New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-31
Approved, July 7, 1870.
fPUBLIC-NO. 99.l

AN ACT to incorporate the National Mu-
tual Life Assurance Association OF Wash
lngtOn. ID. 4.
Be it enacted by the Senate and House of
Representatives of the United States of
America in Congress assembled. That Almon
NJ. Ciapp, Ezra b. French. Stephen j. W.
Tabor, K. b. Donaldson, William A. Rich
ardson, Jedediah H. Baxter, James NJ
Austin, Henry P. H. Cromwell. Aaron F..
Randall. John Il. Thompson, Dolson B.
Searle. Joseph F. Evans, Thomas L. Tullock.
L. NJ. Sanders, j. w. Griffin, John w.
Boteler. George S. Montrouse. William
Wilkinson. James O'Connor and Il. b.
French, and their successors, are constituted
a body corporate. by name of The Ma
tional Life Assurance and Trust Associa-
ton. and by that name may sue and be
sued, plead and be impleaded have COM
mon seal and have all the rights. privileges
and lmmunlties necessary for the purposes
OF the corporation hereby created: provided
that the said company shall be limited to
the District OF Columbia in the transaction
OF its business, and shall not stabliSh any
agency in any State except in pursuance OF
the laws OF said State.
SEC. 2. And be it further enacted. That
the corporation above named shall. within
one year after the passage of this act. meet
and elect such officers as may he necessary
to perfect the organization. and thereupon
or as soon thereafter may be practicable
shall open books for the enrolment OF mem
bcrs.
SEC. 3. And be it further enacted. That
the objects Of this association shall be the
mutual Insurance OF the lives of the menu
brrS, and the investment of premiums in
trust for the benefit OF the person paving
the same. or some other person designated
bv him. upon the endowment plan. AT any
meeting OF the corporators, or i, majority of
them, they may prescribe such rules and by
laws for the government of their aSsOcia-
ton. and the transaction of its business. fix
such rates OF insurance and premiums, and
provide for the payment of losses, in such
manner as may be necessary to carry into
into effect the ohiecte of the incorporation
Provided. That such rules and bylaws shall
not conflict with the Constitution of the
United States, nor with any laws in force
within the District of Columbia which
rules and bylaws may be changed at any
regular meeting of the board of trustees of
the association by majority vote of the
members of such board present.
SEC L. And be it further enacted, That it
shall be lawful for the said association to
purchase, hold and convey real estate, as
follows: First, such as shall be requisite for
the immediate accommodation OF its bust
ness: or, second, such as shall have been
mortgaged to it in good faith by way of Sc
cuIity for loans previously contracted, for
money due: or, third, such as shall have
been conveyed to it in satisfaction of debts
previously contracted in the course of its
dealings or, fourth, such as shall have been
purchased at sales upon judgments. DEGREES,
or mortgages obtained or made for such
debts.
SEC s. And be it further enacted That
the number of trustees to manage the bust
ness of said corporation shall be twenty,
majority Of whom shall be residents of the
District Of Columbia; and the first board
shall be elected from among the
corporators herein named, and any
vacancy existing or occurring by
death, resignation, or otherwise, in said
office of trustees, shall be filed by ballot at
such time as the bylaws shall prescribe:
and that said trustees shall elect one of their
number to be the president of the said
board, who shall also be the president of
said association, and shall elect two of their
number as vice-presidents. one of their
number as secretary. and one OF their num-
Der as treasurer of the same.
Sec. 8. And be it further enacted, That
the president, vice-presidents, secretary,
treasurer, and the subordinate officers and
agents of the association shall respectively
give such security for their fidelity and good
conduct as the board OF trustees may from
time to time require. and the board shall fix
the salaries of such officers and agents.
Approved. June %, 1870.