391

1853.

instalments of unpaid stock sufficient to restore the capi-tal, or no dividend shall be made until the capital stock isrestored, from the profits arising from the business of thecorporation, nor shall any premiums received be countedas profits until the risk tor which it was taken shall haveterminated.

§ 8. All policies of insurance or other engagements poncws.shall be signed by the president and countersigned by thesecretary, with or without seal, and shall be binding uponthe corporation, and all such assured may thereupon, in caseof loss arising, maintain an action of debt, covenant, or onthe case against such corporation.

§ 9. The directors, at their first meeting, and at the By-la*-,,time of their organization, shall adopt by-laws, rules andregulations by whieli the corporation and its members shallbe governed, and may alter and amend the same at anysubsequent meeting: Provided, such by-laws shall not beinconsistent with tire laws of this state ; and the directorsmay open books for subscription to fill up such portion or •

all of the unsubscribed stock as in their opinion may beuseful and desirable. The directors shall have power tocall in instalments of the capital stock at such times as theyshall deem advisable, by giving thirty days’ notice in somepaper published in the city of Quincy: Provided , no callshall he made to exeeed ten per cent, of the capital stocksubscribed at one time, nor oftener than once, in thirtydays. The president shall notify all shareholders out ofthe city of Quincy of such call by mailing such notice tosuch persons’ address, if known.

§ 10. If, after a public call for instalments be made Default.* suk*-agreeable to the provisions of section nine, any shareholder h0,der6 -sliall neglect or refuse to pay said instalment, agreeable tothe notice and for ten days thereafter, the president mayadvertise so much of the stock of the delinquent shareholderto be sold at auction to the highest bidder as will pay theamount called for and expense of advertising and selling,in which advertisement lie shall give notice of the time andplace of sale, and the amount of instalment to be providedfor, and shall cause the same to be published ten days insome paper in Quincy before the day of sale.

§ 11. This corporation may conduct its insurance bu-Manner of c<m-siness in part or entirely upon the principle of mutual in- <incti8 s bu '' nes 'surance, if preferred by its customers and directors: Pro-vided, always, that all risks are assessed at their cash val-ue ol hazards taken, and the premiums shall he paid incash or its equivalent when the policy is issued.

§ 12. This corporation shall not deal in any real or Merduimsr, &cpersonal estate, property or merchandise, except so muchas is necessary for its own use, and such as may be taken