Page:United States Statutes at Large Volume 46 Part 1.djvu/203

 160 SEVENTY-FIRST CONGRESS. SEss. H. CHs. 135, 136 . 1930 . Election of directors, tions ; that the number of directors shall be fixed by the by-laws etc . and shall be at least nine, who shall be elected by the insured members ; the terms of the directors shall be three years from the date of their election, and such directors may be classified so that their terms shall not all expire at the same time ; the election shall be held annually, and such directors shall elect the president and other General corporate officers and shall have power to make and promulgate such by-laws, powers. rules, and regulations as may be deemed necessary and proper for the elections herein provided and for the disposition and manage- ment of the business, funds, property, and effects of said corporation and shall be vested with the control and supervision of all of the business affairs of said corporation ; and said corporation shall have all the powers, rights, and privileges now or hereafter held and exercised by mutual legal reserves life insurance companies within the District of Columbia ; in any action or suit by or against such co rporation the policies, certificate s, and other evidences of insuranc e obligation issued and executed by the mother corporation shall be admissible in evidence without further proof, and shall constitute prima facie evidence of the same obligations against said corporation as against such mother corporation. Original corporation SEC. 5 . The proceedings in the Act provided, including the not dissolved. amendment of the charter, the issuance of the certificates by the superintendent of insurance, the division of assets and liabilities or s epar ate eof , Ss any other act done hereunder, shall not be or constitute a dissolution of the original corporation, but the resulting corporation shall, so separated and divided, be continuations thereof and under the names as herein authorized, be separate legal entities, and the insurance corporation herein provided for shall be subject to supervision, regulation, and control as a mutual legal reserve life-insurance corporation. No contract s ins- SE C. 6. Nothing contained herein and nothing done hereunder paired. shall impair or operate to impair the obligations of any contract ; and this Act and any certificate issued hereunder shall be subject to the power of Congress to alter, amend, or repeal at will. Insurance la ws of SEc. 7 . Such corporation shall be subject to all the laws of the states and the District applicable. States, including the District of Columbia, with respect . to similar mutual legal reserve life-insurance corporations. Approved, April 12, 1930. 78 30 [H . R.7830 .1 ]	CHAP. 136.-An Act To ame nd s ecti on 5 of the Act en tit led "An Act to [Public, No. 116 .1 provide a government for the Territory of Hawaii," approved April 30, 1900 . Be it enacted by the Senate and House o f Representatives of Hawaii. the United States o f America in Congress assembled, That section 5 ed o1 .31,p .141,amend- of the Act entitled "An Act to provide a government for the Ter- u. S. C., p. 1599. ritory of Hawaii," approved April 30, 1900, as amended (United States Code, title 48, section 495), is amended to read as follows The Constitution " SEC . 5 . (a) That the Constitution, and, except as otherwise pro- and Federal laws ap- plicable thereto. vided, all the laws of the United States, including laws carrying general appropriations, which are not locally inapplicable, shall have the same force and effect within the said Territory as elsewhere in Pro vis o Territorial the United States : Provided, That sections 1841 to 1891, inclusive, pr ovi sion s ca . not appli- 1910 and 1912, of the Revised Statutes, and the amendments thereto, R . S ., sees. 1841-1891, and an Act entitled `An Act to prohibit the passage of local or special 3370, 1912, pp . 324-333, laws in the Territories of the United States, to limit Territorial 36Vool .4424, p. 171, Vol . indebtedness, and for other purposes,' approved July 30, 1886, and u .s .C.,pp.1599,1646. the amendments thereto, shall not apply to Hawaii.

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