stock. SECTION 2. There shall be an original guarantee capital Guaranty capital stock subscribed to the said corporation, which shall be fifty thousand dollars, to be divided into shares by the corporation, half of which shall be paid in, in money, before the said corporation shall go into operation for the purpose of making insurance; the other half of the said stock may be called for by the directors, from time to time, when they deem it necessary or expedient, and shall be paid in by the holders of the stock, which shall always stand pledged to the corporation for all such assessments so called for. their number, term of elected. SECTION 3. At the first meeting of the corporation, a Directors, number of directors, not less than eight, shall be chosen by office, and how the subscribers to the guarantee stock, who shall hold their offices for one year, and until others shall be chosen in their stead. At all subsequent elections of directors, the number shall be such as may be provided for by a previous vote of the directors, not less that seven, or by-law of the corporation; and, in case of no provision on this subject, the number shall be the same as at the first election, one-half of whom shall be elected by the stockholders, and the other half by the assured members who are not holders of guarantee stock, voting in separate bodies. The directors shall all be either stockholders or assured, and, on ceasing to be such, shall cease to hold the said office. SECTION 4. Whenever the net surplus receipts of the Dividends. corporation, over the losses and expenses and after providing for risks, shall be sufficient for the purpose, the stockholders shall be entitled to an annual dividend of seven per cent., or to such less dividend as may be agreed upon at the time of subscribing for the stock; and, in case such dividend. shall not be made in any one year, it shall be made good at a subsequent period, when the net resources of the company shall be sufficient for paying the same. vested. SECTION 5. The funds of the said corporation shall be Funds, how ininvested in stocks, such purchases and loans as are permitted to savings banks in the seventy-eighth and seventy-ninth sections of the thirty-sixth chapter of the Revised Statutes, and in the forty-fourth chapter of the acts of the year one thousand eight hundred and forty-one. The said company may hold real estate, to an amount not exceeding ten thousand dollars, for the purpose of securing suitable offices for the institution. for redemption of SECTION 6. After providing for risks, losses, incidental Reserved fund expenses, and dividends, as aforesaid, the directors shall set guaranty stock. apart one-quarter of the estimated surplus funds and receipts as a reserved fund, to be applied to the redemption of the guarantee stock; and whenever, after the expiration of ten years from the time of organizing the company, the amount When directors chosen by assured. When and what funds reimbursed to the assured. One-third of net profits to be paid of such reserved fund shall be sufficient for the purpose, and the assured shall vote to redeem the said guarantee stock, the same shall be redeemed. SECTION 7. Upon the redemption and extinguishment of the guarantee stock, under the provisions of the sixth section, the directors shall be chosen by the assured. SECTION 8. At the expiration of every period of five years from the time of the organization of the company, the remaining three-quarters of the estimated surplus funds and receipts shall be reimbursed to and among the assured, in proportion to the whole amount of premiums paid during the preceding five years. SECTION 9. The said corporation shall, on the third Monto Massachusetts day of January, in every year, pay over to the trustees of General Hospital. the Massachusetts General Hospital one-third of the net profits, if any, which shall have arisen from insurance on lives made during the preceding year. May 15, 1851. Chap. 164 AN ACT to authorize William Humphrey, Jr., and Ebenezer S. Twisden Be it enacted, &c., as follows: Marblehead. to extend their Wharf. William Humphrey, Jr., and Ebenezer S. Twisden are hereby authorized to extend their wharf, in Marblehead, twenty feet, retaining the present width thereof, and they shall have the right to lay vessels at the sides and end of the May receive dock said wharf, and to receive wharfage and dockage therefor: provided, that the same shall not obstruct the safe anchorage of vessels in the harbor, and shall not interfere with the legal rights of any person. age, &c. Proviso. May 15, 1851. Chap. 166 AN ACT to authorize Payne G. Atwood and others to extend their WharfBe it enacted, &c., as follows: Wellfleet. SECTION 1. Payne G. Atwood, owner of three-fourths, and the members of the Central Trading Company, a mercantile partnership, owners of one-fourth, of a wharf in Wellfleet, situated near the head of Mayo's Beach, and known as Payne G. Atwood's Wharf, are hereby authorized to extend and maintain the same to the channel in the harbor May receive dock- of Wellfleet, and they shall have the right to lay vessels at the end and sides of the said wharf, and to receive dockage and wharfage therefor: provided, that this graut shall in no wise impair the legal rights of any person. age, &c. Proviso. SECTION 2. This act shall take effect from and after its passage. May 15, 1851. AN ACT to incorporate the Massachusetts Universalist Home Missionary Chap. 168 Be it enacted, &c., as follows: Society. duties. SECTION 1. Hosea Ballou, B. B. Mussey, A. Tompkins, Corporators. their associates and successors, are hereby made a corporation, by the name of the Massachusetts Universalist Home Missionary Society, for the purpose of giving and dissemi- Purpose. nating religious instruction, with all the powers and privi- Powers and leges, and subject to all the duties, liabilities, and restrictions, set forth in the forty-fourth chapter of the Revised Satutes. SECTION 2. The said corporation may hold real estate to Real and personthe amount of twenty thousand dollars, and personal estate to an amount not exceeding twenty-five thousand dollars, to be devoted exclusively to the purposes of religious and moral instruction and improvement. May 17, 1851. [1850, 174.] AN ACT to increase the Capital Stock of the Bank of Commerce. Be it enacted, &c., as follows: al estate. Chap. 169 tional capital SECTION 1. The president, directors, and company, of the $750,000 addiBank of Commerce, in Boston, are hereby authorized to stock. increase their present capital stock by an addition thereto of seven hundred and fifty thousand dollars, in shares of one hundred dollars each, which shall be paid in such instalments as the president and directors of the said bank may determine: provided, that the whole amount shall be paid Proviso. in on or before the last day of April, in the year one thousand eight hundred and fifty-two. tiou, &c. SECTION 2. The additional stock aforesaid, when paid Liable to taxainto the said bank, shall be subject to the like tax, regulations, restrictions, and provisions, to which the present capital stock of said corporation is now subject. retary of the Com SECTION 3. Before the said corporation shall proceed to Certificate to secdo business on the said additional capital, a certificate, monwealth. signed by the president and directors, and attested by the cashier under oath, that the same has been actually paid into the said bank, shall be returned into the office of the secretary of the Commonwealth. SECTION 4. This act shall take effect from and after its passage. [1853, 229.] May 17, 1851. Chap. 171 AN ACT to incorporate the German Mutual Society. Be it enacted, &c., as follows: SECTION 1. Charles F. Hoffendahl, Joseph Birnstill, John Corporators. M. Schroeder, their associates and successors, are hereby made a corporation, by the name of the German Mutual Society, for purposes of mutual assistance and instruction, Purposes. Powers and duties. Real and personal estate. and for the promotion of knowledge in German literature, by the establishment and maintenance of a library, and the employment of other means of education, with all the powers and privileges, and subject to all the duties, restrictions, and liabilities, set forth in the forty-first and forty-fourth chapters of the Revised Statutes. SECTION 2. The said corporation may hold real and personal estate, necessary and convenient for the purposes aforesaid not exceeding in amount the sum of twenty thousand dollars. May 17, 1851. Chap. 172 AN ACT to incorporate the Trustees of the Hollis Institute in Braintree. Be it enacted, &c., as follows: Corporators. Powers and duties. Rights, privileges, &c. Real and personal estate. SECTION 1. Apollos Randall, Ezra Penniman, Joseph R. Frazier, and their successors, are hereby made a corporation, by the name of the Trustees of the Hollis Institute, to exercise all the powers and perform all the duties derived to them under the will of the late John R. Hollis, with all the rights and privileges, and subject to all the duties, liabilities, and restrictions, set forth in the forty-fourth chapter of the Revised Statutes, and by this act not inconsistent with the said will, and the possession, control, and management, of the fund and estate bequeathed by the said will of John R. Hollis to the South Parish of Braintree, in the corporate name of the trustees. SECTION 2. The fund and estate devised by the said will to the said South Parish of Braintree, for the purposes of education, under the direction of the said trustees and their successors, shall be entitled to all the rights, privileges, and exemptions, contained in the fifth section of the seventh chapter of the Revised Statutes, in relation to the property of literary, benevolent, and charitable institutions. SECTION 3. The said trustees and their successors inay purchase and hold real estate to the value of twenty-five thousand dollars, and personal estate to the value of fifty thousand dollars, to be applied to purposes of education. SECTION 4. This act shall take effect from and after its passage. May 17, 1851. Chap. 173 AN ACT relating to the Fund of the Sixth School District in Weymouth. Selectmen of the trustees of Be it enacted, &c., as follows : SECTION 1. The selectmen of the town of Weymouth thorized to direct are hereby authorized to direct the trustee of the fund of certain school the sixth school district in that town, bequeathed by the will funds to expend of Lois Pratt, to expend, from time to time, so much of the for specified pur- income of the said fund, for the purpose of repairs and improvements of the school-house built from the income of the said fund, and also for purchasing such apparatus a part of same poses. for the use of the schools of the said district, as in their judgment may be expedient. SECTION 2. This act shall take effect from and after its passage. May 17, 1851. Chap. 174 AN ACT to incorporate the Merrimack Insurance Company. Be it enacted, &c., as follows: SECTION 1. Edward S. Moseley, Micajah Lunt, John Corporators. Wood, their associates and successors, are hereby made a corporation, by the name of the Merrimack Insurance Company, in the town of Newburyport, for the term of twenty Term. years from the passing of this act, for the purpose of making Purpose. maritime loans, and insurance against maritime losses and losses by fire, with all the powers and privileges, and subject Powers and to all the duties, restrictions, and liabilities, set forth in the thirty-seventh and forty-fourth chapters of the Revised Statutes, and in all acts subsequently passed relating to insurance companies. duties. SECTION 2. The said corporation may hold, for the use Real estate. of the said company, real estate not exceeding in value twenty thousand dollars, excepting such as may be taken for debt, or held as collateral security for money due to the said company. SECTION 3. The capital stock of the said company, exclu- Capital stock. sive of premium notes and profits arising from business, shall be one hundred thousand dollars, with liberty to increase the same to two hundred thousand dollars: pro- Proviso. vided, that one hundred thousand dollars shall be paid in within two years from the passage of this act. May 17, 1851. AN ACT to authorize Thomas H. Kitfield to repair and maintain his Wharf. Chap. 175 Be it enacted, &c., as follows: Thomas H. Kitfield is hereby authorized to repair and Manchester. maintain his wharf, on Manchester River, in the town of Manchester and county of Essex, as the same is now con structed, and he shall have the right to lay vessels thereat, May receive dockand to receive wharfage and dockage therefor: provided, age, &c. that this grant shall in no wise impair the legal rights of any person. Proviso. May 17, 1851. Chap. 176 [1824, 140; 1830, 58; 1833, 149; 1848, 86; 1849, 217.] AN ACT to increase the Capital Stock of the Barnstable Bank. Be it enacted, &c., as follows: tional capital stock. SECTION 1. The president, directors, and company, of the $100,000 addiBarnstable Bank, are hereby authorized to increase their present capital stock, by an addition thereto of one hundred thousand dollars, in shares of one hundred dollars each, |