Style. and corporate, by the name, style and title of the Farmers' hotel

company, to have perpetual succession, to be capable of suing Seal.

and being sued by their corporate name, to have a common seni and the same to alter and renew at pleasure, and to have, bold, receive, enjoy and take, either by absolute conveyanee, in fee

simple, or upon ground rent, and, in case of a purchase, u poa Powerg. ground rent, with power to execute the necessary covenant for

the securing the payment thereof, such real estate as may be necessary and convenient for the construction of a hotel, in the city of Philadelphia, with such supplementary buildings as may be adapted to and form part of the general plan and design there of, for the accommodation and use of any person or persons, who may be desirous of renting and occupying the same ; and the said real estate, or any part thereof, wben in the opinion of the said corporation it may be proper so to do, to sell and convey to

any person or persons, who may be desirous of purchasing the Proviso. same : Provided however, That if the said company, or their

lessees, with their knowledge, shall knowingly permit any intoxication or gambling in their said house, the privileges hereby granted shall cease; and the said company shall not ihemselres

engage in the business of hotel keeping. Capital stock. SECTION 2. That the capital stock of said corporation shall be

forty thousand dollars, with the privilege of increasing the same to one hundred thousand dollars, and be divided into shares of fifty dollars each; and said capital stock shall be held as personal property, and be insured and transferred under such regu

lations as the board of managers may determine. Government and Section 3. That the government and control of the said comcontrol.

pany, and the management of its property, shall be vested in, and the corporate powers of the said company shall be exercised by a board of nine managers, who shall be elected by ballot, from among the stockholders, and continue in office until their suecessors are elected; they shall elect a president from among themselves, and shall also elect a secretary and treasurer, and supply all vacancies in their number, however occasioned, and shall have general and entire control of the affairs and interests of the company; and until other officers be duly elected, the persons named in the first section of this act shall be held to be managers of the said corporation, and shall have full power and

authority as such. Annual olcotion SECTION 4. That a general meeting of the stockholders shall for managers. be held, annually, on the third Saturday of January, for the

election of nine managers and the transaction of other business; but if such meeting or election shall not then take place, the corporation shall not for that cause be dissolved, but such ineering, or election, shall take place as soon thereafter as may be, one

week's public notice of such meeting being first given, in ege Notice of to be newspaper in the city of Philadelphia, and in each of the coanpablished. ties of Delaware, Chester and Nonigomery, and special meet

ings of the stockholders may be called and held as may be provided by the by-laws or by resolution of the board of managers; and in ihe enactment of by-laws for the government of the corporation and its officers, and in the election of officers and the decision of all questions, at all the meetings of the corporation, the stockholders present, either in person or by proxy, shall

&e.

severally be entitled to one vote for each share of stock held by Votes. them.

Section 5. That the said company shall have power to borrow May borrow mo. money to an amount not exceeding one-half its capital stock, pey, issue bonds, and to issue bonds therefor for such amount, and payable at such time or times, and at such rate of interest, not exceeding eight per centum per annum, and to sell the same at such rate of discount as the board of managers may determine ; and it shall be lawful for the board of managers of said company to secure the payment of said bonds by a mortgage or mortgages, executed in due form, in the corporate name of the said company and ander its corporate seal, to trustees to be named therein, on the lot or lots of ground, and hotel, and other buildings erected or to be erected thereon, franchises, and all property, real or per. sonal, of the said company, and the revenues, rents, issues and profits thereof, as they may deem best.

JOHN M. THOMPSON,
Speaker of the House of Representatives pro tem.

WM. M. FRANCIS,

Speaker of the Senate. APPROVED— The twenty-fourth day of March, Anno Domini one thousand eight hundred and sixty.

WM. F. PACKER.

No. 602.

AN ACT

To incorporate the Commercial Guarantee Company. Section 1. Be it enacted by the Senate and House of Represen. Catives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That William H. Kern, Peter C. Elmaker, Price J. Patton, John G. Corporators. Kershaw, John R. Jennings, Elihu E. Smith, Richard G. Stotesberry, Robert N. Jeffries and John Hill Mariin shall be and they are hereby created and constituted a body politic and corporate, under the name, style and title of “ The Commercial Guarantee Style. company,” for the purpose hereinafter mentioned; that is to say, they, or a majority of them, are hereby authorized to receive subscriptions from all persons duly qualified and desirous of Purposes. taking stock in the company incorporated by this act, and the form of such subscriptions shall be as follows, viz: We whose names are hereunto subscribed, do severally promise to pay to Form of subscripthe Commercial Guarantee company, the sum of fifty dollars for tion. each and every share of stock set opposite to our respective names, at such times and in such instalments as the directors of

the said company may require. And the said persons, at the time of subscribing, shall pay to the said company an instalment of five dollars on each share of stock by them respectively sub

scribed. Powers.

Section 2. That the aforesaid persons, and those who may become associated with them, and their successors, shall be known and styled “ The Commercial Guarantee company," and by the same name have perpetual succession; and shall be able

to sue and be sued, plead and be impleaded, in all courts of record Seal

or elsewhere; and to make and to have a common seal, and the same to break, alter and renew at pleasure ; and also to ordain, establish and put in execution such by-laws, ordinances and regulations as shall appear necessary and convenient for the gor. ernment of said corporation, not being contrary to the constitution or the laws of the United States, or of this commonwealth, and generally to do all and singular the matters which to them it shall lawfully appertain to do for the well being of the said corporation, and the due management and ordering of the affairs

thereof. Capital stock. SECTION 3. That the capital stock of said corporation shall

consist of five thousand shares of fifty dollars each, subscribed for as aforesaid, to be paid in such instalments as the board of directors of said company may determine; which said capital may at any time hereafter be increased by them, not exceeding

ten thousand shares of fifty dollars each; and if any subscriber, Refusal to pay

his or her assignee or transferee, shall refuse to pay the first or instalments, any subsequent instalment, called for and demanded by the direlative to.

rectors as aforesaid, such subscriber, his or her assignee or transferee, shall forfeit each and every share on which the payment shall not be duly made, and all payments made on account of the share or shares so forseited; and new subscriptions may be opened and received for the share or shares so forfeited, at the

discretion of the board. Managemont.

Section 4. That the affairs of said company shall be managed

by twelve directors, stockholders of the said corporation, who Direstors, when shall be elected annually, on the first Monday of January, of

each and every year, between the hours of ten, A. M., and iso,

P. M.; and the directors so elected shall appoint a president Officers. and vice president of the company, and such other officers and

agents as they may deem necessary for conducting the business of said corporation, who shall perform the duties of their respective offices until they shall be re-elected, removed from office,

or their successors shall be chosen ; the directors shall allow Compensation. the persons so appointed such compensation for their serrices,

respectively, as they shall deem reasonable, and generally to er. ercise all other powers and authorities for the well governing and ordering of the affairs and funds of the said corporation as this act confers or allows, or as hereafter may be conferred or allowed by the laws, regulations and ordinances of the said ear. poration ; in case of death or resignation of any director, the remaining directors shall elect a member of the corporation to

fill such vacancy. Elections, rela- Section 5. That at all elections for directors the vote of stock

holders shall be by ballot, each share of stock having one vote; but no number of shares above fifty shall give any right to any

to be elected.

additional votes, nor shall any stockholder be entitled to vote votes.
unless the share or shares held by him or her shall have been
standing in his or her name, on the books of the said corpora-
tion, for three months previous to said election : Provided, That Proviso.
every stockholder, at the time of the first election of directors,
shall have and enjoy the privilege of voting as aforesaid ; and
the first election of directors shall be held within ninety days
from and after the passage of this act; and the directors chosen
at said election shall hold their offices until the first annual elec.
tion thereafter, as herein provided for, and until new directors
shall be chosen.

SECTION 6. That the Commercial Guarantee company shall The kind of ovi. be empowered to guarantee the payment of promissory notes, dences of debt of acceptances, bills of exchange, or any other kind of obligation may be guaran. or debt, for such rates of premium as may be agreed upon be- teed. tween the parties, and to accept, receive and hold all and any collateral or other securities therefor, and to execute such agreements, policies and other instruments of writing as shall or may be necessary to effect that purpose, and to collect such debts.

Section 7. That for the purpose of securing the payment of Real estate. any obligation or debt guaranteed by the company, and which may not be paid at maturity, the said Commercial Guarantee company may purchase, receive and hold any real or personal property, and may sell, assign and convey the same in fee or Otherwise: Provided, That the aggregate amount of real estate Proviso. so held, including such as may be necessary for the accommodation of the said corporation in the transaction of its business, shall not at any time exceed in value one-fourth of the capital stock subscribed.

Section 8. That the shares of stock of the said corporation Transfer or asshall be assignable and transferable only on the books of the signment of stook corporation, according to such rules and regulations as the directors shall make and establish for that purpose, and not otherwise.

Section 9. That the directors shall, on the first Monday in Dividends. January, in each and every year, declare a dividend of so much of the profits of the corporation as to them shall appear advisable; and the dividends so declared shall be paid to the respective proprietors, agreeably to such rules and regulations as the directors shall make for that purpose; but the moneys received as premiums on risks, which shall be undetermined at the time of making such dividends, shall not be considered as a part of the profits of the corporation ; and in case of any loss or losses, whereby the capital stock of the company shall be lessened, no subsequent dividend shall be made until a sum equal to such diminution shall have been added to the capital.

Section 10. That after said corporation shall have declared a Per cent. to the dividend of eight per centum on the whole amount of its capital state. stock, it shall pay into the treasury of the state ten per centum of such surplus profits of said corporation as shall either be declared by dividend or remain in said corporation undivided.

Section 11. That the said company shall pay into the trea. Bonue. sury of the commonwealth a bonus of one-half of one per centum on the capital stock of said company, and upon any increase thereof, payable in four equal annual instalments, the first pay

ment to be made in one year from the date hereof; and the said Taxon dividends corporation shall also pay such taxes upon dividends as are or may be provided by law.

JOHN M. THOMPSON, Speaker of the House of Representatives pro tea.

WM. M. FRANCIS,

Speaker of the Senate. APPROVED—The third day of April, Anno Domini one thousand eight hundred and sixty.

WM. F. PACKER.

No. 603.

AN ACT

To incorporate the Southern Mutual Fire Insurance Company of York

county. Section 1. Be it enacted by the Senate and House of Represen. tatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That Peter Raab, Jacob Kohler, Henry Seichrist, Jonathan Neff, Benjamin Tyson, John Peeling, Peter Feigley, David Herbst, junior, Adam Nes, Andrew Meyers, John S. Keech, Henry Grove and Jacob Hovis, of the county of York, are hereby appointed commissioners, who, or a majority of them, are authorized and empowered, from and after the passage of this act, to establish an insurance company by the name of the Southern mutual fire insurance company of York county, to be located in said county, and limited in its operations to the townships of York, Spring Garden, Windsor, Hopewell, Springfield and Chanceford; which said company shall be organized and managed according to the provisions of an act to provide for the incorporation of insurance companies, approved the second day of April, Anno Domini one thousand eight hundred and fifty-six, and shall be limited to the ricks designated in the first class in the seventh section of sáid act, and shall transact its business upon the mutual principle.

JOHN M. THOMPSON, Speaker of the House of Representatives pro tem.

WM. M. FRANCIS,

Speaker of the Senate. APPROVED—The twenty-sixth day of March, Anno Domini one thousand eight hundred and sixty.

WM. F. PACKER.