Page:United States Statutes at Large Volume 48 Part 1.djvu/1169

 73d C ONGRESS. SESS. II. CH. 672 . JUNE 19, 1934. See. 13 . Stock payment calls. Sec. 14. Stock transfers. See. 15. Capital stock book. See.16. Corp orat ions and ass ocia tion s as mem bers of mutual companies. See. 1 7 . Mut ual comp anie s ; when to commence business. See. 18. Reorganization of existing corporations. Se e. 1 9 . Conversion of a stock life company into a mutual life company. Se e. 2 0 . Corporations heretofore formed. See.21. Directors. See. 22. Bylaws. See. 23. Election of directors. See. 24. Cumulative voting. See. 25. Voting power under policies of group life insurance. See. 26. Liability of directors. See. 27. Sal arie s to he auth oriz ed by directors. Sec. 28. Limitation of dividends to stockholders and policyholders. Sec. 29. Officers. See. 30 . Officers and directors not to be pecuniarily interested in transactions. See. 31 . Voting trusts prohibited. See. 32 . Maximum and contingent premiums of mutual companies. See. 33 . Classification of risks by mutual companies. See, 34. Mutual company guaranty fund ; mutual company power to borrow. See. 35 . Inv estm ent of f unds of dome stic com pani es. See. 36 . Domestic company real estate holdings. See. 37 . Reinsurance by domestic companies in authorized companies. See. 38 . Vouchers for disbursements. See. 39 . Books, records, accounts, and vouchers of domestic companies. Sec. 40. Capital stock acquisition by company of its own shares. SECTION 1. ARTICLES OF INCORPORATION .-Any seven or mo re per- sons who desire to become incorporated as an insurance company shall make, sign, and acknowledge articles of incorporation before an officer authorized to take acknowledgment of deeds, in which shall be stated (a) The proposed corporate name, which shall not be identical wi th nor so nearly resemble the na me of an existing corporation organized under the laws of the District, or authorized to transact business therein, as to mislead the public or cause confusion and, in case of a mutual company, shall contain the word " mutual ." (b) The term of its existence, which may be perpetual. (c) The place where its principal office shall be located, which shall be the District of Columbia. (d) The purpose of the company, which shall be restricted to the business of insurance appertaining to persons. (e) The mod e and manner in which the corporate power shall be exercised ; the number, terms of office, and manner of electing direc- tors, who shall be stockholders, or, in the case of a mutual company, shal l be mem bers or poli cyho lder s of the cor pora tion. (f) The provisions for meeting and votes of stockholders and policyholders. A stock com pany in which the policyholders do not vote shall provide for cumulative voting in its articles of incorpora- tion. A stock company in which policyholders vote shall provide that each stockholder shall have one vote, in person or by proxy, for each share of stock owned. A company without capital stock shal l provide that every policyholder shall be a member and entitled to one or more votes, in person, or by proxy, based on the insurance in force, the number of policies held or the amount of premiums paid as may be provided in the bylaws, and a stock company may provide for votes by policyholders, but in such case each policyholder shall have the same voting power as every other policyholder, 1143 Articles of incorpora- tion. Contents. Corporate name. Term of existence Principal off ice. Purpose. Mode of exerc isin g corporate power. Stockholders ; provi- sion respecting.