The Annual General Court to elect Auditors, in the place of those going out at the end of year. An Extraordinary General Court to be called, to supply an occasional vacancy among the Auditors. Contributors of years standing, or of premiums amounting to may vote for Auditors. Annual General Court to allow remuneration to Auditors. The Quinquennial General Court to fix] the number of Directors for the next five years, and to elect accordingly. Contributors of ing to years standing, or of premiums amountmay vote for Directors. The Quinquennial General Court to determine the dividend among the Proprietors. An Extraordinary General Court may be called for the purpose of removing the Chairman, deputy Chairman, Trustee, Director, or Auditor. Two Extraordinary General Courts may alter laws, in any way except to increase the liability of Shareholders, or to abridge the power of voting given to contributors. Annual and Extraordinary General Courts, to have the ral superintendance of the Company's affairs. The General Courts may adjourn if there be not 1 gene number of Shareholders present within an hour of their meeting, and if for any other reason, may adjourn from day to day, &c. AS TO THE BOARD OF DIRECTORS. The Directors to meet once a week at the office of the Company, and when duly convened. Such meeting to be styled a "Board of Directors." Any Directors may require the Secretary to call an Extraordinary Board of Directors. Directors a quorum for an ordinary Board. Directors a quorum for an Extraordinary Board. The Chairman, or deputy Chairman to preside, or a Director to be chosen for that purpose, Minutes to be kept and signed by the person in the Chair. At the Board of Directors, no Director to have more than one vote, except the Chairman, who has also a casting vote. No Director who is a Trustee to vote on any question as to payment of claims. In all other respects, the affairs to be conducted and regulated, as the Board shall think proper. The Board of Directors to call the Annual General Courts by advertisement, twenty-one days before they are to be held. 3 The Board of Directors to call an Extraordinary General The Board of Directors to call an Extraordinary General The Board of Directors to call an Extraordinary General Court for removing officers, when required as above, and to leave notice with such officers. The Board of Directors to call an adjourned General Court, if adjourned from deficiency of members. The Board of Directors to specify day, hour, place, and object in the advertisement. The Board of Directors to give notice of a ballot, when demanded, by advertisement, as above. Until the first Quinquennial General Court, an Extraordinary Board of Directors, may increase the number of Directors up to The Board of Directors to call an Extraordinary General Court to supply occasional vacancies among the Directors or Trustees. An Extraordinary Board of Directors, may supply from among the Directors, occasional vacancies of the Chairman, or deputy Chairman. No Chairman, or deputy Chairman, or Trustee to be elected during a vacancy in the Direction. An Extraordinary Board of Directors may supply a vacancy in the office of Secretary. An Extraordinary Board of Directors may remove the Secretary. An Extraordinary Board of Directors may require security of him. An Extraordinary Board of Directors may remove the Banker. among the Directors present. Salary £ per week to be divided quarterly to Secretary, to be increased if an Extraordinary General Court shall think fit. The Board of Directors to employ clerks, servants, &c. ad libitum. The Board of Directors to regulate all the engagements, of the Company. AS TO ASSURANCES. The Board of Directors to accept or refuse proposals for assurances or other engagements. The Board of Directors to cause all contracts to be signed by the Trustees, with a limited liability, and to be countersigned by two Directors. The Board of Directors to cause such limited liability of Trustees and Shareholders to be stated in such contract. No engagement to be issued until the first premium shall have been paid. Upon such payment at the principal Office of the Company the Company to be bound to the Assurance. No receipt to be given unless signed by two Directors, and witnessed by a clerk of the Company. The Board of Directors may revive an engagement forfeited in default of payment. The Directors may lend to the extent of two-thirds of the value of any policy, on security of such policy. The Directors shall not be allowed to litigate any claim, except by the consent of an Extraordinary General Court. AS TO DEEDS TO BE EXECUTED BY TRUSTEES. The Board of Directors shall cause the Trustees to execute a declaration of trust of the funds vested in them for the benefit of the Company, so as to give the assured a remedy against the funds themselves, and against the Trustees personally for a due administration of such funds, and that they will dispose of the same, (subject to the sums due to persons assured,) as the Board of Directors shall order, and to execute policies containing limited responsibility and declaring that on the death or removal of Trustee or Trustees, the survivors and new Trustee or Trustees will execute new policies of like tenor and date to assured, on payment of stamp duty. The Board of Directors shall cause the Trustees to execute a deed of covenant with the Shareholders to pay them their shares and interest, so as to give them a legal remedy. AS TO THE funds of THE COMPANY. The Board of Directors not to invest the funds or property in the Trustees till such Deeds are executed. The Board of Directors shall cause all monies to be placed in the name of the Trustees, at the Bankers', as soon as possible, and not to be withdrawn, except by cheques signed by three Directors. The Board of Directors shall invest the funds not wanted for current expences, in the Stocks, in Navy, or Exchequer Bills India Bonds, Real or Leasehold Securities, or Annuities, and may vary such investments, but the securities to be in the United Kingdom, and all taken in the names of the Trustees, and real estate until sale to be deemed personal. The Board of Directors may retain a Balance at the Bankers, to answer current expenses. All payments to be made by virtue of orders of the Board of Directors. All payments above £5 to be made by cheques signed by three Directors. The Board of Directors to provide and keep in repair a house for the Company. The Board of Directors to keep the sums received, in respect of shares, and the additions of shares in a separate fund, called the Shareholders' Fund. The Board of Directors to keep all other sums received by the Company, in a fund, to be called the Assurance Fund. The Board of Directors to cause separate accounts to be kept of these funds. The Assurance Fund to be primarily liable for the payment of claims; the Shareholder's Fund to be alone available for the purchase of shares, as hereafter mentioned. The Shareholders Fund may lend to the Assurance Fund, but to be repaid out of the first in-coming Premiums. The Board of Directors to examine the Auditors' Quinquennial reports, and to report the dividend accordingly to the Quinquennial General Court. |