any future premiums; and the said liabilities shall include the amount of capital stock paid in, the net value of all outstanding policies and annuities, all losses reported and not paid, and all other debts against the company, except the present values of sums insured. The balance, or excess of the assets over the liabilities thus stated shall be regarded as profits, and shall be applied to the payment of dividends as follows, viz.: First, a dividend of seven per cent. per annum on each share of the capital stock, in such manner and at such times as the directors may determine. Second, the balance of the net profits after paying the dividend to stockholders, shall be credited to such policy holders as are entitled to participate in profits, in proportion as each policy has contributed by premiums and interest on premium reserve to the production of surplus; and shall be payable in cash to holders of paid up policies, and shall be credited to the premium account of the other participating policy holders; provided, however, that the policy holders shall not be entitled to have such portion of the net profits as may be set aside for the purpose of creating and maintaining a reserve fund of two hundred thousand dollars, or the interest on said reserve fund.

SEC. 2. Sections six and seven of the charter of said company are hereby repealed.

SEC. 3. This act shall take effect immediately.

AN ACT TO INCORPORATE THE AMERICAN BUTT COMPANY.

It is enacted by the General Assembly as follows:

SECTION 1. Henry C. Pabodie, B. Frank Pabodie, Benjamin M. Hubbard, Stephen O. Randall, their associates, successors, and assigns, are hereby made a body corporate and politic, by the name and style of the American Butt Company, for the purpose of manufacturing Butt Hinges, and other iron castings; and for the transaction of other business connected therewith; and by that name shall have perpetual succession, may make, have, and use a common seal, and the same break, alter and renew at pleasure; with all the powers and privileges, and subject to all the duties and liabilities,

set forth in chapters 125 and 128 of the revised stat utes, and of any act in amendment thereof or in addition thereto.

SEC. 2. The capital stock of said corporation shall be one hundred thousand dollars, to be divided into shares of one hundred dollars each, which may be increased by vote of said corporation to any amount not exceeding three hundred thousand dollars. Said shares shall be transferred in such mauner as shall be prescribed by the by-laws of said corporation.

SEC. 3. The stock or shares of every stockholder shall be pledged and liable to the corporation, for all debts and claims so due and owing from such stockholder to such corporation, whether over-due, or due at a future time, and whether arising from assessments or in any other manner; and such stock or shares may be sold for the payment of such debts and demands in such manner as the corporation by its by-laws may prescribe; and in case the proceeds of such sale shall be insufficient to discharge such debts or demands, the corporation may have their claim against the debtor for the balance due; and in case of a surplus over such debts and demands, interest and expenses, the same shall be paid back to the debtor.

SEC. 4. No stockholder shall transfer his stock or shares or any portion thereof, without first giving the corporation the refusal of the same, at the lowest price for which he shall be willing to sell.

SEC. 5. There shall be an annual meeting of the stockholders of said corporation, to be holden in Providence, at such time as the corporation shall by its bylaws determine, for the choice from the stockholders of officers, and for such other business as may come before them; but the validity of this act shall not be impaired by the failure to hold such meeting, but the business of such meeting may be transacted at any legal meeting of the corporation held thereafter.

SEC. 6. Said corporation shall have a counting-room and place of business in Providence, and at all proceedings at law, or in equity, in which said corporation shall be a party, the leaving of an attested copy of the writ, summons, or other process with the secretary, or treasurer of said corporation, at such place of business, shall be deemed sufficient service thereof.

AN ACT TO INCORPORATE THE ENTERPRISE COMPANY.

It is enacted by the General Assembly as follows:

SECTION 1. J. E. Taylor, E. G. Sweet, J. P. Ray, R. G. Randall, Cyrus Arnold, S. N. Mason, Gilbert Darling, Jos. G. Ray, R. P. Smith, and their associates, successors, and assigns, are hereby constituted and created a body corporate, under the name of the Enterprise Company, for the purpose of manufacturing agricultural implements and carrying on other manufacturing and mechanical business, with all the privileges, and subject to all the duties and liabilities set forth in chapters 125 and 128 of the revised statutes, and of the statutes and amendments thereof and in addition thereto.

SEC. 2. The capital stock of said corporation shall be fifty thousand dollars, ($50,000,) to be divided into shares of fifty dollars each, which may be increased by a vote of said corporation to an amount not exceeding five hundred thousand dollars. Said shares shall be transferred in such manner as shall be prescribed by the by-laws of said corporation, but no stockholder shail transfer his stock or any portion of the same without first giving the corporation the refusal of the same at the price at which he is willing to sell.

SEC. 3. The stock or shares of each and every stockholder shall be pledged and liable for all debts and demands due and owing from such stockholders to said corporation, whether over due or due at a future day, or whether the same shall arise from assessments or instalments, or from any other contract originally made with said corporation, and said stock or shares may be sold for the payment of said debts and demands by an officer of said corporation, at public sale, after having been advertised at least three weeks, in newspapers published in Providence county, and in case the proceeds of such sale be insufficient to discharge such debts with the incidental expenses of sale, the corporation may have their action against the debtor for the balance due.

SEC. 4. There shall be held an annual meeting of stockholders of said corporation, at such time and place as the by-laws shall prescribe, but the omission to hold such annual meeting on the day prescribed shall not

impair the validity of their charter, but the business of such annual meetings may be transacted at any legal meeting of the corporation held thereafter. At all meetings of the corporation not less than four-tenths of the shares shall constitute a quorum for doing business, and all matters shall be decided by a majority of the votes present, allowing each stockholder, either in person or by proxy, one vote for each share by him owned.

SEC. 5. No by-laws shall be changed without the assent of the stockholders representing two-thirds of the stock, nor without at least three weeks previous notice having been given.

SEC. 6. The first meeting for organization of the corporation shall be called by any three of the persons named in this act.

SEC. 7. Said corporation shall have an office or place of business in the town of Woonsocket, and in all proceedings in law, or in equity, the leaving an attested copy of the writ, summons, or other process with the clerk, agent or treasurer, or at such place of business, shall be a sufficient service thereof.

AN ACT TO INCORPORATE THE PROVIDENCE CHRISTIAN UNION.

It is enacted by the General Assembly as follows:

SECTION 1. William B. Weeden, Charles H. Merriman, Charles P. Hartshorn, S. H. Tingley, Alfred Stone, H. F. Hinckley, C. S. Aldrich, H. R. Chace, their associates, successors and assigns, are hereby created a body corporate and politic, to be located in the city of Providence, by the name of the Providence Christian Union, for the purpose of diffusing moral instruction and christian knowledge among the community, elevating the standard of public morals, and promoting the cause of free religious worship; and by that name shall be able and capable in law, to take, hold and convey real estate to the amount of forty thousand dollars, and shall be entitled to all the privileges, and subjected to all the liabilities to which corporations are entitled and subjected under the provisions of chapter 125 of the

revised statutes, and of all acts in amendment thereof in addition thereto.

SEC. 2. The capital stock of said corporation shall be forty thousand dollars, to be divided into shares of five hundred dollars each. Said shares shall be transferred in such manner as shall be prescribed by the bylaws of said corporation.

SEC. 3. The stock or shares of every stockholder shall be pledged and liable to the corporation for all debts and claims, due and owing from such stockholder to the corporation, whether over due or due at a day future, and whether arising from assessments or otherwise. And such stock or shares may be sold for the payment of such debts and demands in such manner as the corporation, by its by-laws, may prescribe; and in case the proceeds of such sale shall be insufficient to discharge such debts or demands, the corporation may have their action against the debtor for the balance due.

SEC. 4. No stockholder shall transfer his stock or shares, or any portion thereof, without first giving the corporation the refusal of the same at the lowest price for which he is willing to sell.

SEC. 5. There shall be an annual meeting of the stockholders of said corporation to be holden in Providence, at such time as the corporation shall by its bylaws determine, for the choice from the stockholders of officers, and for such other business as may come before them; but the validity of this act shall not be impaired by the failure to hold such meeting, but the business of such meeting may be transacted at any legal meeting of the corporation held thereafter.

AN ACT IN AMENDMENT OF AN ACT ENTITLED "AN ACT TO INCORPORATE THE NEW YORK, PROVIDENCE AND BOSTON RAILROAD COMPANY," AND OF THE SEVERAL ACTS IN AMENDMENT THEREOF.

It is enacted by the General Assembly as follows:

SECTION 1. The New York, Providence and Boston Railroad Company, is hereby authorized and empowered to borrow money and issue its bonds therefor to an amount not exceeding fifteen hundred thousand dollars, payable in not exceeding forty years, bearing