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![handle is hein.slavery/ssactsal0514 and id is 1 raw text is: [No. 121.] AN ACT
To charter the Alabama Insurance Company.
SECTION 1. Be it enacted by the Senate and House of Rep-
resentatives of the State of Alabama in General Assembly con-
vened, That Lovick P. Butler, Henry Holmes, Willis R.
Calloway, William R. Westcott, and Smith Cullum, and
such others as may be associated with them for that pur-
pose, and their successors, are hereby created a body politic
and corporate, by the name of The Alabama Insurance
Company, and by that name shall be capable of suing and
being sued in all the courts of this State; of purchasing,
holding and conveying property of all descriptions; to
make, have and use a common seal, and the same to alter
and renew at pleasure, and generally to do any act neces-
sary to carry into effect the objects of the corporation, not
inconsistent with the laws and constitution of this State, or
of the United States.
SEC. 2. Be it further enacted, That the capital stock of
this corporation shall be one hundred thousand dollars, to stock.
be divided into shares of one hundred dollars each, and the
same to be paid in the manner following: ten dollars on
each share at the time of subscription, and the residue when
the president and directors of the corporation may direct,
which capital stock may hereafter be increased to any
amount not exceeding three hundred thousand dollars, in
such manner as the president and directors may determine;
the said stock shall be deemed and held as personal proper-
ty, and if any stockholder shall neglect and refuse to make
the payments as required, his stock may be sold by order
of the president and directors, and such stockholder shall
be liable for the balance due by him as stockholder to the
corporation as it becomes due, and may be sued in the cir-
cuit court of Montgomery county for the same.
SEc. 3. Be it further enacte 1, That the books of subscrip-
tion hall be opened at any time prior to the first day of
May next, at such place in the city of Montgomery as a
majority of the persons named in the first section of this Books open.
act may direct; advertisement of the time and place of
opening such books to be made for one week in a newspa-
per published in Montgomery, which books shall be kept
open until thesaid sum of one hundred thousand dollars shall
be subscribed for. and the said persons, or a majority of
them shall, as soon as may be after the books for subscrip-
tion are closed, call a meeting of the stockholders, who
115
1857-'58](ViewImageLocal?handle=hein.slavery/ssactsal0514&div=1&collection=&method=preview&ext=.png&size=3)