An Act to amend section 35 of chapter III of the Life Insurance Act for the District of Columbia
PL 87-245 (H.R.7044), enacted 09/14/1961

514 
PUBLIC LAW 87-244-SEPT. 14, 1961 
[75 S TAT. 
Public Law 87-244 
September 14,1961 
[H. R. 3296] 
AN ACT 
To authorize the Secretary of Interior to nominate citizens of the Trust Terri-
tory of the Pacific Islands to be cadets at the United States Merchant Marine 
Academy. 
T r u s t Territory 
of the Pacific Is-
lands. 
Appoint m e n t of 
cadets to Merchant 
Marine Academy. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That the Secretary 
of Commerce is authorized to permit, upon designation of the Secre-
tary of Interior, not to exceed four persons at a time from the Trust 
Territory of the Pacific Islands to receive instruction in the United 
States Merchant Marine Cadet Corps and at the United States Mer-
chant Marine Academy at Kings Point, New York. 
The persons 
receiving instruction under authority of this Act shall receive the 
same paj, allowances, and emoluments, to be paid from the same 
appropriations, and subject to such exceptions as shall be jointly, 
agreed upon by the Secretary of Commerce and the Secretary of 
Interior, shall be subject to the same rules and regulations governing 
admission, attendance, discipline, resignation, discharge, dismissal, 
and graduation as cadets at the Merchant Marine Academy appointed 
from the United States; but such persons shall not be entitled to 
appointment to any office or position in the United States merchant 
marine by reason of their graduation from the Merchant Marine 
Academy. 
Approved September 14, 1961. 
Public Law 87-245 
AN ACT 
September 14, 1961 
[H. R. 7044] 
To amend section 35 of chapter III of the Life Insurance Act for the District of 
Columbia. 
L i f e 
Insurance 
Act, D. C. 
Amendment. 
62 Stat. 482. 
Investments. 
48 Stat. 1154. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assemhled. That subsection (10) 
of section 35 of chapter I I I of the Life Insurance Act (D.C. Code 
35-535(10)) is amended by redesignating the present subsection 
" (10)" as subsection " (10) (a)" and by adding a new paragraph at the 
end thereof to be designated as subsection "(10) (b)", to read as 
follows: 
"(b) In addition to the investments authorized in paragraph 
(10) (a), common stocks of any insurance company (other than as 
prohibited in section 35-540) created under the laws of the United 
States, or of any State thereof, or the District of Columbia: Provided, 
however. That stocks may be acquired under this paragraph (10) (b) 
only (i) with the intention of ultimately acquiring ownership or 
control of the issuing-corporation as an affiliate or a subsidiary, (ii) 
if such acquisition will not cause the acquiring company's aggregate 
cost of investments under this paragraph to exceed, in the case of a 
capital stock company, the amount of capital, surplus and contingency 
reserves in excess of $150,000 or, in the case of a mutual company, the 
amount of surplus and contingency reserves in excess of $150,000, and 
(iii) after the Superintendent of Insurance of the District of Columbia 
has been furnished with such information as he may require and has 
given to the acc[uiring company his written approval of the proposed 
acquisition stating his opinion that it will not substantially lessen com-
petition, will not tend to create a monopoly in any line of insurance, 
and will not impair the financial stability of the acquiring company." 
Approved September 14, 1961.