any money in the treasury, and that an annuity of forty And annuity dollars be granted to the said Daniel Dougherty to be paid for his use to half yearly, during his life, to James Scott, of Butler county, his executors or administrators, his or their lawful attorney, by the state-treasurer, out of any unappropriated money, to commence the first day of January, one thousand eight hundred and twelve; and which annuity shall be expended by How the the said James Scott, his executors or administrators, his or same shall be their lawful attorney, in providing clothing and diet for the expended by said Daniel Dougherty, and the said James Scott his execu

him.

tors or administrators, his or their lawful attorney shall make Statement to an annual statement to the orphans' court of Butler county on be submitted oath or affirmation, shewing the manner in which he or they to the orphans' court, have executed the trust reposed in him or them, by this act ; &c. and it shall be the duty of the clerk of said court, to file said account, without fee or reward.

JOHN TOD, Speaker

of the House of Representatives. P. C. LANE, Speaker of the Senate.

APPROVED the tenth day of March, one thousand eight hundred and twelve.

SIMON SNYDER.

to contract

CHAPTER LXVI.

An ACT authorizing the governor to contract with John Binns, for printing a certain number of copies of such parts of the English statute law, as is reported by the judges of the supreme court to be in force within this commonwealth, and to provide for the distribution thereof.

SECT. I. BE it enacted by the senate and house of representatives of the commonwealth of Pennsylvania in general assembly The governor met, and it is hereby enacted by the authority of the same, That the governor be, and he hereby is authorized and required to receive proposals, and contract with John Binns, for seven printing 750 hundred and fifty copies of his proposed edition of all the copies of the English statutes, which are in force in Pennsylvania as reEnglish sta- ported by the judges of the supreme court, together with

with John Binns for

tutes.

their report on that subject, to be printed correctly on good paper, with small pica type, in one volume royal octavo, and to be well bound and lettered, Provided, the same shall not At 2 dollars exceed two dollars per copy; And provided, that no money shall be paid on said contract until the work is completed, examined and approved by the attorney-general, and the secretary of the commonwealth, and deposited in his office.

per copy. When the

money shall be paid, Distribution

SECT. II. And be it further enacted by the authority aforesaid, of the work. That the said work shall be distributed by the secretary of the commonwealth to the same officers for the time being, and for the same uses, and under the same conditions as the last edition of the laws of Pennsylvania, published by John Bioren, have been distributed, as soon as convenient after they have been received and approved as aforesaid.

JOHN TOD, Speaker

of the House of Representatives. P. C. LANE, Speaker of the Senate.

APPROVED the tenth day of March, one thousand eight hun

dred and twelve.

SIMON SNYDER.

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