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18G8- 69.—Chapter 1.
Afi'airs, how man-aged.
Directors.
President.
Premium and
notes.
Home office.
by-laws, ordinances and resolutions, not being contrary to
the laws of this State and of the United States, as ma}' be
necessary or convenient for their regulation and govern-ment,
and for tlie management of their affairs, and do, and
execute ail such acts and tilings as may be necessary to
carry into effect the provisions of tliis act.
Sec. 2. That the affairs of this Company shall be gov-erned
and managed by a Board of Directors, to consist of
not less than three, nor more than seven members or stock-holders,
as may be regulatd by the by-laws of the Com-pany
; and the President and two Directors shall constitute
a quorum for the transaction of business.
Sec, 3. That the persons named in the first section of
this act are hereby constituted a Board of Directors to
serve as such until others are chosen, which may be done
by them.
Sec. i. That tlie Board of Directors shall elect a Presi-dent
and Secretary, and such other officers as they may see
fit, who shall hold their offices for one year and until others
are chosen and qualified in their places. The Board of Direc-tors
may, and are hereby vested with the power to appoint
or elect an Executive Committee, to consist of not less than
three, who shall have power to transact all business of the
Company in the absence of tlie Board of Directors.
Sec. 5. Tliat premium or deposit notes may be received
by the Board of Directors from the assured, which shall be
paid at such time or times, and in such sum or sums as the
Directors ma^^, agreeably to their by-laws, reqnire, to pay
the expenses and losses of the Company ; and the Directors
may fix the amount to be paid at the time of insuring, and
any party applying for insurance, so electing, may pay a
definite sum. of money in full for insurance, and in lieu ot
a premium note. But no member shall be bound to pay
in the whole more than the amount of his premium note or
notes and cash premiums.
Sec. 6. That the home office of this Company shall be in
the City of Ealeigh, in the State of North Carolina, but
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| Title | Page 22 |
| Full Text | 18G8- 69.—Chapter 1. Afi'airs, how man-aged. Directors. President. Premium and notes. Home office. by-laws, ordinances and resolutions, not being contrary to the laws of this State and of the United States, as ma}' be necessary or convenient for their regulation and govern-ment, and for tlie management of their affairs, and do, and execute ail such acts and tilings as may be necessary to carry into effect the provisions of tliis act. Sec. 2. That the affairs of this Company shall be gov-erned and managed by a Board of Directors, to consist of not less than three, nor more than seven members or stock-holders, as may be regulatd by the by-laws of the Com-pany ; and the President and two Directors shall constitute a quorum for the transaction of business. Sec, 3. That the persons named in the first section of this act are hereby constituted a Board of Directors to serve as such until others are chosen, which may be done by them. Sec. i. That tlie Board of Directors shall elect a Presi-dent and Secretary, and such other officers as they may see fit, who shall hold their offices for one year and until others are chosen and qualified in their places. The Board of Direc-tors may, and are hereby vested with the power to appoint or elect an Executive Committee, to consist of not less than three, who shall have power to transact all business of the Company in the absence of tlie Board of Directors. Sec. 5. Tliat premium or deposit notes may be received by the Board of Directors from the assured, which shall be paid at such time or times, and in such sum or sums as the Directors ma^^, agreeably to their by-laws, reqnire, to pay the expenses and losses of the Company ; and the Directors may fix the amount to be paid at the time of insuring, and any party applying for insurance, so electing, may pay a definite sum. of money in full for insurance, and in lieu ot a premium note. But no member shall be bound to pay in the whole more than the amount of his premium note or notes and cash premiums. Sec. 6. That the home office of this Company shall be in the City of Ealeigh, in the State of North Carolina, but |
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