Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1855-05-12
lPublic LII


Be 1t enacted Cy the Senate md House Of Rszyest.,
Of tile United otaies Y dnieicu IN CAyres qssen5lsJ " Tt
den, John Van Reswick, p. W. Browning and MaitIAe
Emery and their present and future associates are how
declared To be budy polite and corporate under the r!
style Mutual Flre INSURANCE ComIan ue name
District Of Columbia and by the shall luyrn NC
petual succession and shall be able sue and hn
plead and be mpleaded of law eand tn
the District of Columbia and elsewhere and max INV
to have common SEAL and the to break alter G
pleasure ordain and establish such bvl, a
ordinances, and regulations and generally do such @
and things may be necessary carry INTO cs
this act and promote the objects and designs this cr
alton.
designs of this corporation shall be to insure the e
dwelling houses and other buildings furniture and
description ofproperty of the members thereof against lass
or damage by ire. N'
SEC. j. And be 1t 1'ther enacted That the capital stool
of this company shall consist of the premium notes given
by the insured and of the cash paid interest on said
premium notes. which cash shall never exceed
sand dollars Said notes shall be payable demand an5
shall constitute and be lien amount tbercf r
lively, upon all buildings insured by said COMPANY I
land upon which they stand, and the appurenancs to |
land and upon theostate and interest," legal equitable
of the assured in such buildings lands appuran
and upon the other property insured by COMPANY
consideration thereof: 90ted That said company Shall
file in the office of the clerk of the court of The M
of Columbia memorandum of the name of the inJi
vdua insured description of the property, and The y
mount of the premium note unpaid the said note nn
the filing of said memorandum shall deemed and taG
to be in all respects gment entered upon confession
by virtue of warrant attorney, execution may al
any time be had thereon for much by virtue Of the
provisions of this act be due and deeanabe but the
lien thereof shall commence with the fling of the meme
randum in the said office PrOOide Thai such lien Shall
not be construed to take from such person insured
said the privilege Of freehoIder: Iro0jd tttktr That
the privileges, mmunes, and franchises granted by this
act Shall be confined to the District of Columbia ~
SEC 4. A'I be dtfutrr enaeteL, That all persons who
shall hereafter insure with said corporation and also their
heirs executors administrators and assigns con1nnn
be insured by said corporation, shall thereby become MEM
bers thereof during the period they shall y
said corporation and no longer
SEC Ind be it. fuatRer eaGcied That any member of
the said corporation shall have full power withdraw
therefrom at any time by applying the proper officer
then the company, when the said officer shall can
eel such insurance assurances be in the name Of
the persons Withdrawing and also cancel such
premium notes for which SAID person responsible
and return any amount OF money which may be due said
person the books of the company and such person shall
be debarred from all cilm ON tins company for any loss
damage by fire. subsequent to the of such Withdrawal
and the cancelling such insurance. PtOCid That such
premium notes shau be cancelled or in any
manner discharged or given until all such arrearag
PAID and also all assessments thereupon be herea
ter made account of liabilities the Company incurred
before or at the time of such Withdrawal
Sec. 6. Ind be 1T further enacted, That the affairs said
corporation shall be conducted by board consisting Of
seven managers to be elected at the annual meetings
members, and to continue in Office until successors are
sem not less than majority ofwhom shall be quorum
do business but less number may adjourn time to
time Vacancies happening in said board may be filled by
which they elected. The board choose one Of
their number as president and appoint secretary and
surer, and such other officers may be necessary for
Quoting the affairs of said corporation
Sec 4nd be iturtter enacted, That the persons
in this act be- and they hereby, appointed
managers of the said mutual insurance company until the
first annual meeting and until their successors are chosen
as herein provided and such of them shall be preenta
their first meeting proceed to organize by eecng
president and secretary thereof and thereafter
practicable adopt bylaws, provide the necessary books
and otherwise prepare the company for the transaction of
business, and, when prepared, general
perintendence of the affairs of the company ProUded
That the said shall only be made by the
vote of at least twothrds of the whole board of managers
exclusive Of the presidents and any alteration amend
men shall only be made by general meeting of the
perS OF the at annual meeting and twods
the votes shall decIde and any alteration thus made
shall be binding all members of the
SEC Ind be 1t further enacted, That the managersmay
determine the insurance the sum to be insured
and the rate of interest paid upon the deposit notes.
provided it shall not exceed six cenum per annum;
but no more than five thousand dollars shall be insured
any risk, unless the premium notes shall amount
over one hundred thousand dollars and in that
RISK to exceed five per cenum the whole amount ofpre
SEC g. Ind be it fuuther enacted That every person
VINO Shall become member of said corporation by effect
insurance therein SHALL before he receives policy de-
posit his promlsor note for such and upon such inter
est not exceeding SIX per centum annun may be de-
terfnlned by the managers and SAID note, and all interest
paid thereon shall be liable, in part the whole any
time when the managers shall deem the requisite for the
payment OF losses and such incidental may DO
necessary for tansacting the business of said company
proportion to the amount of of said notes
Sec. TO- Ind be 1t further enuceed That suits may be
commenced by any member against This corporation TOR
damages sustained by fire. if payment is withheld for more
same and no member of this corporation being in his
individual capacity party to such suit shall be ncome
tent as witness IN such suit account of his being
member of said company
Sec. IL. Ind be aa,tAer onacted That whenever the
managers shall deem it necessary for the purpose of paying
losses or the current expenses of said company BOTH
call Tor the payment of any portion of the principal Of the
deposit notes. they shall settle and determine the to
be paid by the several members of company which
shall always be III proportion the original of the
respective deposit notes. and shall give each of said
bers notice thereof in such the bylaws shall
have prescribed and if any member SHALL for the space
thirty days after receiving such notice. neglect
pay the sum assessed upon him. in such the managers
may proceed to collect the whole amount Of such deposit
no with all costs accruing thereon and the amount mus
collected shall remain the treasury of the company
subject to the same liabilities said note notes would
have been liable to
meetings of this company shall be held annually the time
and place TO be determined by the managers also it shall
De the duty OF the president to call meeting of the cop
ny whenever requested to do by twenty of its members
The election of managers shall be held annual meet
lngs and be by ballot each member having vote lt
each risk held by him. 1t shall also be the duty OF lie
newspaper published in the city of ashnglcn
the aunt of the premium notes and cash hand, ana
eS held By then and the amount of losses II any
previous year. and such other matters relating "
OF said company, they may think proP
said publication to be at least weeks previous to w
annual meeting of the members Of the company; and u
published in the city of Washington least two WeeA'
previous thereto -.
Sec 49, Amd be it 'Aes. enacted That nothing in tins
act shall be construed to grant banking privileges, or w
right any note in the nature of banknote OrO
circulate money currency. 1t SHALL however be law
f for SAID company to employ and improve all moneys
the managers deem best for the interest of the company
except above prohibited and except in the purchase W
real estate And all real estate purchased by said o.
FOR the purposes of collecting securing debts S b
same shall have been sold and disposed of and passed
de from the possession and ownership Of said Dr.
within three years next succeeding such purchase bo
ded Said company may hold property that may DC %s
uey necessary for the transaction Of their corporate
ness uLo
SEC H. Ind he tther enacted, That this act shaliOS
fllil fsNroQo nd offn it's