Page:United States Statutes at Large Volume 48 Part 1.djvu/1174

 1148 73d C ONGRESS. SESS. IL CH. 672 . JUNE 19, 1934. Penalty. $50 for every day it shall so neglect, to be sued for and recovered by the Superintendent, the corporation counsel representing him, in the Supreme Court of the District. Corporations and as- SEC. 16. CORPORATIONS AND ASSOCIATIONS AS IVIEMRERS OF MUTUAL of mautal com pan ies. COM PANI ES .--Publ ic or pr ivate co rporatio ns, boar ds, or a ssociati ons of the District or elsewhere, may make applications, enter into agree- ments for, hold policies in, and become members of mutual com- panies. Any officer, stockholder, trustee, or legal representative of any such corpor ation, boa rd, as socia tion, or of an e state may be recognized as acting for or on its behalf, but shall not be personally liable by reason of acting in such representative capacity. Mutua l comp anies. SEC. 17. MU TUAL COMPA NIES ; WHEN TO COMMENCE BUSINESS.-NO Wben to commence businessm domestic mutual company shall transact any business until at least two hundred persons shall have subscribed in the aggregate for at least $200,000 of insurance and shall have paid in full one annual premium in money u pon the insurance so subscr ibed. Reorga nizatio n of e x- isting domestic com- SEC. 18. REORGANIZATI ON O F EXIST ING C ORPORA TIONS .-Any domes - panies, tic insurance corporation existing or doing business on the date when this Act goes into effect may, by a vote of a majority of its directors or t ruste es, ac cept the provisions of this chapter and amend its Consent of Superin- charter to conform with the same upon obtaining the consent of the tenFiling. .required. q°'red. Superintendent thereto in writing, and filing such consent in the office of the recorder of deeds for the District ; and thereafter it shall be deemed to have been incorporated under this chapter, and every suc h corporation in reincorporating under this provision may for that pu rpose so adopt i n whole or in pa rt a new charter, in con form- ity herewith, and include therein any and all provisions of its exist- ing charter, and any or all changes from its existing charter, to cover and enjoy any or all the privileges and provisions of existing laws which might be so included and enjoyed if it were originally incor- porat ed he reunde r, an d it shall, upon such adopt ion o f and after obtaining the consent, as in this section before provided, to such charter and filing the same with the Superintendent and the record thereof with the recorder of deeds of the District, perpetually enjoy the same as and be such corporation, which is declared to be a con- tinuation of such corporation which existed prior to such reincor- poration ; and the offices therein which shall be continued shall be filled by the r espectiv e incumb ents for the per iod and the same gen- eral pro ceed ings sha ll be ta ken upon the pre sent atio n of suc h amended charter or certificate adopted in relation to such amend- ment, to the Superintendent, as are required by this chapter to be taken with respect to an original charter or certificate, except that no examination of the condition and affairs of such corporation shall be required unless so ordered by the Superintendent, and if the amend ed ch arter or ce rtifi cate b e app roved by th e Sup erint endent and his certificate of authority to do business thereunder is granted, the corporation shall thereafter be deemed to possess the same pow- ers and be subject to the same liabilities as if such charter or certifi - , cate so amended had been its original charter or certificate of incor- poration, but without prejudice to pending action or proceeding or any rights previously accrued. poii ho a~s ri° ;ie~e of Upon the reincorporation or upon the amendment of the charter of any corporation, having a capital stock in accordance with the pro- visions of this section it may by a vote of the majority of its directors confe r upo n its polic yhold ers as may have a pres cribe d amo unt of insurance upon their lives the right to vote for all or any less number of the directors in such manner not inconsistent with any provision of this Act,