New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-22

-. Y -.
LAWS OF THE UNITED STATES.
Passed at the Second Session Of the Forty.
First Congress.
TPUBLIC-NO. 99.l

- TPUBLC-No. 99.1
AN ACT to incorporate the National MI
tual Life Assurance Association of Wash
ington, d. C..
Be it enacted by the Senate and House o
Representatives of the United States o
| America in Congress assembled, That Almol
N. Clapp, Ezra b. French, Stephen j. w
| Tabor, r. b. Donaldson, William A. Rich
ardson, Jedediah H. Baxter, James NJ
| Austin, Henry P. H. Bromwell, 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. 1ontrouse, William
Wilkinson, James O'Connor and b. b
French, and their successors, are constituted
| tiOnal Life Assurance and Trust AssOcia
| tiOn," and by that name may sue and be
sued, plead and be impleaded 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. 2. And be it further enacted, That
one year after the passage of this act, meet
and elect such officers as may be necessary
to perfect the organization, and thereupOn,
or as soon thereafter as may be practicable,
shall open books for the enrolment of NOM
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
fr,,s for tho >f <ho
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 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
United 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. T. And be it further enacted, That it
shall be lawful for the said association to
purchase, hold and convey real estate, as
iOuO"s' HSl, Sucu Us Shall DE requisite 1Or
the immediate accommodation of its bust
ness; or, second, such as shall have been
to it in good faith by way of Sc
curity 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.
Sec. s. And be it further enacted, That
the number of trustees to manage the bust
ness Of said corporation shall he twenty, a
majority of whom shall be residents of the
District of Columbia; and the first board
shall be elected from among the
herein named. and any
existing or occurring by
death, resignation, or otherwise. in said
office of trustees. shall be filed by ballot at
such time as the bylaws shall prescribe; |
and 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. 6. And be it further enacted. That |
he president, vice-presidents. secretary.
and the subordinate officers and
lgents OF the association shall respectively |
rive such security for their fidelity and good
onduct as the board of trustees NAV from
ime to time require, and the board shall fix
he salaries of such officers and agents.
Approved, June 3d. 1870.