Smyrna times., 1868-09-02
OFFICIAL.
LAWS OF THE UNITED STATES,
Passedatthe Second Session Of the FOrti.h Congress-

(PUBLIc-No. sIl
AN ACT to incorporate the National Life Insurance Company
Be enacted 6y the Senate and House of of
E. chs %feso hf
A. Rollins, Nathan g. Starkwesther. John A. Willis Frank
shall stSRhoder the
by S Lie ESS sS
81 Gsd sSs o for sRe p 0 oil n on
insurance appertainng thereto connected herewh and
iHeton the District Columbia and elsewhere and shall
suing being pleading and being mpleaded the
S this Dsrc ewe and he in
ors shall and may have common seal and change the
meeting their directors BY majority Of votes
such bylaws, ordinance rules and regulations
being contrary this act the laws OF the United States
ment 81 said corporation business and affairs may
SEC T. And be further enacted the capital stock of
the value Of hundred dollars each being one million Of
By vote the stockholders annual or Special
and the & a OF OF in the first
the stock Of the at such time and places they
subscribed twenty per centum thereon shall
ms as the Uf eTe al eS
tors to serve the next eeeton or until their sue
elected Of said company when shall have been organized
and the behalf Of the company ali the
UpoH acye the 20 dTeceFs h have
power require the remaining unpaid
R 4 oS the %
Ing active business and under the penalty in case OF
mont required of forfeiture to the company Of such stock
stock time be increased the
crease upon the payment Of the par value Of the
Obligation issued BY the to purchase
its policies for fixed during stated period accom-
goabe and shall convey title to the policy to the party to
sEc And It further eSacted That any policy taken out
edca interest in the lie the insured shall not Be liable to
by 1ev s ed OF sas Sc @
And be it further enacted That it shall be lawful for
the said to purchase hold and real estate
First shall be requisite its immediate
dation in the convenient transaction OF its business
by of security tor loans previously contracted for
Third Such shall have been conveyed to in satisfaction
debts previously contracted in the course oil its dealings
Fourth Such shall have been purchased at sales
decrees mortgages obtained or made for such
The said corporation shall purchase hold convey real
estate IN any oneT % case or LOT any other and all
sad eompany in the Convenient of its
shall sold and disposed Of within six after the said
lawful tor the said to hold such real estate Longer
And 3 further enacted That the board Of directors
profits or surplus funds Of said company in such securities
in such they elect but the stoekhOder
possibility beyond the Of stock subscribed Sy them
the or
in or Loaned med upon the ONEng seeGTss and no Others
Bonds and tune real estate
| Third. Stocks OF the United State Of America.
Fourth Stocks of the several States and Of incorporates
| cities therein.
SEC And further, That directors shall be elected
stockholders the Tuesday March
they shall elect from their number at the first meeting
the board after their election president and vcepresdent
and shall have power to appoint cashier and secretary
officers clerks and the business of th
require and fill OccasOned by dea
said board All elections directors sha
by ballot every sockhOder shall be entitled
for each share Of the stock held by him. but shall
eligible director who is not sockhOdsr TO the amount
| twenty shares.
And II further enacted That days notice sha
be publication in two published in the city
Washng and place Of the annual election whc
be conducted by three sockhoders who shall
that by the board of directors at the
stated meeting of whom shall act judge
| the other inspectors
SEC And be it urter enacted the shall hav
dividends the profits OF the
they may proper Provided That dividend shall
declared when capital stock would be impaired thereby.
And be it further enacted That the Office Of the com
located in the city Washington in the Dsrc
OF Columbia, aud said establish branches
elsewhere subject to the laws Of the States respective
Iy, in which they may be established.
SEC. Ii. And further enacted. That Congress
any time alter amend this act of incorporation
Approved, July 25 1863