The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1868-08-08
OFFICIAL.
. LAWS OF THE UNITED STATES.
Passed az tAe Secoad Session Of ht
aGrds ,Eortieth CongreSs.

I -''+t' = y = tf'7-Ssf ~ S'''.r 80
[PUBLTc REsoLuTfoN-No. 91.T
An Act to incorporate the Nationa
+ life Insurance Company of the
d19 United States of America. -
BE it enacted by the Senate ant
! House OF Representatives of tho
l United States OF America in Congress
assembled, That John ID. Deirees
William IL, Chandler, Samuel Wilke-
son, u. a. Rollins, Nathan G.. Stark
weather, j John A. Wills. Frank Turk,
Adam S. Pratt. Henry G.. Swain, and
all the other persons who shall here
after become stockholders in the COM
pany incorporated, are hereby created
body polite, and corporate by the
name and style Of the National
Life Insurance Company of the
United States of America, for
the purpose of carrying on
the business OF insurance on
lives, aud to make all and every in
surance appertaining thereto, or con
nected therewith; and to grant, pur-
chase. and dispose oflannuities in the
city of Washington, in the District of
Columbia, and elsewhere, and shall
and may. have perpetual succession,
and shall be capable in law of-con
tracing and being contracted with,
and Of suing and being sued, plead
ing and being impleaded in the dis
trict court of the United States,
either in law or equity ins this Dis
trict or elsewhere, md they and their
successors shall and may have a
common seal, and may change the
same at their will and pleasure, and
may also from time to time, at any
meeting Of their directors, by ma
jority of votes, as hereinafter pro-
vded, ordain, establish, and put in
execution such bylaws, ordinances,
rules, and regulations, the same not
being contrary to this act or tho laws
OF the United States, as may appear
to them necessary or expedient 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. fart
SEC. 2. And be it further enacted,
That the capital stock of the said
company shall consist of ten thousand
shares Of stock of the value of one
hundred dollars each, being one mil
lion Of dollars, with. the privilege to
increase the iisame from time to time
by vote of the stockholders at any
annual or. special meeting, and the
corporators, or a majority of them
named in Che first section of this act,
shall have power to receive subscrip-
tions to the, stock of the company. at
such. time and places as they may
deem expedient, ard when the whole
amount of stock shall have been sub
scribed, and twenty per centum there
on shall have been paid in, (Which
payment shall be required al the time
of subscribing the stockholders shall
elect twelve directors 10 serve until
the next annual election, or until
their successors shall be duly elected
and qualified, aud the directors Sc
elected of said company, when it shall
have been organized, may, and they
are hereby authorized and empowered
to have and TO exercise IN the
name and behalf of the company,
all the rights and privileges which
are intended to be hereby given
Upon commencing active busi-
ness, the directors shall have power
10 require payment of the amount re-
naming unpaid on the stock of the
company, at such time aud in such
proportions as they may think proper;
Provided, That the whole amount
shall be required within two months
from the time of commencing active
business, and under the penalty, in
case of non payment as required, OF
forfeiture TO the company OF SUCH
stock and all previous payments there
on; and should the capital stock at
IL ct
ers at the time of such increase snail
| be entitled to a pro rata share of such
increase upon the payment OF thc par
value of the same
SEC. 3.1And be it further enacted.
That anv certificate or obligation is
sued by the company, agreeing to
mIrchase one of its policies for fixed
.snu1, during a stated period, when ac-
companied by the policy duly signed
or transferred, shall be negotiable,
and shall convey title to the policy to
| the party to whom it may be assigned
or transferred.
SEC. 4. And be it further enacted,
That any policy taken out in favor Of
wife, child, relative or person hav-
ing a beneficial interest in the life of
the Insured, shall not be liable to
INT CICuilOLN Ol. LuG
SO insured; Provided, that the policy
does not exceed the sum of ten thou
sand dollars. 1
SEC. 3. And be it further enacted,
That it shall be lawful for the SAID
corporation to purchase, hold and
convey estate as follows:
\ EgFirst. Such as shall be requisite
for its immediate accommodation IN
the convenient transaction of bust
I.1 Second. Such as shall have been
Hmortgsgsd to it in good faith by way
of security for loans previously con
tracted for moneys due; or,
Third. Such as shall have been
conveyed to it 10 satisfaction of debts
previously contracted, in the course
/ Ofits dealings; or,
Fourth. Such as shall have been
purchased at tesales upon judgments,
DEGREES, IOr mortgages obtained or
made foPlsuch debts.
The said corporation shall not pur-
chase, hold, or convey real estate III
any other case or for any other puT,;
pose; and all such real estate as shail
not be necessary for the aceommoda-
ton Of said company, in the conyen;
lent transaction of its business, shall
1.a-ogaA of within sly