New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-30
Approved, July I, 1870.
[PUBLIC-NO. 80.

PUBLIC-NO. so.
AN ACT to incorporate the National Nj
tual Life Assurance Association OF Wash
ington, d. c.
Be it enacted by the Senate and House of
Representatives Of the United States OF
| America in Congress assembled, That Almon
| N. Clapp, Ezra B. French, Stephen J. W.
Tabor, 4. B. Donaldson. William A. Rich
| ardson, Jedediah II. Baxter James NJ
Austin. Henry P. H. Cromwell, Aaron +.
Randall. John r. Thompson, Doson B.
Searle. Joseph +. Evans, Thomas l.. Tulleck
Amos L. Merriman, Edward Downey,
L. NJ. Sanders. J. w. Griffin, John W.
Botelcr. George s. Montrouse. William
Wilkinson. James O'Connor and b. B.
French. and their successors, arc constituted
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 implicated. have com
mon seal. and have all the rights. privileges
and immunities necessary for the purposes
OF the corporation hereby created; provided
that the said company shall be limited TO
the District of Columbia in tie transaction
OF its business, and shall not establish any
agency In any State except in pursuance OF
the laws of said State.
SEC. =. And be it further enacted. That
the corporation above named shall, within
one year after the passage of this act, meet
anu elect such officers as may be necessary
to perfect the organization, and thereupOn
or soon thereafter as may he 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 MEN,
bers, and the investment OF premiums in
trust Tor the benefit of the person paving
the same, or some other person designated
by him. upon the endowment plan At anv
meeting OF the cOrporators, or a 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 Objecte of the incorporation
Provided. That such rules and bylaws shall
not conflict with the Constitution OF the
nlted 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 a majority vote of the
members of such board present.
SEC. 4. 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 it's bust
ho'S' VI, secouu SUcn as snail have been
mortgaged to it in good faith by way of Sc
ctlrlty 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 AVA '|'>N
SEC ). And be it further enacted. That
the number OF trustees to manage the bust
ness OF said corporation shall be twenty, a
majority of whom shall be residents of the
District OF COlumbia and the first board
snail be elected from among the
corporators herein named and any
vacancy existing or occurring by
death, resignation, or otherwise, in said
Once OF trustees. shall be filled by ballot at
such time as the bylaws shall prescribe:
ana 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. b. And be it further enacted. That
me president. vice-presidents, secretary.
treasurer and the subordinate officers and
agents OF the association shall Respectively
give such security for their fidelity and Good
conauct as the board of trustees NAV from
time to time require. and the board shall fix
tle salaries of such officers and agents.
Approved, June %, 1870.