the amount of the dividends for the preceding year, and when declared, together with the amount of surplus profits then belonging to the said Company, and how the same have been invested and secured, and the amount of real estates owned by said Company; which return shall be signed by the Secretary of the said Company, or he shall make oath or affirmation, before some Magistrate qualified to administer oaths, to the truth of said return according to the best of his knowledge and belief; and the Secretary of the said Company shall also at the time hereinbefore mentioned, make a return under oath of the names of the stockholders and the amount of stock owned by each; and a majority of the Directors of the said Company shall certify, and make oath or affirmation before the same Magistrate as the said Secretary, that the books of the said Corporation indicate the state of facts so returned by their Secretary, and that they have full confidence in the truth of the return so made by him; and it shall be the duty of the Secretary of the Province annually to lay before the Legislature of this Province, as soon after the opening of the Session thereof as practicable, such returns as aforesaid as he may have received since the then last previous Session.

28. This Act shall continue and be in force until the first day of May which will be in the year of our Lord one thousand eight hundred and eighty four.

MARINE.

7th WILLIAM 4th-CHAPTER 54.

An Act to incorporate sundry persons by the name of The New Brunswick Marine Assurance Company.

10. Directors not to have salary; exception. 24. Debts, for what responsible.

11. Secretary to give security.

12. Qualification of Directors.

25. Repealed.

26. Inspection of books, &c.

27. Statement of affairs, before whom laid, &c, 33. Increase stock, purchaser of, to make 28. Access to books, &c., by whom.

29 & 30. Repealed.

31. Statement of affairs, &c.

32. Capital, increase of.

payments.

WHEREAS the trade of this Province in shipping and navigation has of late greatly increased, and it is daily becoming more important, and it is expedient for the protection and encouragement thereof, to establish a Marine Assurance Company at the City of Saint John ;

Be it therefore enacted, &c.—1. Stephen Wiggins, Robert W. Crookshank, Elisha De Wolfe Ratchford, Thomas Barlow, James T. Hanford, James Kirk, William Walker, John V. Thurgar, Hugh M'Kay, Noah Disbrow, John Kinnear, Edward L. Jarvis, William Jarvis, Ambrose S. Perkins, David Hatfield, John Wishart, and George Wheeler, their associates, successors, or assigns, be and they are hereby declared to be a body politic and corporate, by the name of "The New Brunswick Marine Assurance Company," and they shall have all the general powers and privileges made incident to a Corporation by Act of Assembly in this Province.

2. The capital or joint stock of the said Corporation shall consist of the sum of fifty thousand pounds, to be paid in such money as shall at the time of the several payments hereinafter expressed be a legal tender in this Province; five thousand pounds, being one tenth part thereof, to be paid within ninety days after the passing of this Act; five thousand pounds, one other tenth part of the said capital stock, within three calendar months after the expiration of the said ninety days; and the remaining eight tenths of forty thousand pounds, to be paid at such time or times, and in such parts or portions as the Directors for the time being of the said Corporation, or a majority of them, shall from time to time think necessary; the whole amount of the said capital stock to be divided into shares of twenty five pounds each, making in the whole two thousand shares.

3. No person or persons whatsoever, during the sixty days next after the passing of this Act, shall be entitled to hold or subscribe for more than fifty shares of the said capital stock; and if the whole of the said capital stock shall not have been

subscribed for within the said sixty days, then and in such case it shall be lawful for any stockholder or stockholders to increase his, her, or their shares or subscriptions, to as many shares as he, she, or they may think proper.

4. All the subscribers for stock or shares in the said Corporation shall, previous to the day of the first general meeting of the members and stockholders of the said Corporation to be called as hereafter mentioned, pay into the hands of such person or persons as the persons mentioned by name in and by the first Section of this Act, or the major part of them, or in case of the death of any of them, the major part of the survivors may direct, a deposit of two and one half per centum upon the amount of capital stock of the said Corporation for which they shall have subscribed; and the said deposit shall be taken and allowed to every subscriber who shall pay the same, as part and out of the first one tenth part of the capital stock required to be paid in under and by virtue of this Act; and every subscriber who shall neglect or refuse to pay in the said deposit, shall for every share in respect of which he or she shall neglect or refuse to pay in, be deemed a defaulter, and the said share or shares shall be forfeited to the Corporation; and no subscriber shall upon any pretence whatever vote at the first general meeting in respect of any share or shares upon which he or she shall not have paid the said deposit.

5. Every stockholder or subscriber shall within the said ninety days after the passing of this Act, pay into the hands of the Directors for the time being of the said Corporation, or into the hands of such person or persons as they, or a majority of them shall appoint, one tenth part or ten per centum on the whole amount of his or her share or shares, deducting the deposit mentioned in the fourth Section of this Act, and shall give to the President and Directors hereinafter mentioned, good and satisfactory security or securities, either by bond and mortgage on real estate, or otherwise, at the option and to the satisfaction of the said President and Directors, or a majority of them, [the words here omitted are repealed by 2 V. c. 14, s. 1,] one other tenth part or ten per centum on the whole of his or her share or shares shall be paid to the said President and Directors for the time being of the said Corporation within three calendar months after the expiration of

the said ninety days; and the residue of the whole amount of his or her share or shares shall be paid to the said President and Directors for the time being of the said Corporation, from time to time, and in such parts and portions, and in such manner as to them the said President and Directors, or a majority of them, shall seem advisable; provided the amount so to be called in shall not exceed at any one time twenty per centum on the whole amount of the capital stock of the said Corporation belonging to any individual, and not less than thirty days notice of such payment being required shall be given in one or more of the Newspapers published in the said City of Saint John; provided always, that the said Corporation shall not go into operation until the said sum of five thousand pounds shall have been paid, and shall then be in the vault or office of the said Corporation, or in one or more of the incorporated Banks established in the City of Saint John ; and as soon as the said sum of five thousand pounds shall have been so paid, the President shall give notice thereof to the Secretary of the Province for the time being, for the information of His Excellency the Lieutenant Governor or Commander in Chief for the time being, who is hereby authorized, by and with the advice of His Majesty's Executive Council, to appoint three Commissioners, not being stockholders, whose duty it shall be to examine and count the money actually in the vault or office, or in one or more of the Banks as aforesaid, and to ascertain by the oaths of a majority of the Directors, (which oaths any one of His Majesty's Justices of the Peace for the City and County of Saint John is hereby authorized to administer) that one tenth part of the amount of the capital stock of the said Corporation has been paid in by the stockholders towards the payment of their respective shares, and not for any other purpose.

6. When five hundred shares of the capital stock of the said Corporation shall have been subscribed for, a general meeting of the members and stockholders of the said Corporation shall be called to take place in the City of Saint John, by notice in one or more of the public Newspapers published in the said City of Saint John fourteen days at least previous to the day of such meeting, which notice George Wheeler, Esquire, Barrister at Law, or in case of his death, neglect, or refusal,

any other one of the persons mentioned by name in and by the first Section of this Act, is hereby authorized and empowered to give, for the purpose of making, ordaining, and establishing such bye laws, ordinances, and regulations for the good order and management of the affairs of the said Corporation as they shall deem necessary, and also for the purpose of choosing nine Directors, being members and stockholders of the said Corporation, under and in pursuance of the rules and regulations hereinafter made and provided; which Directors shall, as soon thereafter as may be convenient, meet together and choose out of their number a President, and shall also appoint at the same time, or at any future meeting, a Secretary and so many and such other officers, clerks, servants, and agents for carrying on the said business as they shall deem requisite and necessary, and shall at the same time, or at any future meeting, accept and receive what remains due of the first instalment of the ten per centum on each subscriber or stockholder's share or subscription, and shall take from such subscriber such securities for the remainder of their subscriptions as is hereinbefore pointed out, and shall commence the operations of the said Assurance Company subject to the rules and regulations as hereinafter provided, and shall continue and serve to be Directors aforesaid until the first annual meeting for the choice of Directors as is hereinafter made and provided, or until others are chosen in their room; provided that the laws and ordinances at any time made shall be in no wise contrary or repugnant to the laws and statutes of this Province.

7. There shall be a general annual meeting of the stockholders and members of the said Corporation held on the second Monday [the words here omitted are repealed by 2 V. c. 14, s. 6,] in each and every year after the present year one thousand eight hundred and thirty seven, at the City of Saint John, at which annual meeting there shall be chosen by the majority of the stockholders and members of the said Corporation then present, or represented by proxy, out of all the stockholders and members of the said Corporation, nine Directors, who shall continue in office for one year, or until others are chosen in their room, in the choice of which Directors the stockholders. and members of the said Corporation shall vote according to the rule hereinafter mentioned; and the Directors, when chosen,