Public act OF CORPORATIONS. SECTION 10. That this act shall be deemed and taken to be a public act, and the power to revoke the same is hereby Revocation. reserved to the Legislature. Passed at Dover, January 22, 1875. i Vol. το, 276. Vol. 13, 662. : i Section 2, Board of 15 Quorum. Present directors to terms of three years CHAPTER 121. CORPORATIONS. A supplement to an "An Act to incorporate "The new Castle county Mutual Insurance company' "passed at Dover, Feb. 6, 1849, and renewed by an act passed January 25, 1869. Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met, (two-thirds of each branch thereof concurring herein), SECTION 1. That section 2, of the act to which this is a supplement, be and the same is hereby amended by striking out all of said section, down to and including the word "quorum" in the sixth line of said section, and substituting in lieu thereof, the following section 2. That the affairs and business of the said corporation shall be conducted by a board consisting of fifteen directors, five of whom shall be elected annually for the term of three years. Not less than a majority of said directors shall constitute a quorum. SECTION 2. The directors for the time being who were draw lots for elected at the last annual meeting of said corporation prior to this act; shall, at their first regular meeting after the acceptance of this act by the corporation, draw lots for terms of one, two and three years; and thereupon the terms of five directors shall expire in one year; the terms of five others shall not expire until two years; and the terms of five others shall shall expire not expire until three years from the date of their election, When the Section 10, Chap 290, Vol. 10, amended. respectively, according to the said allotment. SECTION 3. That section 10 of the act to which this is a supplement, be and the same is hereby amended by striking out the whole of said section and inserting in lieu thereof, the OF CORPORATIONS. insurance become void; words following; "Section 10. That if any member shall neglect A member's or refuse to pay any installment of tax or interest on his or her shall expire deposit note, the insurance of the said member shall there- and policy upon expire, and the policy held by such member shall be null when. and void from and after the time at which such tax or interest becomes due and payable, provided, that if within thirty days Proviso. the member who has made the default as aforesaid, shall pay such installment of tax or interest as aforesaid; the policy and insurance may, at the option of said corporation, evidenced by their receipt of such payment, be revived and continued from the time of such payment only; and the said corpora- Corporation tion shall not be held liable for any loss occurring to the prop- liable for erty of any member during a time when there is due from such loss, when member, and unpaid, any such tax or interest. not to be to remain as SECTION 4. When the insurance or policy of any member Deposit note expires and becomes void, as provided in the last preceding security, section, the deposit note shall remain as a security to the when. corporation for any tax or assessment which may have ac crued, or any proportion assessed or to be assessed upon such member, of any loss which may have occurred prior to and until the time at which the policy or insurance had expired pursuant to the last preceding section, and the corporation may Suit by corsue for and recover the whole amount of such deposit note, poration for or any additional assessment, or both, with costs of suit; and same. the amount thus collected shall remain in the treasurer's hands amount of lected on until the account of such member is adjusted, when, if any Balance of balance remain, it shall be returned to the party upon the sur-amount colrender of his policy. Upon the expiration of the insurance or note to be policy of any member as provided in the last preceding sec-returned, if tion, if there be no liability of such member to the corporation any, when, for any proportion of loss or otherwise as hereinbefore provided, his deposit note shall, after the expiration of thirty days from when de default of payment of the regular tax or interest as aforesaid, shall be become absolutely void, and shall upon the application of such a member member at the office of the corporation, be returned to him, in arrears. her, or them." posite note returned to may hold estate. SECTION 5. The said corporation is hereby authorized to ac- Corporation quire, hold, enjoy, and dispose of real estate; and the purchas- &c. real es by, and conveyance to, the said corporation of certain real Title to estate in the city of Wilmington for a place of business, and certain certain real estate in New Castle, at Sheriff's sale, to save a real estate loss, are hereby confirmed and made completely and fully valid. SECTION 6. This act shall take effect as soon as there shall be filed in the office of the Secretary of State, a formal certifi purchases of made valid. OF CORPORATIONS. effect when certificate is Act to take cate under the hand of the president and the seal of the cora certain poration, that this supplement has been submitted to, and acfiled in office cepted by, a meeting of the said company to be called by the of Secretary president for that purpose, of which meeting notice shall be of State. published for at least one week in two newspapers published Public act. in the city of Wilmington. SECTION 7. This act shall be deemed and taken to be a public act, and the power to alter or revoke the same is hereby reserved to the Legislature. Passed at Dover, February 11, 1875. CHAPTER 122. i ! CORPORATIONS. Vol. 12, 87. AN ACT further to amend an act entitled an act to incorporate the Section 3 of of chap. 63, vol. 12, amended. retain surplus Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met, (two thirds of each branch concurring therein,) SECTION 1. That section 3 of an act entitled " An act to incorporate the Artisans' Savings Bank," passed at Dover the twenty-eight day of February, one thousand eight hundred and sixty one, be and the same is hereby further amended as follows, to wit: That it shall be lawful for the said corporation, for the security of its depositors, and also for the purpose of providing a building for the convenient transaction of its Authority to business, after the payment of dividends to its depositors of fund not ex- not less than five per centum, per annum, to retain a surplus fund not exceeding one hundred thousand dollars, and that all portions of said act as heretofore amended by an act passed at Dover, the thirty first day of January, A. D. one thousand Inconsistent eight hundred and sixty five, inconsistent herewith, be and ceeding provisions repealed. the same are hereby repealed. Passed at Dover, February 11, 1875. OF CORPORATIONS. CHAPTER 123. CORPORATIONS. AN ACT to incorporate the Laurel Peninsula and Agricultural and SECTION 1. Be it enacted by the Senate and House of Repre-Commissentatives of the State of Delaware in General Assembly met, sioners. (with the concurrence of two-thirds of each branch of the Legislature): That J. T. Moore, I. J. W. Adams, I. H. Bailey, W. E. Wolfe, T. C. Horsey, J. S Bacon, W. S. Hitch, J. M. C. Hearn, D. H. Foskey, L. B. Cannon, B. B. Warrington, T. P. Rodney, I. J. Wooten, G. E. Smith, S. J. Thomison, Levin Hitch, W. L. Sirman, Jacob Adams, Isaac Giles, Geo. H. Hearn, Jos. G. White, D. W. Moore, J. P. H. Shipley, Edward Fowler and Wm. H. Wheatley, be and they are hereby appointed commissioners to do and perform the several things hereinafter mentioned; that is to say, they or a majority of them shall procure and cause to be opened at such times and places, and on such notice as they may deem proper, suitable To open books for subscriptions to the stock of the Laurel and Penin-books for sula Agricultural and Mechanical Society, and they shall per-scriptions. mit all persons of lawful age to subscribe in said books in their own names, or in the name of any other person or company who may who may authorize the same, for any number of shares in said subscribe, stock not exceeding the number of fifty shares. The capital Capital stock of said society shall not exceed ten thousand dollars, stock. divided into two thousand shares of five dollars each. sub and how. Shares. tion. SECTION 2. And be it further enacted as aforesaid, That when, and, as soon as, one hundred shares of capital stock in said society shall be subscribed as aforesaid, the subscribers, their successors and assigns, shall be and they are hereby declared to be incorporated by the name and title of the "Laurel Incorporaand Peninsula Agricultural and Mechanical Society," and by Name. the same name the subscribers shall have perpetual succession Corporate and be able to sue and be sued, plead and be impleaded in all powers. courts of record and elsewhere, and to purchase, receive, lease, rent, have, hold and enjoy, to them and their successors, real and personal estate of every kind whatsoever, and the same to grant, mortgage, sell, aliene, and dispose of, and to declare dividends of such portions of the profits of the said society as they may deem proper; also to make and have a common seal, and the same to alter and renew at pleasure, and also to make and ordain by-laws and regulations for the government 1 Proviso. Notice. Meeting. meetings of OF CORPORATIONS. of the said corporation not inconsistent with the constitution and laws of the United States or of this State, and generally to do all and singular, the matters and things which to them it shall lawfully appertain to do for the well being and ordering of the same. Provided, That nothing herein contained shall confer any banking privileges on the said society, or any other liberties, franchises or privileges than those which are properly incident to such a corporation. SECTION 3. And be it further enacted as aforesaid, That as soon as one hundred shares shall be subscribed as aforesaid, the said commissioners, after giving at least ten days' notice thereof, by advertising in five of the most public places in the community, neighborhood or vicinity of Laurel, Delaware,shall call a meeting of the said subscribers in Laurel to organize the said society by the choice and appointment of officers as hereinafter mentioned. Annual SECTION 4. And be it further enacted as aforesaid, That stockholders. there shall be an annual meeting of stockholders, on the first Monday in September in every year, in the town of Laurel, for the purpose of electing directors, and for the transacting of other business. In all meetings of the stockholders, regularly convened, those present may proceed to business, and all Quorum. decide. Majority to questions shall be determined by a majority of the votes given. All elections by stockholders shall be by ballot, and all votes shall be given in person or by proxy, and each share of stock Each share shall entitle the owner to one vote. Occasional meetings may be called whenever the president or acting president and directors may deem them expedient or necessary. to have one vote. meetings. SECTION 5. And be it further enacted as aforesaid, That at the first meeting of the stockholders to be held under the call of said commissioners, and at every annual meeting of the stockholders to be held thereafter, as aforesaid, they shall elect nine directors, all of whom shall be stockholders in the said Manner of society. The first election of directors shall be conducted by conducting on two of the said commissioners as Judges thereof, and all sub Nine directors. President. Term of Secretary. sequent elections of said officers shall be conducted by two of the stockholders not in the board, to be appointed by the directors for the time being, as judges for that purpose. The directors, immediately after their election, shall proceed to choose one of their number to be the president of their society, and of the said board, and their term of office shall be until the annual meeting of the stockholders succeeding their election, and until their successors shall be duly chosen. The directors shall also appoint, immediately after their election, a Treasurer. secretary and treasurer of said society, who shall continue in |