Page:United States Statutes at Large Volume 15.djvu/217

 FORTIETH CONGRESS. Sess. II. Ch. 239. 1868. 185 their successors shall be duly elected and qualified, and the directors so elected of said company, when it shall have been organized, may, and they are hereby authorized and empowered to have and to exercise in the Directors, their name and behalf of the company, all the rights and privileges which are P°"°”· &°·i intended to be hereby given. Upon commencing active business, the directors shall have power to require payment of the amount remaining Payment of unpaid on the stock of the company, at such time and in such proportions $*0**1*- as they may think proper: Provided, That the whole amount shall be Prcviso. required within two months from the time of commencing active business, and under the penalty, in case of non—payment as required, of forfeiture to the company of such stock and all previous payments thereon; and should the capital stock at any time be increased, the stockholders at the time of such increase shall be entitled to a pro rata share of such increase upon the payment of the par value of the same. 8120.3. And be it yierther enacted, That any certificate or obligation An agreement issued by the company, agreeing to purchase one of its policies for a fixcd t° P‘"° ‘?s° “ . . . . . policy with the sum during 0. stated period, when accompanied by the policy duly assigned policy assigned_ or transtcrred, shall be negotiable, and shall convey title to the policy to *·° b° ¤°S°*l**bl°· the party to whom it may be so assigned or transferred. Sec. 4. And be it further enacted, That any policy taken out in favor Certain; penof a wife, child, relative or other person having a benelicial interest in the **9* **0* "**hl° *9 life of the insured, shall not be liable to seizure by the creditors of the §:.?"° by (md" person so insured: Provided, That the policy does not exceed the sum of Proviso. ten thousand dollars. Sec. 5. And be it further; enacted, That it shall be ltiwt ul for the said Corporation corporation to purchase, hold and convey real estate as follows :  lfl‘!Q‘;ft‘:;· First. Such as shall be requisite for its immediate accommodation in my §t·1m;t·c,.1 the convenient transaction of its business; or, <·>S¢=¤<>; Second. Such as shall have been mortgaged to it in good faith by way of security for loans previously contracted for moneys due; or, Third. Such as shall have been conveyed to it in satisfaction of debts previously contracted, in the course of its dealings; or, Fourth. Such as shall have been purchased at sales upon judgments, decrees, or mortgages obtained or made for such debts. The said corporation shall not purchase, hold, or convey real estate in rm- what pm-. any other case or for any other purpose; und all such real estate as shall K¤$°¤· wd for not be necessary for the accommodation of said company, in the con- °w l°"g` vcnient transaction of its business, shall be sold and disposed of within six years aiter the said company shall have acquired title to the same; and it shall not be lawful for the said company to hold such real estate for a longer period than that above mentioned. Sec. 6. And be it further enacted, That the board of directors shall Capttatsmck have power to invest the capital stock and accumulated profits or surplus gd ggggmgggr funds of the said company in such securities and in such manner as they to so g¤,·$swd_ may elect, but the stockholders of this company shall not be liable for any loss, damage, or responsibility beyond the amount of stock subscribed by them respectively, and any profits accruing therefrom and undivided, and the premium reserve, or reinsurance {und, shall be invested in, or loaned upon, the following securities, and no other: First. The real estate, as herein described. Second. Bonds and mortgages on unencumbered real estate, worth, iu each case, at least double the amount loaned. Third. Stocks of the United States of America. Fourth. Stocks of the several States, and of incorporated cities therein. Sec. 7. And be it further enacted, That the directors shall be elected b Dimitgrs i<> annually by the stockholders on the second Tuesday of March, and ,,:,§f;°, ° u"` they shall elect from their number, at the first meeting of the board they shalt after their election, a president and a vice-president, and shall have power °l°“ °*°°““"°