The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1867-04-27
Official.
PUBLIC-No. 1O71
AN ACT to incorporate the National Capitol In
surance COMPANY

| surance Company
Be 1t enacted By the Senate and House of Represe,a-
tGttceS g? the United States Of Anerica IN Congress
assembled, That Green Adams, Erastus Poulson
Joseph J. Coombs, Robert Leech, John B. Clark
| jr., j. 2. Reznor, Fergus nj. Blair, Robert L.
| Owen, and Joseph w. Parish and others who
may become members, are hereby created body
| polite and corporate, by the name and style Of
the g National Capitol Insurance Company, :" for
the purpose OF carrying on the business of insur-
ance at the city of Washington, in the District of
Columbia, and elsewhere, subject to the laws of
the several States and shall and NAV have perpet.
ual succession, and shall be capable in law of
contracting and being contracted with and of
suing and being sued, pleading and being implea-
ucd, III all courts of competent jurisdiction eth
er IN law or equity, in this District or elsewhere
subject to the laws of the State as aforesaid and
they and their successors shall and may have
common seal, and may change the same at their
will and pleasure; and may also from time to
time, ut any meeting OF their directors by.a ma
jOrity of votes as hereinafter provided ordan
establish, and put in execution such bylaws or
nances, rules, and regulations, the same not be-
ing contrary to this act or the laws of the United
states, as may appear to them necessary eXpe-
dlent for the management of said corporation its
business and affairs, and may from time to time
alter or repeal the same or any OF them.
SEC. :. aud be 1t further enacted That the said
company shall have power to make insurance up
on the lives and health of persons and against
accidents OF any and all kinds; to issue tickets,
or policies, or both, the board of directors may
ed, when deemed cXpedient, against risks upon
winch theE may have made insurance
SEC. D. dHd be it fulfter enacted That the af-
falrs OF SAID company shall be managed by a board
or directors consisting of not less than five MEM
bers, or stockholders, three of whom shall consti-
tute quorum; said directors shall be elected by
ballot from among the members and stockhol-
derS OF said company, i'm general meeting assem-
pied, at such times and places said corporation
IN ITS bylaws shall appoint; of which election
pu0lc notice shall be given ten days preceding
Such election, which shall be held under the in
Specton OF members or stockholders, to be ap-
pointed for the purpose for the first election by
the persons named in the first section of this act,
and thereafter by members and stockholders not
oelnS directors, to be appointed previous to every
electlon by tile board of directors, and such ecc
ton shall be made by ballot, and by plurality OF
the votes of the members Sorstockholders or their
proxies, present. allowing to each member or
stakeholder one vote for every fifty dollars in
capital stock represented in said company All
vacancies in said board may be filled for the un-
expired terms by tie remaining directors and the
persons chosen TO fill such vacancies shall con-
tinue in office until Others shall be chosen in their
places; and other elections shall be held on the
new directors. The said board of directors shall
elect, viva voce, president, vice. president, sec
retary, treasurer, and general agent who may
mold their offices for and during the term of one
year, unless sooner removed by the board of di-
rectors, or until others elected in their places.
SEC. 1. ind be it JaJthey enacted, That the
invested in or loaned on stock or real security
But the stockholders Of this company shall not
be liable for any loss, damage, or responsibility
beyond the amount of stock subscribed by them
respectively, and any profits accrung thercirom
and undivided.
SEC. 5. And be it further enacted, That suits at
law or in equity MAY be maintained by said cor
poration against any of its stock olders for the
collection OF any assessment on their stock for
any other cause relating to the business of said
corporation, and may be prosecuted and MAIN
tanned by any member or stockhOlder against said
corporation for losses or damages insured against
II payment Is withheld more than three months
after the losses are duly proved and notified to
the company, agreeably to the conditions of the
policy.
SEC. 4. And6e 1t further enacted, That the pre-
sidcnt secretary, and treasurer OF the company
and such other stockholders as may be added by
the board, shall constitute executive commit
tee, and, when the board # directors are not i'm
session. may exercise all the powers vested in the
company, except as shall he otherwise provided
by the board OF directors in the bylaws of the
company a majority of whom may constitute
quorum 10 do business.
SEC. Z. ind be it FURTHER enacted, That the cap
ital STOCK OF the company shall not be less than
one hundred and fifty thousand dollars nor more
than one million dollars in shares of fifty dollars
cach, which frSt-namcd amount of one hundred
and nifty thousand dollars shall be paid in prev-
Gus To e1fccting insurances
SEC. 8. 1id be it ttrther enacted, That the
directors shall have power to declare such divi-
dends to the profits Of the company as they shall
deem proper: Hoyided, That no dividend shall
be declared when, in the opinion of the directors
or majority thereof, the capital stock would be
impaired thereby.
SEC. 8. And be it further enacted That the
company shall be located at the city of Was hing
ton, Ill the District of Columbia, and may estab-
ilSh agencies elsewhere in the United States, sub
Ject to the laws Of the several States.
SEC. III. ind be it further e,,acted That it shall
oe the duty of the president or vice president
ana ana secretary of said company annually on or
before the first day of February, to prepare, un-
der oath, and deposit in the office of the Secrcta-
ry OF the Interior detailed report of their trans
action for the preceding year, and also cause to |
be published, in some daily newspaper published |
in the District OF Columbia for at least ten DAYS
statement exhibiting the total amount of pl ofts
received and the total amount of losses paid and
ascertancd, including expenses during the wear: |
also, the amount of debts owing by said company |
at the date of the statement, and the amount of |
claims against the company for losses; also, IL |
statement of the funds of the company and the |
gross amount OF outstanding risks thereon, to.
gethcr with the amount of stock subscribed and |
the amount actually paid in.
SEC. H. And be it further enacted, That Congress
may at any time alter, amend, or revoke the said
Approved, March 2, 1867.