! OF CORPORATIONS. Corporators Style. Purpose. CHAPTER 77. OF CORPORATIONS. AN ACT to incorporate the "Kent and Sussex Mutual Fire and Marine 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): SECTION I. That William T. Watson, Dr. George W. Marshall, William I. Simpson, John W. Hering, Thomas A. Watson, James H. Deputy, George H. Hall, Joseph E. Holland and J. S. Willis, and all other persons who may hereafter associate with them in the manner herein prescribed, shall be a corporation by the name of the "Kent and Sussex Mutual Fire and Marine Insurance Company of Milford, Delaware", for the purpose of insuring dwelling houses, stores, barns, shops and other buildings, furniture, merchandise and all other property, real and personal (plate, jewelry and paintings excepted), on land or water, against loss by fire, tornadoes, lightning and any other element or elements; and by that name shall have perpetual succession, and all powers incident to a corporation aggregate; and the said corporation shall have and possess all the powers and privileges Insurance which are granted by acts of the General Assembly of this State to the Kent County Mutual Fire Insurance Company, subject to the same restrictions and limitations therein Life insur- imposed, but it shall not be lawful for the said company to make insurance on the lives of persons or to engage in permitted banking operations. Powers same as Company. ance and banking not First directors. Place of When to begin business. SECTION 2. The persons named in the first section of this act shall be the first directors of the corporation hereby created. 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 Milford at such place as shall be designated by said board of directors.. SECTION 3. The company hereby incorporated may organize by the election of officers on or before the second Tuesday of June next following the passage of this act and shall go into operation whenever in the judgment of the board of directors applications for insurance shall be made to the said board of directors sufficient to warrant it; and it OF CORPORATIONS. already shall be lawful for the said directors with or without a new May insure survey, as they shall judge proper, to insure property already property insured in any other company, and to admit persons SO insured in insured as members of this company. another company. directors. SECTION 4. The affairs of said company shall be con- Number of ducted by a board of nine directors, three of whom shall be Annual elected annually, at the annual meeting of the members of election. said corporation on the first Tuesday in January in each year, to serve for the period of three years and until others are Terms. chosen in their stead, except that at the annual meeting next succeeding the passage of this act there shall nine directors elected, three of whom shall be elected for one year three for two years, and three for three years, and until said annual meeting the persons named in the first section of this First act shall be the directors of the corporation hereby created. directors. annual The annual meeting of the company shall be held at Hour of eleven o'clock in the forenoon at the office of said company, meeting. in the town of Milford, and prior notice of each of such meetings shall be given by advertisement in one or more Notice. newspapers in this State for at least two weeks. The directors may choose a president, vice-president, sec- Officers. retary, treasurer, surveyors, appraisers and other necessary agents; may fill vacancies in their own body by appointment Vacancies. 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 officers shall have such powers as may be conferred and shall discharge such duties as may be enjoined by the by-laws of the corporation. A majority of the directors shall form a quorum, but a smaller number make insurance. Quorum. Before discharging any of their duties the directors shall be Oath of sworn or affirmed that they will discharge said duties with office. fidelity, and such oath or affirmation shall be certified by the officer administering it, and be recorded on the books of the corporation. The president, vice-president, secretary and treasurer shall be chosen from the directors, and the ceasing Qualificato be a director shall vacate the office. None of the other officers. officers or agents provided for by the charter shall be required to be directors. tions of The directors of the said corporation may By-laws. make such by-laws, rules and regulations, and alter, ainend SECTION 5. *So enrolled. OF CORPORATIONS. or repeal the same, as they and their successors shall deem proper and expedient for the governing and conducting of the affairs and business of said corporation. SECTION 6. This act shall be deemed a public act and shall be published with other public acts passed at this session of the Legislature. Passed at Dover, April 24, 1895. Corporators. Style. Seal. AN ACT to incorporate "The Laurel Loan and Trust Company". Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (twothirds of each branch thereof concurring therein) : SECTION I. That Andrew J. Horsey, Dr. William E. Wolfe, Thomas C. Horsey, William T. Records and such other persons as inay hereafter become stockholders in the company hereby incorporated, their successors and assigns, be and they are hereby created a corporation by the name of "The Laurel Loan and Trust Company", and by that name shall have perpetual succession, with power to sue and be sued, to plead and be impleaded, complain, answer and defend in all courts of law and equity, to purchase, take, hold, and enjoy lands, tenements and hereditaments wheresoever situate, and goods, chattels and effects whatsoever and wheresoever the same may be, and the same to grant, convey, sell, mortgage, lease, dispose of, manage, loan, invest, and otherwise dispose of at pleasure, to have and use a common seal, and the same to alter and renew at pleasure, to ordain by-laws not inconsistent with the laws of this State or of the United States, and generally to use, exercise and enjoy all the powers, den. rights, privileges and franchises incident to a corporation except banking powers. By-laws. Banking powers forbidden. OF CORPORATIONS. corporation of business. SECTION 2. That said corporation is hereby created for Objects of and is authorized and empowered to receive, hold and enjoy and nature for its own use, benefit and behoof, on deposit, or in trust and as security for any person or persons, natural or artificial, moneys, securities, property and estates of every description, real, personal and mixed, of whatever kind and nature, and the same to loan, invest and reinvest, purchase, collect, adjust, settle, manage, assign, lease, convey, grant, bargain, sell and dispose of in such manner, for such price and upon such terms as may be agreed upon between the said corporation and the parties contracting with it; to receive upon deposit for safe keeping, upon such terms as may be agreed upon or as may be prescribed in the by-laws, money, jewelry, plate, stocks, bonds, deeds and other little* papers, wills, and any and all other valuable personal property of every description and kind; to receive from executors, adininistrators, guardians, public officers, receivers, assignees, trustees and other fiduciaries, moneys at interest or otherwise as may be agreed upon; to rent safes, vaults and other receptacles for any such property, to accept and execute trusts of all and every description; to become assignees, to collect the income, make investinents and to assume the managements or agency of any property which may be committed or transferred to said corporation with its consent by any person or persons, natural or artificial, or by any public officer or any court of record; to accept and execute the office and appointment of trustee, receiver, assignee, guardian, executor, administrator or other fiduciary of any kind and nature whatever, whether such office or appointment is made or conferred by any person or persons, natural or artificial, or by any public officer or officers or any court of record having power to make the appointment, to act as agent for registering, issuing, and countersigning the certificates of stocks, bonds or other obligations of any corporation, association, municipality, school district, county or State, and may receive and manage any sinking fund therefor on such terins as may be agreed upon; may guarantee the validity and performance of any contract May beor agreement and the fidelity of persons holding places of responsibility and trust and indemnify fully against all losses that may be occasioned by any want of such fidelity, and may become surety for any person or persons for the faithful performance of any trust, office, duty, contract or agreement, and may become sole surety in any and all cases where one * So enrolled. come surety Deposits exempt from at OF CORPORATIONS. or more sureties are required for the faithful performance of any trust or office, or for the faithful performance or payment of any recognizance, suit, judgment, order or decree entered or to be entered of any court of record, and it shall and may be lawful for any judge, officer or court to approve said corporation as sole surety in all such cases, and in such cases the officers and affairs of said corporation shall be subject to examination and its property and effects shall be liable as in this act provided; and the said corporation is hereby further authorized to stipulate and provide for indemnity and compensation for the person or persons for whom it shall become liable and to enforce any contract, pledge or other security made or given for that purpose, as may be equitable and just, and for its care, management and trouble and the exercise of any of its powers hereby given or for the performance of any of the duties which it may undertake or be called upon to perform or the assumption of any responsibility, the said corporation shall be entitled to have, be allowed and receive a just and reasonable compensation. The deposits made with said corporation shall be exempt from all attachment in the same manner as are the deposits tachment. of banks and like institutions. Books for subscription stock. Capital stock. May be increased. SECTION 3. The corporators named in Section 1 of this to capital act, or any three of them, shall have power and are hereby authorized to open books and secure subscriptions to the capital stock, at such times and places as they may deem expedient, which capital stock shall consist of two hundred and fifty shares of the par value of one hundred dollars each, aggregating the sun of twenty-five thousand dollars. The majority of the stockholders may, however, increase the said capital stock from time to time to any amount not exStock, how ceeding two hundred thousand dollars. The said stock shall certified, &e be certified, held and assigned according to the provisions of First board the by-laws. The subscribers may elect a board of directors of directors. to serve until the ensuing annual meeting or until their successors shall be duly elected. When two hundred and fifty shares shall have been subscribed, but active business shall commenced not, however, be commenced until twenty-five thousand dollars shall have been paid in on the capital stock. When business may be annual. &c Meetings, SECTION 4. There shall be annual meetings of the stockholders on the first Monday of June in each and every year, and special meetings of stockholders may be called by the president in manner to be provided by the by-laws. At Special. |
