OF CORPORATIONS. conducted for the benevolent purposes of its incorporation, and has greatly improved the condition of the destitute classes, and lessened the burden of taxation, and in this work, wholly of a public and charitable nature, has derived its support almost exclusively from private contributions and bequests of charitable persons. Be it enacted by the Senate aud House of Representatives of the State of Delaware in General Assembly met, (two-thirds of each branch of the Legislature concurring herein, poration ex taxation, &c. SECTION 1. That any and all property now held or that All property may hereafter be acquired in any manner by the trustees of of the cor the Home for Friendless and Destitute children in the city of empt from Wilmington, together with any and all gifts, devises, bequests, or legacies to it in any manner heretofore or hereafter given, are, and shall be, exempt from all taxes, assessment and abatement whatsoever, for State, county, municipal or other purposes, so long as the same is held or used for the present charit- How long. able purposes. chapter 297, SECTION 2. That the act to which this is a further supple- Section 1, of ment be and the same is hereby amended by striking out the volume 12, word "ten" in the twenty-eighth line of Section 1, and inserting in lieu thereof, the word "twenty." Passed at Dover March 12, 1877. amended. CHAPTER 425. CORPORATIONS. Vol. 10, 276. A further supplement to an act entitled "AN ACT" to incorporate the vol. 13, 662. New Castle County Mutual Insurance Company, passed Feb. 6, 1849. Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met, (two-thirds of each branch of the Legislature concurring herein,) as follows, to wit: Current vol., 108. volume 10, SECTION 1. That section 6, of the act entitled "An Act to Section 6, of incorporate the New Castle County Mutual Insurance Com- chapter 290, pany," passed at Dover, February 6, 1849, be and the same is amended. upon division profits. Its object. OF CORPORATIONS. hereby amended by adding thereto the following paragraph, to Restriction wit: "There shall be no division of any part of the surplus of surplus profits of the said company among its members, until such surplus shall exceed two per centum of the total amount insured by said company, and such division, when made, shall be only of such excess of the surplus above the two per centum aforesaid, to the end that such surplus shall at no time after having reached two per centum of the amount insured, be reWhen mon- duced by a division of the same below that proportion. If any withdrawing member of the company, having withdrawn his or her insurshall be for ance as hereinbefore provided, shall fail, within two years after such withdrawal, to apply for the payment to him or her of such sum or sums of money as by the terms of his insurance, or under the provisions of said act he or she may be entitled to upon such withdrawal, the same shall be forfeited for the benefit of the company. eys due to members feited. Company may, by its SECTION 2. And whereas, it is represented that the present by-laws, pre- system of taking from persons applying for insurance, deposit Scribe a sub- notes for the principal sum upon which annual interest is to be present sys- paid, as the premium for insurance, is found to be inconvenient tem of depos and cumbrous, therefore, full power and authority is hereby stitute for the it notes. given to the said company, to prescribe by its by-laws as a substitute for such deposit note, any other form or mode of agreement or evidence of indebtedness on the part of persons applying for insurance, which shall, by said company, be deemed most suitable and convenient for securing to it the payment of such principal sum, with the annual interest and assessments thereon, and for securing the performance by the person insured, of his obligations and duties as a member of said company: And the said company shall have power, from amended by time to time, as may be found necessary, to amend any by-law which shall be adopted, touching the premises, and such amended by-law shall have full force and legal effect so far as it shall apply to insurance thereafter made. Such by laws may be company. Act to take certificate of SECTION 3. This act shall take effect as soon as there shall effect when be filed in the office of the Secretary of State, a formal certifiacceptance cate under the hand of the president, and the seal of the coroffice of Sec. poration, that this supplement has been submitted to and ac is filed in retary of State. Public act Revocation. cepted by a meeting of the said company, to be called by the president for that purpose, of which meeting, notice shall be published for, at least, one week in two newspapers of the city of Wilmington. SECTION 4. This act shall be deemed and taken to be a public act, and the power to alter or revoke the same is hereby reserved to the Legislature. Passed at Dover, March 13, 1877. OF CORPORATIONS. CHAPTER 426. CORPORATIONS. AN ACT to incorporate "The Agricultural Society, of Kent county, at ers. SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met, (two-thirds of each branch of the Legislature concurring,) That Daniel P. Barnard, Jr., Samue! B. Cooper, John J. Rosa, CommissionWilson L. Cannon, William R. Cahoon, Jehu M. Reed, Jabez Jenkins, Thomas E. Bailey, John Goldsborough, Alfred L. Hudson, James K. Burnite, Thomas J. Marvell, Elias S. Reed, Zebulon Hopkins, Charles C. Babbitt, Robert W. Reynolds and William G. Postles, be and they are hereby appointed commissioners to do and perform the several things hereinafter mentioned, that is to say, they or a majority of them shall procure and cause to be opened at such time and places and on such notice as they may deem proper, suitable books books for for subscriptions to the stock of "The Agricultural Society of stock subKent county," and they shall permit all persons of lawful age who may to subscribe in such books in their own name or in the name subscribe, of any other person or company who may authorize the same, for any number of shares in the stock of said company; pro- Proviso. vided, no one person or company shall be allowed to take more than fifty shares. The capital stock of the company Capital aforesaid, shall not exceed five thousand shares at ten dollars Shares. each. To open and how. stock. tion. powers. SECTION 2. And be it further enacted as aforesaid, That when and as soon as five hundred shares of the said capital stock in said company shall be subscribed on the books of the company as aforesaid, the subscribers, their successors and assigns shall be and they are hereby declared to be incorporated Incorporaby the name and title of "The Agricultural Society, of Kent Name. county," and by that name the subscribers shall have perpetual succession, and be able in law to sue and be sued, plead Corporate and be impleaded in all the courts of this State, and be able to purchase, receive, have, hold and enjoy to them and their Hold real essuccessors, real estate, not exceeding one hundred and fifty ceeding 150 acres of land, and personal estate of every kind whatsoever, acres. and the same to grant, mortgage, sell, aliene and dispose of, and to declare dividends on the said stock, of such portions of the profits of the company as they may deem proper, also to make and have a common seal, and the same to alter or renew tate not ex Proviso. OF CORPORATIONS. at pleasure, and also to make and ordain by-laws for the government of the said corporation, conformable to the constitution of this State and the constitution of the United States, and generally to do all and singular the matters and things which to them it may appear proper to do, for the well being and ordering of the same. Provided, That nothing herein Restrictions, contained shall confer any banking privileges on the said company, or any other liberties, franchises or privileges than such as are properly incident to the growth and development of a corporation having as the object of its creation the promotion of agriculture, good husbandry, and the mechanic arts, essential thereto. Meeting for organization.. Notice, Nine directors. When and how elected. Must be stockholders. SECTION 3. And be it further enacted as aforesaid, That as soon as five hundred shares shall have been subscribed, as aforesaid, the said commissioners or a majority of them, after giving at least ten days' notice thereof in two newspapers published in Kent county, shall call a meeting of the subscribers to the said stock, to be held at Dover, in a place designated in said notices, to organize the said company by the election of nine directors, all of whom shall be stockholders in said company. SECTION 4. And be it further enacted as aforesaid, That at the first meeting of the stockholders, to be held under the call of the said commissioners as aforesaid, and at every annual meeting of the stockholders, to be held thereafter on the first Tuesday in the month of January, in every year, at Dover, as aforesaid, they shall elect nine directors, who shall be stockholders in said company. The first election of directors shall be conducted by two of said commissioners as judges thereof, and all subsequent elections of directors shall be conducted by two stockholders as judges, appointed by the chairman of the stockholders' meeting, who are not in the Board of directors. The directors, immediately after their election, shall proceed to choose one of their number to be president of the company and of the said Board, and another officers; how of the said Board to be treasurer of the company, and also a secretary of the company, and the term of such officers shall be until the the next annual meeting of the stockholders, or until their successors shall have been duly chosen. If the treasurer or secretary, so chosen, refuse to give a sufficient bond for the performance of the duties of their respective offices, or refuse to act, the said directors may elect another to fill such place. A majority of the said directors may constitute a quorum for the transaction of business, and in the absence of the president may appoint a president pro tempore. At President and other elected. Term. Refusal to give bond. Quorum. President pro tem. OF CORPORATIONS. Elections; how con Each share all elections for directors of said company by the stockholders, the vote shall be by ballot, and each share of stock shall ducted. count one vote. The vote may be cast by the owner or by to have one written proxy of the owner. Occasional meetings of the vote stockholders may be held at the call of the directors at the ings. place to be designated in the notices thereof, signed by the president and secretary, and published as aforesaid. Other meet where held. SECTION 5. And be further enacted as aforesaid, That all Meetings of meetings of the directors of said company shall be held in directors; Dover, and the said directors shall have the general direction, Powers. conduct and management of the lands and property, affairs and operations of the said company, and for that purpose shall have power to appoint and employ all such officers and agents, workmen and laborers as they shall deem necessary, and to fix the compensation thereof, subject to the order of the stockholders at any annual meeting, the effect of which order shall be prospective only, to take bonds with security from the agents or any of them for the faithful performance of their duties, and to procure such materials as shall be necessary to construct all needful buildings for fairs or otherwise, and to grant premiums, medals or other gifts as re- Award premwards of merit for industry, discovery, or improvement in iums. the matters pertaining to the objects of this company as from time to time may be deemed proper. They shall also have power to make and prescribe the by-laws for the gov- By-Laws. ernment of the company, but the stockholders may, at their annual meetings, alter or amend the same. The directors of the company shall provide certificates of stock Certificates which they shall issue under the seal of the corporation and signature of the president, countersigned by the secretary and treasurer, for all the shares subscribed, upon payment of the subscription. The stock may be transferred, and the name of the holder be registered, on the books of the company. of stock. injuring SECTION 6. And be it further enacted as aforesaid, That if Penalty for any person or persons shall willfully and intentionally injure property of or damage any part of the property owned by this corpora- corporation. tion, they shall be liable to it for double the amount of dama- Double damges sustained, and shall be, moreover, guilty of a misde- Misdemeanor, and may, on indictment and conviction, be fined at Fine. the discretion of the court. ages. meanor. board; how SECTION 7. And be it further enacted as aforesaid, That the Minutes of directors shall procure a book or books in which the secre- kept. tary of the company shall record the minutes of proceedings of all meetings of the Board, the same having been first signed by the president and then attested by the secretary, |