thereof, within thirty days after notice thereof given, then and in such case it shall and may be lawful to and for the said Directors, or a majority of them, to cause such proceedings both in law and equity, or either, as may be deemed requisite to be taken for the recovery of the amount of such several and respective securities, or it shall and may be lawful to and for the said Directors, or a majority of them, if they shall think fit, to declare the shares in the capital stock of the said Corporation, for the amount of the residue of which such security or securities shall have been given, forfeited to the said Corporation, together with all deposits, instalments, interest, profits, or dividends thereto belonging or appertaining; and such stock so forfeited shall be sold by public auction for and on account of the said Corporation, and the purchaser or purchasers thereof shall give such security or securities for the payment of the amount due to the said Corporation on account of such forfeited shares at the time of such forfeiture, as is hereinbefore provided, and shall likewise be subject to all the provisions of this Act, and of the said recited Act to which this is an amendment, any thing therein contained to the contrary notwithstanding. 3. The twenty fifth, twenty ninth, thirtieth, and thirty fifth Sections of the said recited Act, be and the same are hereby repealed. 4. Any number of stockholders not less than twenty, who together shall be proprietors of at least five hundred shares, shall have power at any time, by themselves or their proxies, to call a general meeting of the stockholders for any purpose relating to the business of the said Corporation other than a dissolution thereof, giving at least thirty days notice in two of the Newspapers published in this Province, and specifying in such notice the time and place of such meeting, with the objects thereof; and the Directors, or any five of them, shall have the like powers at any time, upon observing the like formalities, to call a general meeting as aforesaid. 5. And number of stockholders not less than thirty, who together shall be proprietors of one thousand shares in the capital stock of the said Corporation, shall have the power at any time, by themselves or their proxies, to call a general meeting of the stockholders for the purpose of taking into con sideration the propriety of dissolving the said Corporation, giving at least three months previous notice in two or more of the Newspapers published in this Province, and specifying in such notice the time and place of such meeting, with the objects thereof; and should it be agreed upon at such meeting that the said Corporation should be dissolved, such stockholders are hereby authorized and empowered to take all legal and necessary ways and means to dissolve the said Corporation, and upon such or any other dissolution of the said Corporation, the Directors then in office shall take immediate and effectual measures for closing all the concerns of the said Corporation, and for dividing the capital and profits or loss which may remain among the stockholders in proportion to their respective interests. 6. So much of the seventh and twenty seventh Sections of the said Act as appoints the general meeting of the stockholders and members of the said Corporation to be held on the second Monday in April in each and every year, be and the same is hereby repealed; and in lieu thereof, there shall be a general meeting of the stockholders and members of the said Corporation held on the second Monday of July in each and every year, for the purposes set forth in the said seventh and twenty seventh Sections of said Act. 7. This Act shall continue and be in force for and during the continuance of the said recited Act, and no longer. 8th VICTORIA-CHAPTER 48. An Act to incorporate sundry persons by the name of The Globe Assurance Company. Section. 1. Incorporation of Company. 2. Capital. 3. Number of shares, what allowed, and for what time. 4. Deposit betore election of Directors. 5. Stockholders, when and how to pay. 6. When meeting to be called for choosing Directors, &c. 7. Annual meeting for same. 8. Powers of Directors. 9. Board for business. 10 Director not to have salary. 11. Secretary to give security 12 Qualification of Directors. 13. Stockholders' votes. Section. 16. What assurances may make, &c. 18. What real estate may hold. 20. Investment of other moneys. 21. In what not to trade, &c. 22. Shares assignable. 23 Directors, when liable. 24. What responsible for debts. 25. Securities for capital. how renewed, &c. 26. Inspection of books, &c 27. Statement of affairs, before whom laid. 28. Access to books, by whom. 29. Special meetings by whom called. 14. Directors, when may be chosen at other 31. Statement of affairs, when made up, times. 15. When may commence business. 32. Limitation. &c. Passed 27th March 1845. WHEREAS the Trade of this Province in Shipping and Navigation has of late greatly increased, and it is expedient for the protection and enconragement thereof to establish another Marine Assurance Company at the City of Saint John ; Be it therefore enacted, &c.-1. Stephen Wiggins, John Kerr, the Honorable John Robertson, John Wishart, Charles C. Stewart, John Owens, Thomas Leavitt, John Ward, Junior, William Parks, John Duncan, the Honorable R. L. Hazen, W. O. Smith, William H. Street, Nathan S. Demill, Thomas Wallace, John V. Thurgar, and Robert D. Wilmot, their associates, successors, or assigns, be and they are hereby declared to be a body politic and corporate, by the name of "The Globe Assurance Company," and they shall have all the 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 thirty 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; three thousand pounds, being one tenth part thereof, to be paid within ninety days after the passing of this Act; three thousand pounds, one other tenth part thereof, within six calendar months after the expiration of the said ninety days; and the remaining eight tenths 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 twelve hundred 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 same shall not have been subscribed for . within the said sixty days, then it shall be lawful for any stockholder or stockholders to increase his, her, or their subscription to as many shares as he, she, or they may think proper. 4. All the subscribers for stock or shares in the said Corpo ration 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 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 cent. on 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 of the capital, 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 said 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 of 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, satisfactory security either by bond or mortgage on real estate, or otherwise, at the option and to the satisfaction of the said President and Directors, or a majority of them, renewable as often as the said President and Directors, or a majority of them, shall require, that one other tenth part on the whole of his or her shares shall be paid to the said President and Directors for the time being of the said Corporation, within six 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, 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 that 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 three 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 in the said City of Saint John; and as soon as the said sum of three thousand pounds shall have been 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 Her 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, 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, fourteen days at least previous to the day of such meeting, which notice William H. Street, Esquire, or in case of his death, neglect, or refusal, any other one of the persons mentioned in the first Section of this Act is hereby authorized and empowered to give, for the purpose of making and establishing such bye laws 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 seven Directors, being members and stockholders of the said Corporation, under and in pursuance of the rules and regulations hereinafter made; which Directors shall, as soon thereafter as may |