New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-23
OF FL IA L.
LAWS OF THE UNITED STATES.
Passed at the Second Session Of the Ferry
First Congress.
(PUBLlc-NO. @.1


| AN ACT to incorporate the National MI
ington, D. C.
Be it enacted by the Senate and House o
| Representatives of the United States O
! NJ. Clapp, Ezra b. French, Stephen j. w
Tabor, II. b. Donaldson, William A. Rich
ardson, Jedediah H. Baxter, James M
| Austin, Henry p. H. Cromwell, Aaron i
Randall, John K. 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. Montrouse, William
Wilkinson, James O'Connor and B. b
French, and their successors, are constituted
body corporate, by name of The Ma
tlOnal Life Assurance and Trust ASsOcia
tiOn.' and by that name may sue and bt
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. 2. And be it further enacted, That
the corporation above named shall, within
oAS ySuA NAtoA eAC PAccffSC Vi Ills 6Cl, Ldtct
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 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
by him, upon the endowment plan. At any
meeting of the corporatOrs, or 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
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
hall be lawful for the said association to
purchase, hold and convey real estate, as
OllOws: First, such as shall be requisite for
ne immediate accommodation of its bust
less; or, second, such as shall have been
to it in good faith by way of Sc
'urity for loans previously contracted, for
money due; or, third, such as shall have
'een conveyed to it in satisfaction Of debts
previously contracted in the course of its
lealings; or, fourth, such as shall have been
at sales upon judgments, DEGREES.
II mortgages obtained or made for such |
ebts.
Sec. 5. And be it further enacted, That |
he number OF trustees to manage the bust |
ess of said corporation shall be twenty, a
Majority OF whom shall be residents Of the |
district of Columbia; and the first board
hall he elected from among the
operators herein named, and any
acancy existing or occurring by |
cath, resignation. or otherwise, in said
flee of trustees, shall be filled by ballot at
UGH time as the bylaws shall prescribe:
nd that said trustees shall elect one of their
lumber to be the president of the said
GARD, who shall also be the president of
lid association, and shall elect two of their
lumber .as vice-presidents, one of their
lumber as secretary, and one of their num-
er as treasurer OF the same
Sec. 8. And be it further enacted, That
he president, vice-presidents, secretary,
'easurer, and the subordinate officers and
gents of the association shall respectively
i've such security for their fidelity and good
'nduct as the board of trustees may from
me to time require, and the board shall fix
re salaries of such officers and agents.
Approved, June %, 1870.