The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-02-04

ho<S Eoeaea ny the LcBtslnturo OF South
80" 5-..... Carolina.
ANsAoT TO INCORPORATE THE POLICY
HOLDERS LIFE AND ToNTINE ASSURANCE
COMPANY OF THE SOUTH.
SECTION I. Be it enaced by the Senate
and House Of Representatives of the
State of South Carolina, now met and
sitting in General Assembly, and by the
authority of the same: That William
C.Bee, Robert Mure, Henry Cobia,
Andrew Simords, John r. Dukes, George
W:Williams, James r. Pringle, ". X.
Ryan, i. D. Mowry, Henry Bischoff,
4a W4iiiam q: Whilden, A. s. Johnston,
George H. Moffett, James Conner, Will
8; Preston; James Woodrow. e. P.
Alexander, Edwin J.. Scott. John B.
Palmer, r. O,Neale, Jr., William NJ.
ShhhnDn, Henry McIver, D. Wyatt
Aiken, Giles j. Patterson, James p.
Boyce, J. Leighton Wilson, Robert l..
McCanghrin, E. Nye Hutchinson, J.
Harvey Wilson, Murdoch McRae, Il. b.
Vance, and all other persons who may
associate with them, shall be body
politic and corporate, by the name of the
Poiicy-Holders' Life and Tontine Assur-
ance Company of the South; and by that
name shall have succession of officers and
members, mny sue and be sued, plead
and be impleaded, in any court whatever,
and may exercise all such corporate
powers end franchises as are hereinafter
provided
sEo. 2. The business OF the Company
shall be to make insurance upon the
lives Of individuals, and every insurance
appertaining thereto, or connected there
with. and to grant, purchase Or dispose
of annuities. The insurance business of
the Company shall be conducted on the
mutual plan. The premiums on oil poll
cies issued by the Company shall be paid
IN cash: For any omission to pay any
premium due to the Company, after the
payment OF one or moro annual premium
or premiums, or for any other violation
OF the conditions of any policy, after said
payment, (save and except those against
fraud, or attempted fraud, hereinafter
provided for,) the party insured may be
required to surrender his or her policy to
the Company, to be Cancelled; and in lieu
thereof shall be entitled to receive, in
cash, or its equivalent in insurance, the
surrender value thereof, at the time the
premium becomes due and is not paid,
or at the time when, for any other cause,
the policy may be required to be sur
rendered as aforesaid. In lieu of cash,
the Trustees may, at their own option,
Issue temporary policy of insurance for
such term as the said surrender value,
considered as nett single premium, may
purchase, and the said term shall be
determined according to the age of the
party ut the time of the lapse of premium,
or at the time when, for other cause, the
policy may be required to be surrendered,
and the assumptions of mortality and
rate of interest upon which premium or
premiums paid were based. For any
violation of the conditions of q policy
designed to protect the Company against
fraud or attempted fraud, the Trustees
may forfeit the policy, and may apply oil
the previous payments to the use and
benefit OF the Company. The principal
office for the transaction of the business
OF the Company shall be in the city of
Charleston, South Carolina, or at such
other place as the Trustees may select.
Branches of the Company, and agen-
cies thereof, may be established by the
Trustees in my other place.
SEQ. 3. The corporate powers and
franchises OF the Company hereby ere.
ated shall be vested in Board of Trus-
tees, and shall be exercised by them, and
such officers and agents as they may
appoint and from time to time empower.
Auo Do1IU VI 4EuBto6S Snail not consist
OF less than thirty-six persons, majority
Of whom shall be residents of the State of
South Carolina; and one half, and not
more than half, Of those residing in
the State shall be residents of the city of
Charleston; and no one shall be Trustee
who is not policy-holder in the Com
pauy.
The Board of Trustees may, previous
to any annual election of Trustees and
after giving notice at previous meeting
OF the Board, provide for diminishing
the number of Trustees to not less than
twenty-four, in which case the fourth of
the whole number, as thus diminished,
shall be elected annually, and in the
same manner as is hereinafter provided
in regard to the thirty-six Trustees above
provided for; and the same powers and
franchises shall vest in said Board, thus
diminished, as were previously vested in
the Board of thirty-six Trustees.
The persons named il the FIRST Section
of this Act, together with such other
persons as they may select, shall consti-
int of