Source: http://mdh.contentdm.oclc.org/cdm/ref/collection/molaws/id/44733/
Timestamp: 2020-08-08 21:26:59
Document Index: 51886240

Matched Legal Cases: ['§ 10', '§ 11', '§ 12', '§ 13', '§ 14', '§ 10', '§ 11', '§ 12', '§ 13', '§ 14']

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198 INSURANCE   COMPANIES.
tions as the board of directors shall, from time to time make and establig),
subject however to the general law ofthe State, as the same exists, orua!
be changed hereafter. '
§ 10. It shall be lawful for said company to purchase and hold such real
estate as may be convenient for the transaction of its business, not exceed.
ing twenty thousand dollars in value, and also to take and hold 'any real estate, as a security, or in mortgage, or in pledge, to secure the payment o|
debts due, in good faith, to the said company, either for shares of the capita]
stock, or otherwise; and also to purchase real estate, at any sales made in
virtue of any judgment at law , or decree in equity, made in favor of sgi
company; to receive and take in satisfaction of any debt, previously due' to
said company any real estate, to hold all such real estate, except that herein
first mentioned, (which is intended for the ordinary use and accommodation
ofthe company) so long only as may be necessary to enable said companyto
make sale of the same for money, or other personal property. But it shall
not be lawful for the said company to use or employ any part of its stock
funds,'or capital, in buying or selling goods, wares and merchandize, or am
commodities whatever, nor in brokering operations or business; nor in the
purchase of any stock, or funded debt, created or to be created, by or $
der any act ofthe United States, or of any particular state; nor to emit ant
notes or bills, or make any contract for the payment of money only, except
under the seal of the said corporation; but shall nevertheless, be lawful for
the said company to purchase any such, stock, or funded debt, as aforesaid,
for the purpose of vesting any part of the stock, funds, or money of said
company therein; to be made available in the line of its ordinary business;
and also to sell and transfer the same, and reinvest the proceeds thereof in
other stock, or funded debt, when, and as often as the exigencies of tue said
corporation may require; Provided, no note, bill or other evidence of debt
be issued, to be used as currency, or in banking purposes.
§ 11. All the policies, or contracts of insurance, which may be made or
entered into, by the said corporation, shall be subscribed by the president
or the president protempore, or by such other officer as shall be designated;
for the purpose, by the by-laws, and attested by the secretary, and beingit
signed and attested shall be binding upon the corporation, without the seal
thereof according to the tenor and effect, true intent and meaning of such
policies or contracts, and all such policies and contracts, may be so signe_
and attested, and the business ofthe corporation may be otherwise conducted,
and carried on, without the presence of the board of directors, by assistant
or committees, to be appointed for such purposes, and the acts of such assistant! I
or committees shall be binding upon the company, to all intents andpurpssftj
§ 12. If a greater amount of stock be subscribed for, than is contemplated by the first and second sections of this act, the same shall, be apportioned
among the subscribers in such equitable manner as the directors shall appoint
§ 13. This act shall be, and is hereby declared to be a public act, aw
that the same shall be construed liberally, for the beneficial purposes herein
intended, and the corporation hereby created. This act shall take effect and
be in force from and after the passage thereof, until the fourth day of J'1'.'
in the year one thousand eight hundred and fifty-seven, and no longer.
§ 14. Notwithstanding the expiration ofthe term for which the said corporation is created, it shall be lawful to use the corporate name, style aw
capacity for the purpose of suits for the final.settlement, and liquidation"1
the^affairs and. accounts of the corporation, and for the sale and disposition jj
their estate, real, personal and mixed, but not for any other purpose, oi' *>
'any other manner whatsoever, nor for a period exceeding two years arts'
the expiration ofthe said term of incorporation.
Identifier LAWS_9th_1836-1838_0198.tif
Transcript 198 INSURANCE COMPANIES. tions as the board of directors shall, from time to time make and establig), subject however to the general law ofthe State, as the same exists, orua! be changed hereafter. ' § 10. It shall be lawful for said company to purchase and hold such real estate as may be convenient for the transaction of its business, not exceed. ing twenty thousand dollars in value, and also to take and hold 'any real estate, as a security, or in mortgage, or in pledge, to secure the payment o| debts due, in good faith, to the said company, either for shares of the capita] stock, or otherwise; and also to purchase real estate, at any sales made in virtue of any judgment at law , or decree in equity, made in favor of sgi company; to receive and take in satisfaction of any debt, previously due' to said company any real estate, to hold all such real estate, except that herein first mentioned, (which is intended for the ordinary use and accommodation ofthe company) so long only as may be necessary to enable said companyto make sale of the same for money, or other personal property. But it shall not be lawful for the said company to use or employ any part of its stock funds,'or capital, in buying or selling goods, wares and merchandize, or am commodities whatever, nor in brokering operations or business; nor in the purchase of any stock, or funded debt, created or to be created, by or $ der any act ofthe United States, or of any particular state; nor to emit ant notes or bills, or make any contract for the payment of money only, except under the seal of the said corporation; but shall nevertheless, be lawful for the said company to purchase any such, stock, or funded debt, as aforesaid, for the purpose of vesting any part of the stock, funds, or money of said company therein; to be made available in the line of its ordinary business; and also to sell and transfer the same, and reinvest the proceeds thereof in other stock, or funded debt, when, and as often as the exigencies of tue said corporation may require; Provided, no note, bill or other evidence of debt be issued, to be used as currency, or in banking purposes. § 11. All the policies, or contracts of insurance, which may be made or entered into, by the said corporation, shall be subscribed by the president or the president protempore, or by such other officer as shall be designated; for the purpose, by the by-laws, and attested by the secretary, and beingit signed and attested shall be binding upon the corporation, without the seal thereof according to the tenor and effect, true intent and meaning of such policies or contracts, and all such policies and contracts, may be so signe_ and attested, and the business ofthe corporation may be otherwise conducted, and carried on, without the presence of the board of directors, by assistant or committees, to be appointed for such purposes, and the acts of such assistant! I or committees shall be binding upon the company, to all intents andpurpssftj § 12. If a greater amount of stock be subscribed for, than is contemplated by the first and second sections of this act, the same shall, be apportioned among the subscribers in such equitable manner as the directors shall appoint § 13. This act shall be, and is hereby declared to be a public act, aw that the same shall be construed liberally, for the beneficial purposes herein intended, and the corporation hereby created. This act shall take effect and be in force from and after the passage thereof, until the fourth day of J'1'.' in the year one thousand eight hundred and fifty-seven, and no longer. § 14. Notwithstanding the expiration ofthe term for which the said corporation is created, it shall be lawful to use the corporate name, style aw capacity for the purpose of suits for the final.settlement, and liquidation"1 the^affairs and. accounts of the corporation, and for the sale and disposition jj their estate, real, personal and mixed, but not for any other purpose, oi' *> 'any other manner whatsoever, nor for a period exceeding two years arts' the expiration ofthe said term of incorporation.