Chap. 0108 An Act to incorporate the Kennebec Fire and Marine Insurance Company. skc i. Be it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That Ebenezer T. Warren, Ariel Mann, Gideon Farrell, Jesse Robinson, Ebenezer VV7hite, Hiram A. Bement, Benjamin Wales, Thomas Agry, Thomas B. Coolidge, Nathan Bach-elder, Joseph Chandler, Benjamin Dearborn, Reuel Williams, Robert Howard, Benjamin Whit well, and William H. Page, with their associates, successors and assigns, be, and they hereby are incorporated into a eompany and body politic, by the name of the Kennebec Fire aml'Marine Insurance Company, with the powers and privileges granted to insurance companies, and subject to all the restrictions, duties and obligations, contained in a law of this Commonwealth, entitled " An act to define the powers,' duties and restrictions of Insurance Companies," passed on the fifteenth day of February, in the year of our Lord one thousand eight hundred and eighteen, for and 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 aud defend to final judgment and execution; and 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, they shall not hold real estate exceeding the value of twenty thousand dollars, excepting such as may be taken for debt, or held as collateral security for monies due to said company. Sec. 2. Be it further enacted, That the capital stock of said company, exclusive of premium notes and profits arising from business, shall be one hundred thousand dollars, divided into shares of one hundred dollars each, fifty per centum of which, shall be paid in money, by each and every subscriber, on the amount of his subscription, within sixty days after the first meeting of the stockholders ; aud the residue thereof, within one year after said first meeting, in such instalments, and under such penalties, as the President and Directors shall, in their discretion, direct aud appoint. Sec. 3. Be it further enacted, That the property, stock and affairs 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 electiou, be stockholders, and citizens of this Commonwealth ; and shall be elected on the first Tuesday of October, in each and every year, at such time of the day, and in such place iu the town of Hallowell, as a majority of the Directors, for the time being, shall appoint; of which election, public notice shall be given, in one or more of the newspapers, printed in the town of Hallowell, ten days at least preceding such election 5 and the election shall be made by ballot, by a majority of the votes of the stockholders present, allowing one vote for each share in the capital stock ; provided, that no stockholder shall be allowed more than ten votes; and the stockholders, not present, may vote by proxy, under such regulations as the company may prescribe. Sec. 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 faithfully to discharge the duties of his office, and who shall preside for one year. Sec 5. Be it further enacted, That the President, with three of the Directors, or four of the Directors, in the absence of the President, (one of which shall be chosen President, pro tern,) shall be a Board, competent for 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, with such salary and allowance to him, and the President, as to the said Board shall seem meet ; provided, that such by-laws and regulations shall not be repugnant to the constitution and laws of this Commonwealth. Sec 6. Be it further enacted, That any seven or more persons, uamed iu this act of incorporation, are hereby authorized to call a meeting of the said company, as soon as may be, in Hallowell, by advertising the same for three weeks, in one of the newspapers printed in Hallowell, for the purpose of electing a first Board of Directors, who shall continue in office, until the first Monday in October, then ensuing. [Approved by the Governor, February 19, 1819.]