Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1855-01-27
Approved, January 10, 1855.

AN ACT to incorporate the Mutual Fire Insurance
Company of the District of Columbia
Be it enacted by the Senate and House of Repre-
sentatives of the United States of America in Con-
gress assembled That Ulysses Ward. Thomas BIag-
den, F. Howard. J. O. McKelden, John Van Res
wick, P. W. Browning and Matthew G. Emery,
and their present and future associates are hereby
declared to be body polite and corporate under
the name and style of the Mutual Fire Insurance
| Company Of the District Of Columbia" and by the
same name shall have perpetual succession; and
shall be able to sue and be sued, plead and be i'm
pleaded, in all courts of law and equity in the Dis
trict of Columbia and elsewhere and to make and
to have a common seal, and the same to break, al.
ter and renew at pleasure to ordain and establish
such bylaws, ordinances, and regulations and gen.
orally to do such acts and things as are or NAV be
necessary to carry into effect this act and promote
the objects and designs of this corporation
SEC. 2. And be 1t further enacted, That the pur-
poses and designs of this corporation shall be to
insure the respective dwelling houses and other
buildings, furniture, and every description of pro
perty of the members thereof against loss or dam
age by fire.
SEC 3. And be it further enacted That the cap
its stock of this company shall consist of the pre-
MUM notes given by the insured and of the case
paid in as interest on said premium notes, which
cash shall never exceed twenty thousand dollars
Said notes shall be payable on demand and shall
constitute and be alenao the amount thereof re-
spectivey, upon all buildings insured by said COM
pany, and the land upon which they stand, and the
sppurtensnces to such land and upon the estate and
interest, legal or equitable Of the assured in such
buildings, lands and appurtensnces and upon the
other property insured by said company in consid-
Grafton thereof; Provided, That said company shall
file in the Office of the clerk of the circuit court Of
the District of Columbia memorandum of the
name of the individual insured description of the
property. and the amopnt OF the premium note I'M
paid; and the said note, upon the filing of said
memorandum, shall be deemed and taken to be in
all respects as Judgment entered upon confession
by virtue Of warrant Of attorney, aud execution
may at any time be had thereon for so much as by
virtue of the provisions of this act may be due and
demeanable; but the lien thereof shall commence
with the fling Of the memorandum in the said Of
flee: PrOvided, That such lien shall not be con-
strued to take from such person insured as aforesaid
the privilege of freeholder: Provided further,
That the privileges immunities, and franchises
granted by this act shall be confined to the District
of Columbia.
SEC 4. Aad be IL further enactsd That all persons
who shall hereafter insure with said corporation
and also their heirs executors administrators, and
assigns, continuing to be insured by said corpora
ton, shall thereby become members thereof during
the period they shall remain insured by said corpo-
ration and no longer.
SEC 8. and be 1t further enacted That any men,
Der of the said corporation shall have full power to
withdraw therefrom at any time by applying to the
proper officer thereof and paying any arrearages of
assessments that he may then owe the company
when the said officer shall cancel such insurance or
assurances as may be in the name of the person or
persons so withdrawing; and also cancel such prem
ium note or notes for which said person is respon-
sible, and return any amount of money which may
be due said person on the books of the company
and such person shall be debarred from all claims on
this company for any loss or damage by fire subse-
quent to the time of such withdrawal and the an
ceiling such insurance: Provided That such prem
um note or notes shall not be cancelled or in any
manner discharged or given up until all such ar
rearages paid, and also ell assessments there
upon to be thereafter made on account of liabilities
of the company incurred before or at the time of
such withdrawal.
SEC 6. And be It further enacted That the affairs
of said corporation snail be conducted by board
consisting of seven managers, to be elected at the
annual meetings of the members, and to continue
in Office until successors are chosen not less than
majority of whom shall be quorum to DO business,
but less number may adjourn from time to time.
Vacancies happening in said board may be fled by
the remaining managers for the remainder of the
year for which they were elected. The board shall
choose one Of their number as president, and ap-
point secretary and treasurer and such other Of
fcers as may be necessary for conducting the affairs
ofsad corporation
SEC. 7. And be 1T further enacted, That the per-
sons named in this act be- and they are hereby ap-
pointed board ofmanagers Of the said Mutual In
surance Company until their successors are chosen
as herein provided; and such Of them as shall be
present at their first meeting may proceed to Or
ganize by electinga president and secretary there
Of and as soon thereafter practicable adopt by
laws, provide the necessary books, and otherwise
prepare the company for the transaction of business
and, when prepared, to exercise general super
ntendence of the affairs of the company: Proyi-
ded, That the said by laws shall only be made by
the concurrent vote Of at least two thirds of the
whole board Of managers exclusive of the president;
and any alteration or amendment shall only be |
made by general meeting of the members of the |
company at any annual meeting, and two-thirds of |
the votes shall decide and any alteration thus made
shall be binding on all the members Of the compa-
ny.
SEQ 8. And be 1t further enacted, That the man
ayers NAV determine the rates of insurance, the !
sum to be insured and the rate of interest to be
paid upon the deposite notes. provided it shall not
exceed six per centum per annum; but no more
than FIVE thousand dollars shall be insured on any
one risk, unless the premium notes shall amount 10
over one hundred thousand dollars and in that case
no risk to exceed five per centum on the whole a
mount of premium notes
SEC 8. And be II further enacted, That every per-
son who shall become member ofsaid corporation
by efecting insurance therein, shall, before he
cevesa policy, deposite his promissory note for
such sum and upon such interest not exceeding six
per centum per annum, as may be determsned by
he managers; and said note, and all interest paid
thereon shall be liable, in part or the whole at any
lime, when the managers shall deem the same re-
luisite for the payment of losses and such ncider
al expenses as may be necessary for transacting
he business said company, in proportion to the
AMOUNT of said notes.
SEC. 10. and belt further enacted, That suits may
'e commenced by any member against this corpo-
alton for damages sustained by fire, if Payment is
withheld for more than sixty days after the compa-
" are duly notified of the same; and no member of
his corporation not being in his individual capaci-
y party to such suit, shall be incompetent as
witness in such suit on account of his being men,
er of said company t
SEC. II. Amdbs it further enacted, That whenev- +