New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-09-06
IPuBLIc-No, GIL


AN ACT to incorporate the National Life Insurance
Company Of the United States OF America.
Be il enacted by, the Senate and House of Repre-.
gress essembled That John d. Defrees,. William L.
Ghsndler. Samuel WLlkesons r. a, Rollins, Neshan
S. Pratt Henry c. Swain, and all the other persons
who shall hereafter become stockholders in the
pany Incorporated are hereby created body polite
and corporate, by the and style of the National
Life Insurance COMPANY Of the United States of
America, for the purpose of carrying the bust
ness of insurance on lives, and 10 make all and
every insurance appertaning thereto, or connected
therewithi and TO grant, purchase, and dispose of
annuites 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
contracting and being contracted WITH and Of suing
and being sued; pleading aud being implicated in
either IN law or equity in this Dictrct elsewhere
and tney and their successors shall and may haye
common con SEAL and may change the same az their
viii and pleasure. and may also from time to time
votes, as hereinafter provided ordan establish and
put in execution such bylaws Ordinances ruee and
or the laws Of the United Sta es as may appear To-
them necessary or expedient for the management Of
said corporation its business and AFFAIRS and may
them.
capital stock of said company shall consist Of ten
thousand shares Of stock Of the value OF one humid
the privilege increase the same from time TO time
by vote OF the stockholders at any annual or spe
them named in the frat section Of tins act, shall
have power to receive subscriptions to the stock of
deem expedient, and when the whole amount Of
stock shall have been subscribed, and twenty per
ment shall be required At tho time Of subsoribing)
the stockholders shah elect twelve directors to serve
until the next annual election, until their sue
oessors shall be duly cleo ed and qualified, and the
directors elected of said company, when il shall
have been organized, may, and they are hereby
the name and behalf Of the company, all the rights
and privileges VIII oh intended to be hereby
gwen Up n CONNER eng active business, the direc.
tors shali nave power 70 reqeTe payment Of the
pany, az such time and in such proportions 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
he Company y sueh stocs and p 5oressre TO-
ments thereon and should the capital stock at any
time be increased the Stockholders at the time Of
such increase shall be entitled to pro rata share OF
such increase upon the payment Of the par value Of
the same.
SEC. s. And be it further enacted, That any eertis
cate or obligation usd by the company aeroeing 10
purchase one OF its policies for fixed during
period when accompanied by the policy duly
sna cqnfeE title to the policy to The party TO whom
~ 5 5q1y e g 2 signed or transferred.
80 Anq DO IL further enacted, That any policy
tAAeA oIsln 1a4gr Of vile. cnild relative or other
person havpg Beneficial interest n the life OF the
tors the psisos a iDsuted PSoy,dsa ThSa ~
policy does not e1eeqd the sum OF ten thousand dol
SEC Ard be itfasthsr enacted. That Il SHAH be
y 'o s. iss saaa to purchase hold and
First Such Is shall s. rS-.,,,.i, "a, IA. ,.,...s,..
a.lon IN The eonsaalent transaction Of lie
Second such as shan have ham ,o,,s.ssd a. !, !.
good faith BY way Of gscnliiy iof loans preslonsly
satisfaction Of debts preTioual5 ca,,irseisf ~ ~
course Of its dealings; or. '77'~' - -
EouFlh Such sshall have bssn paIshaasa a salsl
made for Snch debts. W. "
TIE ssss corporation shAn not purchase hold q