Page:United States Statutes at Large Volume 48 Part 1.djvu/619

 73d C ONGRESS. SESS. II. CH. 145. APRIL 16, 1934. 593 [CHAPTER 145 .] AN ACT April 16.1934. To amend an Act entitled "An Act to incorporate the Mutual Fire Insurance 	[S . 2857.1	 Company of the District of Columbia", as amended. [Public, No. 165 .] Be it enacted by the Senate and House of Representatives of the United States o f America in Congress assembled, That sections 2 to anau comal Fir nsur p Co mpan y o h 9 of the Act entitled "An Act to incorporate the Mutual Fire Insur- District of Columbia . ance Company of the District of Columbia ", ap pro ved Janu ary Vol. 10 p. 836; Vol. 10, 1855 (10 Stat . 836), as amended April 12, 1866 (14 Stat . 32, 14, p. ?p 32; 16, p . 80; 23, ch . 41), March 25, 1870 (16 Stat . 80, ch . 35), June 14, 1878 (20 p .155,amended . Stat . 132, ch . 195), and July 5, 1884 (23 Stat . 155, ch . 233), are hereby amended to read as f ollows " SEC. 2 . The purpose and designs of this corporation shall be to Purpose and d esigns . insure the property of the members thereof against loss or damage by f ire, lig htni ng, spri nkle r le akag e, c yclo ne, torn ado, win dsto rm, and hail ; to insure glass against breakage ; to insure the loss of use and occupancy and rents of buildings when such loss is caused by fire, lightning, cyclone, tornado, windstorm, and hail ; to insure automobiles and other vehicles, and other property, against loss or damage by fire, theft, transportation, explosion, and collision ; to insure against the loss of property by burglary, theft, robbery, larceny, and forgery ; to insure against loss or damage by any other hazard upon any risk which is not prohibited by statute or at com- mon law from being the subject of insurance by a fire-insurance company but not including loss or damage by reason of bodily injury to the person, nor shall such corporation do a life-insurance or fidelity or surety business ; and to cede and accept reinsurance upon the whole or any part of any risk ; and to have and exercise all the general powers of corporations organized under the laws of the District of Columbia, insofar as they relate to mutual fire- insura nce co mpanie s : Provided, however, That said corpor ation nroeises. To continue a mut- shall forever be conducted for the mutual benefit of its members, ual, nonpr ofit corp ora- and not for profit ; and, as to its business transacted in the District lion. of Columbia or in any Sta te or other j urisdiction in which it is licensed, shall be subject to all laws of such District, State, or other jurisdiction governing mutual fire-insurance companies. " SEC. 3 . The policies hereafter issued by said corporation shall Premium payments. provide for a premium or premium deposit payable in cash without premium note, and, except as herein provided, for a contingent premium at least equal to the premium or premium deposit : Pro- P eof polices with_ vided, That said corporation may issue policies without additional out additional contin- contingent liability of its members whenever it has a surplus of gent liab ility . assets over all i ts liabilities of $1 00,000, or more . " SEC. 4. All persons who shall her eafter insure with said cor - Policy hold ers; who poration ; and their heirs, executors, administrators, and assigns may be. continuing to be insured by said corporation, shall thereby become members thereof during the period they shall remain insured by said corporation and no longer. Any public or private corporation, board, association, or estate may hold policies in the corporation. Officers of, as agents. Any officer, director, trustee, or legal representative of such cor- e tc. poration, board, association, or estate may be recognized as acting for or on its behalf for the purpose of membership in this corpora- tion, but shall not be personally liable upon such contract of insur- ance by reason of acting in such representative capacity. The right of any corporation, board, association, or estate to participate as a member of this corporation is hereby declared to be incidental to the purpose for which su ch corporatio n, board, asso ciation, or estate is organized and as much granted as the rights and powers expr essl y co nfer red. 86637 o -34-38