ACTS AND RESOLUTIONS OF A PRIVATE NATURE. AN ACT TO INCORPORATE THE "HOPE INSURANCE COMPANY OF It is enacted by the General Assembly as follows: SECTION 1. Daniel Remington, Samuel James, Earl P. Corporators. Mason, Nathaniel W. Brown, William S. Goodell, Isaac Brown, Jr. and Thomas A. Doyle, together with such other persons as may hereafter be duly associated with them, their successors and assigns, are hereby constituted a body politic and corporate, under the name of the "Hope Insurance Company of Providence," and by that name may have perpetual succession, and shall be capable in law to make insurance against loss by fire, on all kinds of real and personal property :-on vessels, freight, and all merchandise laden on board thereof, against marine disasters; and, against all the hazards of inland transportation by canals, lakes and railroads; and upon all other legal subjects of insurance, except life and health; with all the powers and privileges, and subject to all the duties and liabilities applicable to such corporations, set forth in chapters one hundred twenty-five (125) and one hundred twenty-nine (129) of the revised statutes. SEC. 2. The annual meetings for the choice of said di- Directors. rectors, shall, after the first election, be holden in the city of Providence, on the last Wednesday in June in each year. Capital stock. Record of SEC. 3. The capital stock of said company shall not be less than one hundred thousand dollars, and may at any time be increased, at the pleasure of said company, to any sum not exceeding five hundred thousand dollars, to be divided into shares of fifty dollars each. No insurance shall be effected by said company, until the sum of one hundred thousand dollars shall have been subscribed, and two-fifths of that amount paid in, in cash, and the remaining three-fifths secured to the satisfaction of the directors, to be paid at such times, and by such installments as they shall require; and every subscriber to the capital stock, who shall neglect to pay the installments as aforesaid, on the day whereon the same may become due and payable, shall forfeit to said company, his share or shares, and all payments made, and all profits that may have accrued thereon provided, that the stockholders in said company shall not be liable to any responsibility, further than the amount of their respective shares and interest therein, for, or on account of any damage or loss sustained by said company, or for, or on account of any debts due thereon. The shares shall be transferable at the office of the company only, and by such form as the directors shall prescribe, and the stock of each stockholder is declared to be at all times pledged to the company for any debts due or liability incurred to said company. SEC. 4. The said directors shall cause to be kept a proceedings." record of their proceedings, and from and after the first policy shall have been issued, shall quarterly cause the accounts to be regularly stated; and once a year, or oftener, after one hundred thousand dollars of the capital stock of said corporation shall be paid in, shall cause a dividend to be made of so much of the profits of the company as they may judge advisable: provided, however, that in case of a diminution of the capital stock, by losses, no dividend shall be made until a sum equal to such diminution, arising from the profits, be added to the capital stock. Failing to elect officers. SEC. 5. In case said company fail to elect their directors, or any part thereof, on the days respectively appointed by this charter, for that purpose, the same may nevertheless be elected at any meeting of the stockholders thereafterwards to be holden. AN ACT IN AMENDMENT OF AN ACT ENTITLED “AN ACT TO INCOR- It is enacted by the General Assembly as follows: al fire insur ny. Section 1. Said company may insure buildings and State mutuother property against loss or damage by fire, in a class ance compaseparate from that already established, which shall be called the manufacturers' class, and therein may take premium notes of ten times the cash premium, which shall be liable to assessment in case of loss, to the full amount of said note; but no assessment in said class shall be made other than upon said note, nor beyond the amount thereof; nor shall either class be in any manner responsible for Manufacturlosses sustained in the other. Each class shall be governed by such rules, regulations and by-laws as the company or directors may determine, and neither class shall borrow any money from the other, and each shall pay its own losses. ers' class. SEC. 2. In said manufacturers' class, a dividend of all Dividends. the profits shall be made to, and among the insured, in such manner and at such times as the directors, by general rule, may prescribe. SEC. 3. When the sum subscribed to be insured in said Insurances. class, shall amount to three hundred thousand dollars, the said corporation may, and they are hereby authorised to insure for a term not exceeding two years, any manufactories or other buildings, with their contents, against loss or damage by fire. SEC. 4. Whenever the said corporation shall make in- Insurances. surance upon any building or other property which they are by this act authorized to insure, the said building, with the land under the same, with all fixtures, machinery, tools and implements so insured, shall be held by said corporation as security for any deposit note, which they may hold of the member for whom they are insured. And the policy of insurance to any member or members of said corporation, upon his, her or their building and fixtures, machinery, tools, or implements, shall of itself create a lien upon said building, with the land under the same, and upon the fixtures insured therein, for the sum of any such deposit note, and the costs which may accrue in collecting the same, without any other act in law whatever; and said lien shall continue during the existence of said poli Of losses. Failure to pay assess ments. Directors. cy, or till the amount of said note shall be paid, or otherwise secured to the satisfaction of said corporation; notwithstanding the transfer or alienation thereof. SEC. 5. Whenever any person shall sustain any loss by fire, of buildings or other property, insured by said corporation, he or they shall, immediately after the fire, notify the office thereof, and within thirty days, when required by the office, shall make, in writing, and under oath, a full statement at the office of the corporation, of the damage by them sustained, and how said fire originated according to their best knowledge and belief; whether any, and what other insurance had been made on the same property; what was the whole value of the subject insured, and what was their interest therein. They shall also, if required, produce their books of account and other vouchers, and permit extracts to be, made therefrom; and if there appear any fraud, or false swearing, the insured shall forfeit all claim under the policy. SEC. 6. If any member of said corporation, or the legal representative of any member, shall neglect or refuse to pay the amount which may be assessed upon the deposit note for the space of thirty days, after demand shall have been made for the payment of the same, in the manner said corporation shall appoint, he or they shall be liable to the suit of the corporation therefor, in an action of the case in any court of competent jurisdiction; and the said corporation having obtained judgment and execution for the amount, may, at their election, cause said execution to be levied upon the estate or property whereon by this act they may have a lien, for the same; and the officer having said execution, shall proceed to satisfy the same, by the sale and conveyance of said estate or property, in the same manner as is provided by law in case of attachment of similar property or estate, on execution. and the owner or owners thereef shall have the right of redeeming the same within one year, by paying to the purchaser or purchasers thereof, the amount of said execution and costs, with interest on the same, at the rate of twelve per cent. SEC. 7. Five directors, in addition to those now by law provided for, may be elected at any meeting of the board of directors. SEC. 8. The act in amendment of an act to incorporate the state mutual fire insurance company, passed at the January session, A. D. 1858, and so much of the act to which this is an amendment, as is inconsistent herewith, are hereby repealed. AN ACT TO INCORPORATE THE NATIONAL MUTUAL FIRE INSURANCE It is enacted by the General Assembly as follows: SECTION 1. Robert II. Ives, William Goddard, Byron Corporators. Sprague, James Y. Smith, George C. Nightingale, Edward E. Manton, and Moses B. Lockwood, their associates, successors and assigns, are hereby created a body politic and corporate, by the name of the National Mutual Fire Insurance Company, for the purpose of insuring manufactories, and other buildings, with their contents, against loss or damage by fire; with all the powers and privileges, and subject to all the duties and liabilities, applicable to such corporations, set forth in chapters one hundred and twentyfive (125), and one hundred and twenty-nine (129) of the revised statutes. SEC. 2. All and every person or persons, who shall at any time become insured by or with said company, and also their respective heirs, executors, administrators and assigns, (being allowed by their by-laws to continue as persons insuring in said company,) shall be members thereof for and during the time specified in their respective policies, and no longer. meetings. SEC. 3. There shall be an annual meeting of the stock- Annual holders, in the city of Providence, on the third Monday in November, for the choice of officers, and for such other business as may come before them; but the validity of this act shall not be impaired by the failure to hold such meeting; but the business of such meeting may be transacted at any legal meeting of the corporation held thereafter. committee. SEC. 4. The board of directors of said company are Excentive hereby authorized to delegate to an executive committee, to be appointed by them from their own number, such of their powers as they may deem expedient for the more prompt and advantageous management of their business. SEC. 5. When the sum subscribed to be insured by the Capital stock associates, shall amount to one million dollars, the said corporation may, and they are hereby authorized to insure for |