Real estate. Capital stock, shares and the payment of instalments. Choice of directors, &c. during the term of twenty years after the passing of this act; and, by that name may sue and be sued, plead and be impleaded, appear, prosecute and defend, to final judgment and execution; and may have a common seal, which they may alter at pleasure, and may purchase, hold and convey any estate, real or personal, for the use of said company provided, the said real estate shall not exceed the value of twenty-five thousand dollars, excepting such as may be taken for debt, or held as collateral security for money due to said company. SECT. 2. Be it further enacted, That the capital stock of said company shall be one hundred thousand dollars, and shall be divided into shares of one hundred dollars each; fifty thousand dollars of which shall be paid in money within sixty days after the first meeting of the said company, and the residue within one year from the passing of this act, in such instalments and under such penalties as the president and directors shall, in their discretion, direct and appoint. And the said capital stock shall not be sold or transferred, but shall be holden by the original subscribers thereto, for and during the term of one year after the said company shall go into operation; and, if the provisions of this act shall not be complied with, within one year from the first meeting, then the same shall be void. SECT. 3. Be it further enacted, That the stock, property, affairs and concerns of the said company shall be managed and conducted by seven directors, one of whom shall be president thereof, who shall hold their offices for one year, and until others are chosen, and no longer, and who shall, at the time of their election, be stockholders in said company, and citizens of this Commonwealth, and shall be elected on the first Monday of May in each and every year, at such time of the day, and in such place in Charlestown as a majority of the directors for the time being shall appoint, of which election public notice shall be given in two newspapers printed in Charlestown or Boston, and continued for the space of ten days immediately preceding such election; and the election shall be made by ballot by a majority of the stockholders present, allowing one vote to each share in Right of voting. the capital stock: provided, that no stockholder shall be allowed more than thirty votes, and absent stockholders may vote by proxy under such regulations as said company shall prescribe. And if, through any unavoidable accident, the said directors shall not be chosen on the first Monday in May as aforesaid, it shall be lawful to choose them on any other day, in the manner herein provided. President, how chosen. SECT. 4. Be it further enacted, That the directors, when chosen, shall meet as soon as may be after every election, and shall choose out of their body one person to be president, who shall be sworn or affirmed to the faithful discharge of the duties of his office, and who shall preside for one year. And in case of the death, resignation, or inability to serve, of the president, or any director, such vacancy or vacancies shall be filled, for the remainder of the year in which they happen, by a special election for that purpose, to be held in the same manner as herein before directed respecting annual elections of directors. ness. SECT. 5. Be it further enacted, That the president and three Board for transof the directors, or four of them in his absence, shall be a board action of busicompetent to the transaction of business; and all questions before them shall be decided by a majority of votes, and they shall have power to make and prescribe such by-laws, rules and regulations, as to them shall appear needful and proper, touching the management and disposition of the stock, property, estate and effects of said company, and the transfer of the shares, and touching the duties and conduct of the several officers, clerks and servants employed, and the election of directors, and all such matters as appertain to the business of insurance, and shall also have power to appoint a secretary, and as many clerks and servants for carrying on the said business, and with such salaries and allowances to them and to the president, as to the said board shall seem meet: provided, such by-laws and regulations shall not be repugnant to the constitution and laws of this Commonwealth. &c. SECT. 6. Be it further enacted, That any two or more of First meeting, the persons named in this act are hereby authorized to call a meeting of said company, by advertising the same for two successive weeks in the Bunker Hill Aurora, printed in Charlestown, and Columbian Centinel, in Boston, for the purpose of electing their first board of directors, who shall continue in office till the first Monday in May, in the year of our Lord then next ensuing, and until others shall be chosen in their stead: provided, however, that this charter shall be void and of no effect, unless put in operation agreeably to the terms of it, within one year from and after the passing of this act. And provided, also, that the said company shall not take any risk, or subscribe any policy by virtue of this act, until fifty thousand dollars of the capital stock of said company shall have actually been paid in. risks. SECT. 7. Be it further enacted, That said company shall Limitation of never take on any one risk against fire, or other risk, or loan on respondentia or bottomry, on any one bottom, at any one time, including the sum insured in any other way on the same bottom, a sum exceeding ten per centum on the capital stock of said company actually paid, agreeably to the provisions of this act. SECT. 8. Be it further enacted, That the said insurance Location. company shall be located and kept in the town of Charlestown. SECT. 9. Be it further enacted, That the said Charlestown Liability to be Fire and Marine Insurance Company shall be liable to be taxed taxed. by any general law providing for the taxation of all similar corpo rations which are by law liable to be taxed. SECT. 10. Be it further enacted, That this act may be al- Legislative contered, amended or repealed, at the pleasure of the Legislature. trol. [June 5, 1830.] Add. act, 1831 ch. 25. Chap. 9. porated. An ACT to incorporate the Middlesex Company. SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority Persons incor- of the same, That Samuel Lawrence and William W. Stone, together with such other persons as may become associates with them, their successors and assigns, be, and they hereby are created a body corporate, by the name of the Middlesex Company, for the purpose of manufacturing cotton and woollen goods at Lowell, in the county of Middlesex, and for this purpose shall have all the powers and privileges, and shall be subject to all the duties and requirements, contained and provided in and by an act passed on the twenty-third day of February, in the year of our Lord one thousand eight hundred and thirty, entitled "an act defining the general powers and duties of manufacturing corporations." Powers and duties. 1829 ch. 53. Real and personal estate. SECT. 2. Be it further enacted, That the said corporation may take and hold such real estate, not exceeding in value the sum of two hundred and fifty thousand dollars, and such personal estate, not exceeding in value two hundred and fifty thousand dollars, as may be suitable and convenient for carrying on the manufactures aforesaid. [June 5, 1830.] Chap. 10. An ACT to establish the Boundary Line between the towns of Springfield and Ludlow, in the county of Hampden. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, Boundary line. That, from and after the passage of this act, the boundary line between the towns of Springfield and Ludlow shall be established and known as follows, to wit:-beginning on the present line between the said towns, at a stone monument, on the top of the hill northerly of Higher brook (so called,) thence running south, eighty-seven degrees west, seventy-eight and one half rods, and thence south, three degrees east, to Chicopee river. [June 5, 1830.] Chap. 12. Concurrent ju Police Court An ACT concerning the Jurisdiction of the Police Court in the city of Boston. SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That the police court of the city of Boston shall have conrisdiction of the current jurisdiction with the municipal court of said city, in all cases, (excepting where the fine, penalty or forfeiture exceeds twenty dollars,) arising under an act, entitled, "an act in addition to an act, entitled an act for the due regulation of licensed houses," passed on the fourteenth day of December, in the year of our Lord one thousand eight hundred and sixteen, and under the act to which that is in addition, the prosecution in such cases to be upon complaint or information, as in other cases in said police court, saving always the right of appeal as in other cases, to the said municipal court; any thing to the contrary hereof in the said acts notwithstanding. 1786 ch. 68. See 1830 ch. 136 § 8. Repeal of 1829 ch. 112. SECT. 2. Be it further enacted, That an act entitled "an act concerning the jurisdiction of the police court in the city of Boston," passed on the twelfth day of March, in the year of our Lord one thousand eight hundred and thirty, be, and the same is hereby repealed, except so far as respects any prosecutions and proceedings heretofore instituted and now pending under the same. [June 5, 1830.] 1807 ch. 67. An ACT to revive and continue in force an Act establishing a corporation by the name Chap. 13. of the Social Insurance Company. SECT. 1. BE it enacted by the Senate and House of Repre- 1808 ch. 84. sentatives, in General Court assembled, and by the authority of 1813 ch. 167. the same, That an act entitled "an act establishing a corporation by the name of the Social Insurance Company," passed on the first day of March, in the year of our Lord one thousand eight hundred and eight, be revived, re-enacted and continued in Revival. force, for and during the term of ten years from and after the passing of this act ; any acts or parts of acts heretofore passed, to the contrary notwithstanding: provided, however, that said Proviso. company shall exercise no other powers granted by said act of incorporation, and the acts in addition thereto, excepting such as may be necessary to enable said company to adjust and settle all outstanding claims in favor or against the corporation. SECT. 2. Be it further enacted, That, for the purpose of Reorganization. reorganizing said corporation, a meeting of the stockholders may be called by Dudley L. Pickman, and William Silsbee, or either of them, by an advertisement, giving ten days notice thereof, in one of the newspapers printed in the town of Salem. [June 5, 1830.] An ACT to reduce the Capital Stock of the American Bank. BE it enacted by the Senate and House of Rep- 1823 ch. 120. SECT. 1. Chap. 14. resentatives, in General Court assembled, and by the authority of 1826 ch. 134. the same, That, on and after the first Monday of October next, Capital stock the capital stock of the banking corporation created and estab- reduced. lished in Boston, in the county of Suffolk, by an act passed and approved the twentieth day of February, in the year of our Lord one thousand eight hundred and twenty-four, by the corporate name of the President, Directors and Company of the American Bank, shall consist of five hundred thousand dollars, divided into five thousand shares, of one hundred dollars each; and in order to reduce said capital stock to that sum, and to make the shares of that amount, the president and directors of said bank shall, on said day, or as soon after as may conveniently oe done, pay to such persons as may be owners and holders of said stock, on that day, to each and every of them, one third part o the capital stock so owned and held by each stockholder respectively, at its full par value, with such profits or dividend as may then belong to the same; and shall then deliver to such stockholders new certificates, in shares of one hundred dollars each, for the stock remaining unpaid, receiving at the same time the old certificates held by such stockholders: provided, however, Proviso. that in case there shall remain to any stockholder, after receiving one third of his capital stock as aforesaid, and a new certificate Dividend when to be made. Tax. Loans to the at one hundred dollars for each share, a fraction or part of his capital stock, less than one hundred dollars, such fraction or part shall be paid to him at its full par value, or be adjusted in such other manner as the parties may elect and agree upon. SECT. 2. Be it further enacted, That no dividend of the capital stock of said bank, as now existing, shall be made, until it shall have been proved to the satisfaction of the governor and council, or of commissioners by them appointed, at the expense of said corporation, that the sum to which said capital stock is to be reduced is sufficient to pay all notes in circulation, and all deposits and other demands existing against said corporation; and that nothing in this act shall be construed to affect the liability of the corporation, or the individual stockholders, as established by the original act incorporating said bank, or any other existing law. And the said corporation shall be holden to pay into the treasury of the Commonwealth, their proportion of the tax now required to be paid by law upon the existing capital of said bank, until the same shall be actually reduced as aforesaid, and all arrearages of taxes paid. SECT. 3. Be it further enacted, That the liability of the Commonwealth. president, directors and company of the said bank, to loan to the Commonwealth, shall be in proportion to the sum of the capital of said corporation when reduced as aforesaid. SECT. 4. Be it further enacted, That so much of the aforesaid act passed February 20, 1824, and of an act in addition thereto, passed March 10, 1827, as is inconsistent with the provisions of this act, be, and the same is hereby repealed. [June 5, 1830.] Add. act, 1830 ch. 58. An ACT to provide a Special Term of the Supreme Judicial Court within and for the SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That a term of the Supreme Judicial Court shall be held at Salem, within and for the county of Essex, on the third Tuesday of July next, by three or more of the justices of said court, at which term the justices of said court, or any three of them, shall have cognizance and jurisdiction of all crimes and misdemeanors done and committed within the body of said county of Essex, before the passing of this act; as well such as have heretofore been presented by the grand jury, as of such as shall be presented, at the term hereby provided to be held, by the grand jury, which shall attend said court. SECT. 2. Be it further enacted, That the said court, holden in virtue of this act, shall have full power and authority to hear, judge of, try and determine all cases of a criminal nature, whether capital and punishable by death, according to existing laws, or otherwise punishable, which shall be brought before said court; and on due conviction, of any person, and of every person duly convicted, said court shall award judgment, sentence, and award execution in like manner as they might lawfully do at any term now by law stated to be held, within and for said county of Essex. SECT. 3. Be it further enacted, That the clerk of said court, for the county of Essex, shall cause to be summoned, in the manner provided by law for the stated terms of said court in said county, a grand jury, and forty-eight traverse jurors; whose duty it shall be to attend the said court, by this act provided for, at the opening thereof, and there to do and perform all such duties, as are required by law of grand and traverse jurors; and the jurors so summoned, and all selectmen, sheriffs, constables and other officers, who shall neglect to do and perform such duties, as they are respectively by law required to do as such, in the usual course of duty, in relation to the administration of justice, at the stated terms, in said county, shall be subject to the same penalties as though the term herein provided for were one of the stated terms as aforesaid. SECT. 4. Be it further enacted, That it shall be the duty of the attorney general and the solicitor general, respectively, to attend the sitting of the said court, at the said term, for the purpose of taking charge of, and conducting any criminal business which may happen, or be brought before the said court. |