An Act to amend section 15 of the Life Insurance Act to permit any stock life insurance company in the District of Columbia to maintain its record of stockholders at its principal place of business in the District of Columbia or at the office of its designated s
PL 88-458 (H.R.6128), enacted 08/20/1964

556 
PUBLIC LAW 88-458-AUG. 20, 1964 
[78 STAT. 
Tax exemption. 
Costs. 
SEC. 6. No part of any of the funds distributed in accordance with 
this Act shall be subject to Federal or State income tax. 
SEC. 7. AH costs incurred by the Secretary in the preparation of 
the roll and in the payment of the per capita shares in accordance 
with the provisions of this Act shall be paid by withdrawals from the 
judgment fund of the appropriate band. 
SEC. 8. The Secretary of the Interior is authorized to prescribe 
rules and regulations to carry out the provisions of this Act. 
Approved August 20, 1964. 
Public Law 88-458 
August 20, 1964 
[H. R. 6128] 
AN ACT 
D.C. life insur-
ance companies. 
Record of stock-
holders. 
48 Stat. 1147. 
To amend section 15 of the Life Insurance Act to permit any stock life insurance 
company in the District of Columbia to maintain its record of stockholders at 
its principal place of business in the District of Columbia or at the oflSce of its 
designated stock transfer agent in the District of Columbia, and for other 
purposes. 
Be it enacted by the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That section 15 of 
the Life Insurance Act (D.C. Code, sec. 35-515) is amended to read 
as follows: 
"SEC. 15. CAPITAL-STOCK RECORD.—It shall be the duty of the direc-
tors of every domestic stock company to cause a record to be kept by 
the treasurer or secretary of the company or by the stock transfer 
agent of the company containing the names of all persons, alphabeti-
cally arranged, who are or shall within six years have been stock-
holders of such company, and showing their place of residence, the 
number of shares of capital stock held by them, respectively, the time 
when they became owners of such shares, and the amount of capital 
stock actually paid in. 
"Such record shall, during the usual business hours of the day, on 
every business day, be open for inspection by policyholders, stock-
holders, creditors of the company, and the personal representatives of 
such policyholders, stockholders, and creditors at the office or principal 
place of business of such company in the place where its business 
operations shall be located in the District of Columbia, or at the 
office of the stock transfer agent located in the District of Columbia, 
and anj^ policyholder, stockholder, creditor, or representative shall 
have a right to make extracts from such record. 
"Such record shall be presumptive evidence of the facts therein 
stated in favor of the plaintiff in any suit or proceeding against such 
company or against any one or more stockholders. 
"Every officer, stock transfer agent, or any other agent of any 
company who shall neglect to make any proper entry in such record, or 
shall refuse or neglect to exhibit the same, or allow the same to be in-
spected and extracts to be taken therefrom, as herein provided, shall 
be deemed guilty of a misdemeanor and the company shall pay to the 
party injured a penalty of $50 for any such neglect or refusal, and 
all damages resulting therefrom. 
"Every company that shall neglect to have such record kept open 
for inspection, as herein provided, shall forfeit to the District the 
sum of $50 for every day it shall so neglect, to be sued for and re-
covered by the Superintendent, the Corporation Counsel represent-
ing him, in the United States District Court for the District of Co-
lumbia." 
Approved August 20, 1964.