Page:United States Statutes at Large Volume 42 Part 1.djvu/438

 410 SIXTYSEVENTH CONGRESS. Sess. II. Ch. 93. 1922. c0Q‘%g°m°*“°* The assets of every domestic mutual insurance corporation transmvesvméucorsssets. actin marine insurance in the District to the extent of an amount equalg to the minimum capital required of a like domestic stock corporation shall be invested and ept invested in the same class of securities specified for the investment of the minimum capital of like domestic stock insurance corporations. The residue of the assets of every domestic mutual insurance corporation, over and above said amount, may be invested in or loaned on the pledge of the same classes of securities or property as specified in this chapter for the investment or loan of the residue of e capital and the surplus money and funds of like domestic stock insurance corporations. 1¤v¤s¤¤¤$¤¢ in for- A company doing business in a foreign country may invest the $$2 €§`l§l°$°iS W °“t' funds required to meet its obligations in such coimtry in conformity to the laws thereof in the same kinds of seciuities m such foreign gountry as such company is allowed by law to invest in the United tates. 0***9* s°°“’“i°s· Nothing in this Act shall rohibit a com any from acce ting in $i:r3is.m mmm of good fait, in order to tppevgnt losses and go protect its ifiterests, securities or (property, o er than herein referred to, in payment of or to sec1u·e ebts due orto become due the company. pfgltgffw **°**““8" Sec. 19. That a domestic company may acquire, hold, and convey Principal oing real estate ow for the purpose and m the manner following: mining. (1) The b ding in whic it has its principal office and the land on which it stands. Bmmh °m°°S’°°" (2) Such as shall be requisite for branch office or other business facilities necessary for its convenient accommodation in the transaction of its business. bAp¤¤mi¤¤d¤¤¤¤sf¤r t (ii) Such as shall have been acquired for the accommodation of 1 s usmess. umgagainxioaus. (4) Such as shall have been mortgaged to it in good faith by way of securit for loans previously contracted or for money due. R¢¢¤iv¤df·>* d¤¤*»*· (5) Suiii as shall have been conveyed to it in satisfaction of debts previously contracted in the course of its dealings. gaéP°*gg*;=;gs¤det*;* ¤=°¤· (6) Such as it shall have pinchased at sales on judgments, decrees, H * ‘ { 0;·${;;·t,g¥ee optamed or migdeifpr suglédebts- (3) (4) (5) d (6) ¤¤* ¤°°°SS°’{ °' suc rea estate s ec e m su ivisions, , , an ii$???ilsi° b°s°d In of this section which sliizll not be necessary for its accommodation in the convenient transaction of its business shall be sold by the company and disposed of within five years after it shall have acquired the title to the same, or within five years after the same shall have iamnsm ottime m ceased to be necessary for the accommodation of its business, unless l"°"°""°”· the compan procure the certificate of the superintendent that its interests will suffer materially by a forced sale thereof, in which event the time for the sale may be extended to such time as the superintendent shall direct in such certificate. irmmmmpanses, TITLE VII.——Mnxon1z or Comraxms. m;’;;_¤=g;;;:;&2¢¤;%rg{ Sec. 20. That any two or more corporations organized under the paula. laws of the District, and transacting the business of marine insurance, may merge or consolidate into one corporation under the name of any title approved by the superintendent, but no mutual corporation or company shall be merged with a stock corporation or comm§§§°‘“°”‘ ’° "° pany. The corporations may enter into and make an agreement for such merger or consolidation, rescribing its terms and conditions, the amount of its capital, which shall not be larger in amount than the aggregate amount of capital of the merged or consolidated cor- Subm to mm of gorations, and the number of shares into w `ch it is to be divided. natalie ami gmk- uch agreement must be assented to by a vote of the majorit of """*°’$· the number of directors of each corporation prescribed in its charter and must be approved by the votes of stockholders owning at