New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-29
TPUBLIC-NO. 99.1

|
AN ACT 10 incorporate the National NJ
| tual Life Assurance Association of Wash
| ngton, d. c.
Be it enacted by the Senate and House of
| Represt natives of the United States Of
America IN Congress assembled. That Almon
| NJ. Clapp. Ezra 3. French. Stephen j. w.
| Tabor. r. g. Donaldson. William A. Rich
ardson, Jedediah H. Baxter. James N.
Austin. Henry 2, H. Bromwell Aaron F.
| Randall. john r. Thompson. Dolson B.
Searle. Joseph F. Evans. Thomas L. Tullock,
l.. NJ. Sanders, J. W. Griffin, John W.
Boteler. George 5. NIontrouse. William
Wilkinson, James O'Connor and B. B.
French. and their successors. are constituted
a body corporate by name of - The Ma
tional Life Assurance aud Trust AsSocia-
tlon, and By that name may sue and be
sued, plead and be implicated. have COM
mon seal, and have all the rights. privileges
and llnnluniries necessary for the purposes
OF the corporation hereby created: provided,
that the said company shall he limited to
the District OF Columbia in the transaction
OF its business and shall not establish any
agency III any State except in pursuance OF
the laws OF said State.
SEC. J. 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 may be necessary
TO perfect the organization. and thereupOn
or as soon thereafter as may be practicable
shall open books for the enrolment Of mem
berS.
SEC. 3. And be it further enacted. That
the objects of this association shall be the
mutual insurance of the lives OF the mem
bers and the investment of premiums IN
trust for the benefit of the person paying
the same. or some other person designated
hF HIM. upon the endowment plan. AT any
meeting OF the cOrporators. or majority OF
them, they may prescribe such rules and by
laws tor the government OF their assocla-
ton. and the transaction of its business, nix
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 he changed at any
regular meeting of the board of trustees Of
the association by a majority vote of the
members OF such board present.
SEC. i. And he it further enacted Thatit
shall be lawful for the said association to
purchase. hold and convey real estate, as
follows: First. such as shall he requisite for
the immediate accommodation of its busi-
ness: or. second. such as shall have been
AIoI tSaStu u II Ill goott 1altn DIV way OF Sc
curlty for loans previously contracted, for
money due: or, third. such as shall have
been conveyed to it in satisfaction of debts
previously contracted III 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. 5. And be it further enacted, That
the number OF trustees to manage the busi-
ness OF sad corporation shall be twenty,
majority OF whom shall be residents Of the
District of Columbia; and the first board
snail be elected from among the
corpoIators herein named, and any
vacancy existing or occurring by
death. resignation, or otherwise, in said
office Of trustees. shall he filled by ballot at
such time as the bylaws shall prescribe;
and that said trustees shall elect one of their
nuinber 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 vicc-presidents, one of their
number as.secretary, and one Of their num-
Der as treasurer of the same
Sec. b. And be it further enacted. That
the president. v.ee-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 NAV from
time to time require, and the board shall tx
the salaries OF such officers and agents
Approved. June % lS1O