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![handle is hein.slavery/ssactsal0555 and id is 1 raw text is: 1869-'60. 158
SEc. 7. Be it further enacted, That there shall be an elec.
tion annually of four Directors on the first Monday in
January, by the stockholders of said corporation, which
seenon. '0lcetion shall be managed by the Directors then in office,
and in all such elections the stockholders shall be allowed
one vote for each share owned in said corporation.
SEC. 8. Be it further enacted, That the stock of said com-
Tran-rerrame. pany shall be assignable and transferrable in such manner
as the President and Directors may prescribe: Provided,
that no stockholder indebted to said corporation shall assign
his stock or receive any dividends thereon until such debt
has been paid or arranged to the satisfaction of the Directors.
Sic. 9. Bc it further enacted, That till subscriptions for
stock hieretoloie nade, shall be good and valid, and may be
collected by suit or ortherwise by this corporation in its
corporate name, whether so made payable or not, and the
President and Directors shall have the power to call in the
stock at such times and in such amounts as they may deter-
mine.
SEC. 10. Be it further enacted That the President and
Directors shall have the power to adopt such by-laws for
the government of said corporation, not inconsistent with
the laws of the State, as they may deem proper.
APPR'ovEu, February 24, 1860.
No. 160.] AN ACT
To incorporate the LaFayette Insurance Company.
SEC. 1. Be it enacted by the Scuate and ouse of Represent-
atives of the State ol Alubana in General A scembly convened,
That William B. S. Gilmer, James E. Reese, John A. Fra.
zer, E S. McCurdey, John C. Towles, Robert Mitchell,
Samuel Jeter, George Allen and James F. Dowdell and
Niune nn style. such others as may hereafter become associated with them
for that purpose, and their successors, are hereby declared
and created a body politic and corporate, by the nime of
the LaFayette Insurance Company, and by that name shall
be capablc in law of suing and being sued in any of the
courts of lav and equity in this State, as a natural person;
they shall have )owr to purchasp, hold, and enjoy real
and. personal estate of any description whatsoever, and may
dispose of the same at pleasure, and shall have power gen-
erally to do and perform any and every act necessary to be](ViewImageLocal?handle=hein.slavery/ssactsal0555&div=1&collection=&method=preview&ext=.png&size=3)