Publisher's Synopsis
Excerpt from Charters and by-Laws of Thirty-Five Life Insurance Companies: Full Text of the Original Charters, With Amendments Thereto, and Complete Copies of the by-Laws; February, 1896
Sec. 4. The said directors shall choose one of their number to be president of said corporation, and in case of his absence from business may, so often as necessity shall require, elect from among themselves a president for the time being; and in case any vacancy shall occur in said direction, said directors may elect a director or directors, from among the stockholders, to fill such vacancy, who shall hold their office at pleasure, until others are chosen in their room; and said directors shall have power to appoint, for the time being, such officers, secretaries, agents and servants as they shall judge necessary, and shall be capable of performing such other acts, and exer cising such other powers, as shall be by them deemed for the best interest of the company. And no director shall be entitled to any emolument unless by vote of the stock holders in general meeting.
Sec. I The directors shall determine what number of their own body shall constitute a quorum for the trans action of business, and when such quorum is formed, if the president is not present, the electors present shall appoint a president pro tempore.
Sec. 6. The number of votes each stockholder shall be entitled to in the choice of directors, or any other con cern or business of the company, shall be equal to the number of shares he shall be the owner of; provided, no stockholder shall, by virtue of the number of shares he may be the owner of, in any case be entitled to more than fifty votes.
Sec. 7. The stockholders shall be entitled to vote in person, or by proxy duly appointed; and none but stock holders shall be eligible as directors.
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