Page:United States Statutes at Large Volume 11.djvu/539

 THIRTY-l*`OURTH CONGRESS. Sess. III. Ch. 49. 1857. 499 exhibit to the board at each of its stated meetings a full statement of the affairs of the company, and cause the same to be recorded; and said statement shall at all times, during office hours, remain subject to the inspection of all persons holding policies of the company. Sec. 9. And be it further enacted, That the secretary, with the con- Sam, S,,b_j,,,,;_ currencc of the president, shall have power to make and execute contracts of insurance in behalf of the company; and also to cause said company to be reinsured, when deemed expedient, against any risk it may have insured. But the board may, by a by—law, restrict the authority of the secretary and president in this respect, and a. larger sum than fifteen thousand dollars shall not be taken at any one risk. Sec. 10. And be it further enacted, That the president and directors shall have full power and authority, by a vote of not less than a majority of the whole board, to establish by—laws and such regulations as may be By-1v·wsnecessary to regulate the concerns of the company: Provided, They be not contrary to this act, and to the laws and Constitution of the_United States. Sec. 11. And be it further enacted, That the president and directors I¤V¤Sfm<=¤*S- shall have full power and authority to invest the capital and surplus funds of the company, from time to time, in public funds and other securities, and generally to invest and dispose of the capital, money, and property of the company, as they shall deem most advantageous. Sec. 12. And be it further enacted, That the said company shall have authority to loan its funds, or any part thereof, to the holders of its Loans to penny policies, upon the security of the mortgages on uneneumbered real estate h°ld€YS· within the county of Washington, insured by them; but never in amount exceeding one half the sum insured thereon ; the said loans when made, to be subject to reimbursement after a period of sixty days, unless at the expiration of said credit the company shall agree to a renewal of the same. Sec. 13. And be it further enacted, That the said company shall not be competent to purchase, take, or hold any real estate other than such as Not to hold real shall be requisite for its immediate accommodation in relation to the con- "°""° °‘°°P°*&°’ venient transaction of its business, and such as shall have been bona fide mortgaged or conveyed to it by way of security, or in satisfaction of debts contracted in the course of its dealings, or purchased at sales upon judgments which shall have been obtained for such debts. Sec. 14. And be it further enacted, That all policies of insurance and notes or obligations of every description, shall be signed by the president, Instruments and countersigned by the secretary; and no promissory note or obligation, h°“' S‘8“°d· except contracts of insurance, shall be given without the previous vote of the board of directors ; and no sale or transfer of stock or property shall be made, nor any mortgage or bond discharged, except in pursuance of a vote of the said board. Sec. 15. And be it further enacted That a semi-annual statement Sem;,,,,,,,,,,,] shall be made of the company’s business, on or.before the first Monday Statement to b¤ of January, and the first Monday of July, in each and every year, which {tgz2Q_ md pub` statement shall be signed and sworn to by the president and secretary of the company, and be published in some paper printed in the city of Washington, in order to ascertain the net earned premiums, as near as may be, for the preceding half year; and if it be ascertained that, after payment of all claims against the company, any profits have been made during this period, the directors, or a majority of them, may declare a dividend of said profits, which shall be paid within ten days thereafter; Divid¢¤d¤· but it shall not be lawful to divide more than two thirds thereof clear profits until, by the half-yearly appropriation of the other third thereof, a contingent fund of twenty thousand dollars shall be formed, and, as often as the fund shall be impaired by losses, the president and directors shall continue the half-yearly appropriation aforesaid until it be restored to the amount before mentioned.