Evening star. [volume] (Washington, D.C.) 1854-1972, 1868-08-28
PUBLIC-No. OIL

GPUBLIC-No. OIL
AN ACT to incorporate the National Idfa In
suranee Company OF the United States OF
BE IL enacted by the Senate ana House of Rerre-
Sealdtires Of 1he United States OF America in Con-
gTesS assembled, That John ID Defrees, William
r. Chandler. Samuel Wilkeson, T.. A Rollins,
Nathan q. Starkweatber, Jonn A. Wills, Frank
Turk, Acam = Pratt, Henry e.. Swain. and all
the other persons who shall hereafter become
stockholders IN the company incorporated, are
hereby created a body politic and corporate,
by the name and style of the National Lite In-
surance Company OF the United States of Amer
lea, for the purpose Of carrying OF the bust
ness OF insurance on lives, and 10 make all and
every insurance apper;aining thereto, con-
nected herewith; and TO grant, purchase, and
dispose of annuities in the city of Washington,
in the District of Colu mbia, and lsew here, 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 and being implicated In the district and
circuit court of the United States. either in law
or equity in this District or elsewhere, and
they and their successors shall and may have
a common seal, and may change the same az
their Will and pleasure. and may also from
time TO time. ar any meeting of their directors,
by majority OF votes. as hereinafter pro-
vlded, ordaIn, establish, and put in execution
such bylaws, ordinances, rules, and regula-
tons, the same not being contrary to this act or
the laws OF the United States, as may appear
TO them necessary or expedient for the man
agement of said corporation, its business and
affairs, and may from time TO time alter or re-
peal the same or any OF Them.
SIC. >. And be IL further enacted, That the
capital stock OF said company shall consist of
ten thousand shares of stock of the value Of one
hundred dollars each, being one million OF dol
lars, with the privilege to increase the same
from time 10 time by vote of the stockholders
at any annual or special meeting, and the cor
porators, or a nIa lority of them named in the
first section OF this act, shall have power TO
eeiye subscriptions TO the stock of the ompany,
al such time ana places AS they may deem ex-
pedient, and when the whole amount Of stock
shall have been subscribed, and twenty per
centum thereon shall have been paid III which
pay ment shall be required at the time OF SUBJ
scribing) the stockholders shall elect twelve
directors 10 serve until the next annual cleo
ton, or until their successors shall be duly
elected and qualified, and the directors so
elected Of said company, when il shall have
been organized, may, and they are hereby au-
thorized and empowered TO have and 10 exer-
else in the name and behalf of the company,
all The rights and privileges whch are intend
ed TO be hereby given. Upon commencing ac-
tive business, the directors shall have power
TO require payment OF the amount remaining
unpaid on the stock of the company, at such
time and in such proportions as they may think
proper PTOrided, That the whole amount shall
he required within two months from the time
Of commencing active business, and under the
penalty, in case Of non-payment as required,
of forfeiture 10 the company of such stock and
all previous payments thereon; and should the
capital stock at any time be increased. the
stockholders at the time OF such incre. &c shall
BE- entitled to 4 pro rata share OF such increase
upon the payment of the par value of the
same.
SIC. 3. And be IL further enacted, That any
ceItificst re or obligation issued by the company,
agreeing 10 purchase one OF its policies for a
fixed sum during a stated period, when accom-
panied by the policy duly assigned or trans
feired, shall be negotiable, and shall convey
title TO the policy 10 the party to whom IL may
be so assigned or transferred.
SEC. 4. And be 10 further enacted, That any
policy taken out in favor OF wife, child, rela-
tive or other person having beneficial inter-
est in the lie Of the insured shall not be liable
TO seizure by the creditors of the person so in
sured PTorided, That the policy does not ex-
cetd the sum OF ten thousand dollars.
SIC: S. And be 1t further enacted, That it
sb all be lawful for the SAID corporation 10 pur-
chase hold and convey real estate as follows:
First. Such ss shall be requisite for its I'M
edIate accommodation in the convenient
transaction of its business; or,
Second. Such as shall have been mortgaged
TO il in good faith by way of security for loans
previously contracted for moneys due; or.
Third. such as shall have been conveyed to
II IN satisfaction Of debts previously con-
tracted, in the course OF its dealings; or,
Fourth. Such as shall been purchased At
sales upon judgments, DEGREES, or mortgages
oftalned or made for such debts.
The said corporation shall not purchase,
hold, or convey real estate in any other case
or for any other purpose; and all such real es-
tate as shall not be necessary for the accom-
mediation CT said company, in the convenient
transaction of Its business. sha all be sole and
disposed OF within six years after the said
and il shall not be lawful for the said COM
pany to hold such real estate for a longer Pc
riou than that above mentioned.
SIC. 6. Ana be Il further enooted, That the board
Of directors shall have power TO invest the cap
Ital stock and accumulated profits or surplus
funds OF the said company In such securities
aid ia such manner as they may elect, but he
stockholders OF this company shall not be liza
BILE for aBy loss. damage, or responsibility be.
yond the amount of stock subscribed by Them
respectively, and any profits accruing there
from and undivided, and the premium reserve
or reins uraDce fund, shall be invested in, or
leaned upon, the following securities, and no
other:
First. The real estate. IS herein described.
Second Bonds and mortgages on unencum-
tered real estate, worth, in each case al Ieas
double the amount loaned.
Third. Stocks of the United States OF Amer
lea.
Fourth. Stocks Of the several states. and of
Incorporated cities therein.
SIC. Z. And be az further enacted, That the
directors shall be elected annually by the
stockholders on the second Tuesday OF March,
and they shall elect from heir number, al the
first meeting of the board after their election,
president and a vIce-president and shall have
rover to appoint q eashiey and 8 secretary
| and such otber officers. clerks, aud agents as
i the business of the company may require, and
| 10 fill vacancies occasioned by death or resig-
| pa,ion in said board. All elections for direct