New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-08-03
[PUBL1C-No. 99.1

AN ACT to incorporate the National Mu-
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
| M. Clapp, Ezra B. French, Stephen J. w.
Tabor, r. B. Donaldson, William A. Rich
Austin, Henry p. H. Cromwell, Aaron +.
Randall John r. Thompson, DOlson B.
Searle Joseph F. Evans, Thomas L. Tullock,
Amos L. Merriman, Edward DOwney,
l.. NJ. Sanders, j. w. Griffin, John w.
Boteler, George S. Montrousc, William
Wilkinson, James OConnor and Is. 3:
French, and their successors, are constituted
a body corporate, by name Of " The Ma
| tional Life Assurance and Trust Associa-
| tiOnn 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 the transaction
| of its business, and shall not establish any
agency in any State except in pursuance OF
the laws of said State.
SEC 3 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
l
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
. hers. and the investment of premiums In
trust for the benefit of the person paying
the same. or some other person designated
by him, upon the endowment plan. At any
meeting Of the cOrpOrators, or a majority OF
them they may prescribe such rules and by
, laws for the government OF their assocla-
ton, and the transaction of its business, nix
such rates of insurance and premiums, anu
provide for the payment OF losses, IN s ;atl
1 l. manner as may be necessary to carry INTO
I into effect the objecte Of the incorporation
: Provided. That such rules and bylaws shall
r not conflict with the Constitution of the
United States, nor with any laws In force
e within the District of Columbia; which
/ rules and bylaws may be changed at any
e regular meeting of the board OF trustees OF
!, the association by majority vote OF the
d members of such board present.
r SEC, 4. And be it further enacted, That il
e shall be lawful for the said association to
= purchase hold and convey real estate, az
~ follows: First such as shall be requisite FOL
. the immediate accommodation OF Its busl
. ness: or, second, such as shall have beer
!. mortgaged to it in good faith by way OF Sc
;. curity for loans previously contracted, FOL
y money due; or, third, such as shall nave
~ been conve yed to it in satisfaction OF debts
u previously contracted in the course OF II:
~ dealings: or, fourth, such as shall have peer
~ purchased at sales upon judgments, DEGREES
40 or mortgages obtained OF made 1or suci
no debts.
ID Sec. S. And be it further enacted, Tha
the number of trustees to manage the busl
ness of said corporation shall be twenty,
majority of whom shall be residents OF tn
District of Columbia; and the first boar
ri shall be elected from among tn
70. corporators herein named, and an
vacancy existing or occurring D.
of death, resignation, or otherwise, in sal
of Office of trustees, shall be filled by ballot
m such time as the bylaws shall prescribe
ve and that said trustees shall elect one OF thel
inf number to be the president of the sal
ed board, who shall also be the president {
ed said association, and shall elect two OF the
nd number as vicepresidents, one OF the
b. number as secretary and one OF their nun
nd Der as treasurer of the same.
of Sec. 6. And be it further enacted, This
oh the president, yice-presidents, secretar.
be treasurer. and the subordinate officers an
on agents of the association shall respectivel
he give such security for their fidelity and goo
lid conduct as the board of trustees may trol
en time to time require and the board shall Il
1li- the salaries of such officers and agents
Approved, June %, 1870.