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

ounAA 0ot LII iu"Io ou Iue CnlrCy-urSC Qay OF
December in each year, and it shall be
the duty OF the President, or Vice-Presi-
dent, and Secretary or Actuary, or a
Committee of the Trustees of the Com
pany, within sixty days thereafter. to
prepare and file in the Office of the
Comptroller General of the State of
South Carolina statement, made under
oath. showing that the assets and liabili-
ties of the Company, in accordance with,
and as required by, the Act of Assembly
entitled. IAN Act to regulate the Agen-
cies OF Insurance Companies not incor-
porated in the State of South Carolina"
approved March g. 1869; said statement
shall be examined and compared with
the books of the Company by three or
more policy-holders, and its correctness
certified to by them, to the best of their
knowledge and belief.
Sec. 5. Tho Trustees may invest the
funds of the Company, or accumulations
OF money, in bonds secured by mort
cages on unencumbered real estate,
worth, exclusive of the exemptions from
levy and sale, contained in an Act enti-
tied IAN Act to determine and perpetu-
ate tho Homestead" approved Septem-
Der Q, 1868, one hundred per centum
moro than the amount agreed to be loan
ed thereon, or in stocks and bonds of the
United States, or of this State, or Of any
other States of tho United States, or of
cities incorporated therein, or in first
mortgage bonds of railroad companies,
when such bonds are worth in open mar
ket, not less than eighty cents on the
dollar, and yielding and paying an inte-
rest on the par value thereof, Of not less
than five per centum per annum: Pro-
rnfe1, That the investment,in the bonds
or stocks of this State shall not be less
than fifty thousand dollars. They may
loan money on the hypothecation of such
stocks and bonds as the aforesaid, on
such terms and conditions as they may
from time to time determine, and may
change all the aforesaid investments, and
re-lnvest rs often as they may think
proper.
Sec. 6. It shall not be lawful for the
Company to purchase, hold, or convey
real estate except for tho purposes, and
in the manner following, to wit
1st. Such as may be required for it's
accommodation in the transac.
tion of its business.
I'd. Such as may have been mortgaged
to it i'll good fai.l, by way of security for
loans previously contracted, or for IN oncy
due.
3D.. Such rs may have been conveved
to it in satisfaction OF debts previously
contracted.
4th. Such rs may have been purchased
at sales upon judgments, DEGREES of fore
closure OF mortgages obtained and made
for such debts, and all such real estate
as may be acquired as aforesaid, and
which shall not be necessary for the ac-
commodation of the Company in the
convenient transaction of its business.
shall be sold and disposed of within five
(5l years after the Company shall have
acquired title thereto, unless the Com
pany shall procure certificate from the
Comptroller General that the interest of
the Company will suffer materially by q
forced sale thereof, in which event the
time for sale may be extended to such
time as the said Comptroller shall
direct
Sec. Z. All policy holders shall be
members of the Company, but no mem
ber, except officers and agents thereof.
shall be personally liable for any loss or
losses of the Company, and such officers
and agents severally shall only be liable
for the loss or losses arising by reason of
their own respective neglect or miscon-
duct.
SEC. 8. Suits at law may be maintain
ed by the Company against any of it's
members for any cause relating to the
business of the Company, also suits at
law may be prosecuted and maintained
by any member against the Company for
loss or losses by death or on the matu
rity of term policy, if payment is with
held more than two months after the
proof of loss or losses, or claim, has
been submitted to the Company.
SEC. 9. This Company shall have au-
thority to insure for any married woman
by herself, and in her own name, or in
the name Of any third party with his
assent, MS her Trustee, for her sole use
and benefit, her own life, or the life of
her husband, or the life or lives of her
child or children, for any definite period,
or for the full term of her, his or their
natmra! life or lives; and in the event of
the policy or policies, on her. his or their
life or lives, being for definite period
or term of years, the sum or sums, or
net amount or amounts of the insurance
becoming due and payable by the terms
of the policy or policies, shall be paya-
BILE to her or to her Trustee, to and for