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OF CORPORATIONS.

law and that if the trust fund or estate shall be satisfactorily
accounted for and delivered or properly secured, such surety
shall be discharged from any and all further liability as such
for the subsequent acts of omissions * of the trustee, guardian,
committee, assignee, receiver, executor or administrator or
other fiduciary, after the day of such surety, being so relieved
and discharged and discharging such trustee, committee,
guardian, assignee, receiver, executor or administrator or
other fiduciary.

having be

SECTION 8. No company having signed any such bond, Company undertaking or obligation shall be permitted to deny its cor- come surety porate power to execute such instrument or incur such lia- may not bility, in any proceeding to enforce liability against it there- corporate under.

power to do so.

Titles to

SECTION 9. Nothing in this act shall be construed as conferring any power or right upon such companies to guar-real estate antee titles to real estate.

SECTION 10. All laws or parts of laws in conflict herewith are hereby repealed.

SECTION II. This act shall take effect and be in force from and after the first day of July, A. D. 1895.

Passed at Dover, May 6, 1895.

not to be guaranteed.

CHAPTER 74.

OF CORPORATIONS.

A FURTHER SUPPLEMENT to an act to incorporate the New Castle
County Mutual Insurance Company, passed at Dover, February 6th, 1849,
and renewed by an act passed February 20th, 1889.

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):

SECTION I. That the corporation created by the act to May insure which this is a supplement shall be and the same is hereby lightning

* So enrolled.

against

whether

OF CORPORATIONS.

authorized to insure against loss or damage to property by fire ensues lightning, whether fire ensues or not, and such insurance

or not.

may be either by separate policy of insurance or by a condition included in, endorsed on, or annexed to any policy of insurance against loss by fire, issued or to be issued by the said company; and the said company is further hereby May do any authorized to transact any kind of insurance business which

insurance

business.

any other insurance company is legally authorized to transact in this State.

SECTION 2. This act shall be deemed and taken to be a public act.

Passed at Dover, February 5, 1895.

Authorized

against

CHAPTER 75.

OF CORPORATIONS.

A FURTHER SUPPLEMENT to the act entitled "An act to incorporate the Farmers' Mutual Fire Insurance Company of St. Georges and Appоquinimink Hundreds in New Castle County", granting to said Company power to insure real and personal Property against loss or damage by Lightning.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (twothirds of each branch of the Legislature concurring herein):

SECTION I. That the act entitled "An act to incorporate the Farmers' Mutual Fire Insurance Company of St. Georges and Appoquinimink Hundreds in New Castle County", passed January 31st, 1849, as amended by the act passed January 22d, 1869, and by the act passed March 16th, 1877, and by the act passed March 4th, 1881, be and the same is hereby amended as follows:

In addition to the power heretofore granted to said company to insure to insure against loss or damage by fire, real and personal proplightning. erty in any part of the State of Delaware and in the Eastern Shore counties of the State of Maryland, the said company is hereby authorized and empowered to insure against loss or

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OF CORPORATIONS.

damage by lightning, real and personal property, within the
geographical limits above named.

SECTION 2. That this act shall be deemed and taken to
be a public act, and that it shall be published among the
laws of this State.

Passed at Dover, March 19, 1895.

CHAPTER 76.

OF CORPORATIONS.

AN ACT to incorporate "The Sussex Mutual Insurance Company".
Be it enacted by the Senate and House of Representatives
of the State of Delaware in General Assembly met (two-
thirds of each branch of the Legislature concurring therein):

SECTION I. That Elihu J. Morris, Dr. William P. Orr, Corporators
Ebe W. Tunnell, William T. Records, Charles C. Stockley,
F. C. Maull, Charles Atkins, H. P. Cannon, Henry A.
Houston, and all other persons who may hereafter associate
with them, shall be a corporation by the name of "The Sus- Style.
sex Mutual Insurance Company", for the purpose of insuring Objects.
their respective dwelling houses, stores, barns, shops and
other buildings, household furniture, merchandise and other
property against loss or damage by fire or by lightning, and May insure
by that name may sue and be sued, plead and be impleaded or lightning
in all courts of law and equity in this State and elsewhere,
shall have all the legal incidents of a corporation aggregate, Powers.
and also the power to purchase and hold real estate, the clear
yearly rental value of which shall not exceed five thousand
dollars, and the same to dispose of from time to time as may
seem for the interest of said corporation, and the said cor-
poration may have and use a common seal, at their pleasure Seal.
alter or renew the same, and may make such by-laws, rules By-laws.
and regulations and the same to alter, or amend, or repeal, as
they and their successors shall deem proper and expedient
for the government and conducting the affairs and business

OF CORPORATIONS.

of said corporation, provided the same shall not be repugnant to the constitution and laws of this State or of the United States; and by that name shall have continuance and Continued succession for the term of twenty years from and after the for 20 years. passage of this act. And further provided, that this act No banking shall not be construed to confer banking powers.

powers.

First

SECTION 2. The persons named in the first section of directors. this act shall be the first directors of the corporation hereby Vacancy. created. Any vacancy occurring in the board by death, resignation, refusal to serve or otherwise, may be filled by the remaining members of the board until the first annual meetMeetings to ing. The meetings of the said corporation shall be held and the business of the corporation shall be carried on and conducted in the town of Lewes, in the county of Sussex, State of Delaware, at such place as shall be designated by a resolution of the board of directors.

be held in Lewes.

SECTION 3. The company hereby incorporated shall go into operation whenever in the judgment of the board of may begin. directors application for insurance to said board of directors

When business

Directors.

Annual election.

Terms.

will warrant it.

SECTION 4. The affairs of said company shall be conducted by a board of nine directors who shall be elected at the annual meeting on the third Wednesday in January, three for one year, three for two years, and three for three years, and until others are chosen in their stead at each annual meeting held on the third Wednesday in January, and annually thereafter three directors shall be elected to serve for the period of three years and until their successors are chosen in their stead. Directors elected at and after the

Vacancies, annual meetings shall be members of the company. Vacancies occurring in the board of directors, after the first annual meeting, by death, resignation, refusal to serve, ceasing to How filled. be a member, or otherwise, may be filled by the remaining members of the board, to continue until the next annual meeting, when any such vacancy shall be filled by the members of the company by election for the residue of the unexpired term. The annual meetings of the company shall be held between the hours of 12 o'clock M. and 4 o'clock P. M., at the office of the company, and prior notice of each of such meetings shall be given by advertisement in one or more newspapers in this State for at least two weeks. The directors may choose a president, vice-president, secretary, treasurer, surveyors, appraisers, and other necessary agents. The

Hour of annual meeting.

Notice of meeting.

Officers.

ug

the

nd

he

ct

of

T

OF CORPORATIONS.

vice-president shall have such powers as may be conferred Powers.
and shall discharge such duties as may be enjoined by the
by-laws of the corporation. A majority of the directors Quorum.
shall form a quorum, but a smaller number may make in-
surance. Before discharging any of their duties the direc-
tors shall be sworn or affirined that they will discharge said Oath of
duties with fidelity, and such oath or affirmation shall be office.
certified by the officer adıministering it, and be recorded on
the books of the corporation. The president and vice-
president shall be chosen from the directors, and the ceasing
to be a director shall vacate the office. None of the other
officers or agents provided for by the charter shall be required
to be directors.

by ballot.

tion to

SECTION 5. The elections shall be by ballot, and by plu- Election rality of votes, and the result shall be certified by the judges who shall be three members who are not directors. The right to vote shall be according to the following regulations: Every member of the company shall be entitled to one vote, Qualificaand in addition thereto shall be entitled to one vote for each vote. dollar of interest paid on his premium note held by said company in excess of one dollar. No person shall be entitled to vote at any election who is in arrears with the payment of his interest on said notes held by said company.

SECTION 6. The directors may settle rates of insurance, Powers the sum to be insured, the amount of deposit notes, the form of directors. of policy, and all other matters necessary to effect the objects and purposes of this act, subject to the by-laws and also to the control of the members by a general resolution.

SECTION 7. To procure insurance, application shall be Application made as required by the by-laws, stating truly the description for insurof the property, which shall be valued by a director or some person duly authorized by the company, and the insurance shall be subject to the terms and conditions expressed in the policy or endorsed thereon.

SECTION 8. Every person who shall become a member of the corporation by insuring therein shall execute to the com- Premium pany a note or bill obligatory for such sum, being a per cent- notes. age on the amount insured, as a director shall require in proportion to the risk, payable in whole or in part at any time when it shall be necessary for losses or incidental expenses, and for the purpose of raising a contingent fund to pay losses Premiums. and expenses he may be required to pay interest thereon annually in advance; but such payments and all payments

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