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14

BY-LAWS
OF THE
UNITED STATES MUTUAL PROTECTION COMPANY,
FOR ENCOURAGING SETTLEMENTS IN THE SOUTHERN STATES

1st. Whenever five hundred shares of the capital stock shall be subscribed by five or more citizens of any State, the General Agent shall call a meeting of such stockholders at such place in such State as he shall think proper, who shall select a Vice-President, Assistant Secretary, and Sub-Treasurer from among their own number, to be recommended by them to the Executive Committee, who shall, if there be no reasonable objection to their appointment, be duly commissioned by the Executive Committee.
2d. The General Agent shall appoint such number of Sub-Agents in each State as he shall think proper, who shall be authorized to receive subscriptions to the capital stock of the company, collect instalments or other moneys for the company, and execute receipts for the same; and the Sub-Agent shall pay over to the Sub-Treasurers of their respective States all sums of money received by them, whenever a Sub-Treasurer shall have been appointed, taking his receipt for the same, who shall pay over all such sums upon the requisition of the Executive Committee, specifying the purpose to which the same is to be applied. And the Sub-Agents shall be entitled to such compensation and shall be agreed upon by the General Agent and themselves.
3d. Any person who shall subscribe for one share or more of the capital stock of the company, and pay the first instalment upon the same, shall become a member of the company, and be entitled to one vote, in person or by proxy, upon each share of stock held by him, which stock shall be transferable upon the books of the company, and entitle the holder to all dividends


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which may be declared upon the same. But no stockholder shall be entitled to the emigrating advantages provided by the company, unless he shall be the owner of at least five shares of stock upon which the first instalment has been paid.
4th. Any person who shall pay to the General Agent, or to any Sub-Agent the sum of twenty-five dollars shall be entitled to all the emigrating advantages provided by the company, without becoming a stockholder or incurring any of the contingent liability of stockholders.
5th. Whenever any instalment shall be called for by the Executive Committee, thirty days notice shall be given of the same by publication in a newspaper printed at the capital of each State, and when practicable, by circular sent by mail to the stockholders. And if any stockholder shall fail to pay such instalment at the time when the same is payable, he shall thereby forfeit to the company his stock, and all previous instalments paid upon the same, but he shall be under no personal liability to pay any such instalments, nor any of the debts or liabilities of the company.
6th. If the capital stock of the company should at any time be increased, the privilege of subscribing fo the same shall first be offered to the owners of the first ten thousand shares, for the period of thirty days, and thereafter to other parties.
7th. It shall be the duty of the Executive Committee to appoint one or more trustees, not exceeding three, tow whom and to their successors, all leases and conveyances shall be executed in trust for the use of the company, and who shall execute sub-leases or conveyances to such persons, and in such manner, as the Executive Committee may direct; and the trustees, if more than one, shall act jointly in all cases; and the Executive Committee may fill vacancies which from any cause may arise in the trusteeship.