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An Act to incorporate the Montgomery Insurance Company. 1847 37 (1847)

handle is hein.slavery/ssactsal0361 and id is 1 raw text is: 87 1848. [No. 2.3 AN ACT To Incorporate the Montgomery Insurance Company. Section 1. Be it enacted by the Senate and House of Representatives, o/' the State of tlabama, in General .Assernbly convened, That William Knox, Charles T. Pollard, Nimrod E. Benson, John A. Snodgrass, Thomas Corporators. M. Cowles. William Taylor, F. M. Gilmer, Jr.. and Wil- ham 11. Bell, and such others as they may associate with them for that purpose, are hereby created a body politic and corporate by the name and style of the Monitgoniery Insurance Company. and by that name shall be capable Of Name & elyle. suing and being stied in any and all courts of this State, of purchasing, holding, improving and contveying property, either real, personal or mixed, to make, have, and use a Corpmartepowers common seat, and the same to alter and renew at pleasure, and generally to do every act and thing necessary to carry into effect, or to promote the objects and designs of this Corporation, which may not be contrary to. or inconsistent with the constitution and laws of this State and the United States. Sec. 2. And be it further- enacted, That the capital Capital mock. stock of this corporation shall be two hundred thousand dollars, to be divided into two thousand shares of one hun- dred dollars each, aitd the same to be paid in the manner following, that is to say; fifteen dollars on each share at the timeof tl subscription and the residue as the President and Directors of said corporatiot hereinafter provided for, may direct, which said capital stock may hereafter hein.'May bi e inrea'ed creased, at the discretion oft the said Pre-ident and Direct- tors, in such maier as they may think proper, to any amount not exceeding five hundred thousand dollars, and it may be lawfil for any person or persons to subscribe for, and hold stock in said corporation, which stock shall be deemed and held os personal stock; and if any stock- holder shall refuse or neglect to make the paymets as re- quired, he, she, or they shall cease to oe a stockholder in said corporation, and his, her or their shares may at the dis- cretion of the said President and Directors, be forfeited, and the same may be sold or disposed of in any manner the said corporation shall, by its President and Directors, direct. See. 3. dnd be it Jurther enacted, That books of sub- scription shall be opened at any time prior to the first day Boonk or subt. of June next, at such place or places in the City of Mont. Sription to be gomery, as a majority of the persons named in the first Opened. Digitized from the Best Copy Available

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