Chapter CXCII. *to incorporate the National Capitol Insurance Company*
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CHAP. CXCII.— An Act *to incorporate the National Capitol Insurance Company*. March 2, 1867. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, National Capitol Insurance Company incorporated. That Green Adams, Krastus Poulson, Joseph J. Coombs, Robert Leech, John B. Clark, Jr., J. P. Reznor, Fergus M. Blair, Robert L. Owen, and Joseph W. Parish, and others who may become members, are hereby created a body politic and corporate, by the name and style of the “National Capital Insurance Company,” for the purpose of carrying on the business of insurance at the city of Washington, in the District of Columbia, and elsewhere, subject to the Powers.laws of the several States, and shall and may have perpetual succession, and shall be capable in law of contracting and being contracted with, and of suing and being sued, pleading and being impleaded, in all courts of competent jurisdiction, either in law or equity, in this district or elsewhere, subject to the laws of the States as aforesaid, and they and their Seal.Directors, by-laws, &c.successors shall and may have a common seal, and may change the same at their will and pleasure; and may also, from time to time, at any meeting of their directors, by a majority of votes as hereinafter provided, ordain, establish, and put in execution such by-laws, ordinances, rules, and regulations, the same not being contrary to this act or the laws of the United States, as may appear to them necessary or expedient for the management of said corporation, its business and affairs, and may from time to time alter or repeal the same or any of them.
Sec. 2. Insurance upon lives, and against accidents.*And be it further enacted*, That the said company shall have power to make insurance upon the lives and health of persons, and against accidents of any and all kinds; to issue tickets, or policies, or both, as the board of directors may determine; and to cause themselves to be insured, when deemed expedient, against risks upon which they may have made insurance. Sec. 3. Directors.*And be it further enacted*, That the affairs of said company shall be managed by a board of directors, consisting of not less than five members, or stockholders, three of whom shall constitute a quorum; said Elections.directors shall be elected by ballot from among the members and stockholders of said company, in general meeting assembled, at such times and Notice.places as said corporation in its by-laws shall appoint; of which election public notice shall be given ten days preceding such election, which shall be held under the inspection of members or stockholders, to be appointed for the purpose, for the first election, by the persons named in the first section of this act, and thereafter by members and stockholders, not being directors, to be appointed previous to every election by the board of directors, Ballot.Proxies.and such election shall be made by ballot, and by a plurality of the votes of the members or stockholders, or their proxies, present, allowing to each member or stockholder one vote for every fifty dollars in capital Vacancies.stock represented in said company.
All vacancies in said board may be filled for the unexpired terms by the remaining directors, and the persons chosen to fill such vacancies shall continue in office until others shall Annual meetings.be chosen in their places; and other elections shall be held on the first day of April of each year, for the choice of new directors. The said board of directors shall elect, viva voce, a president, vice-president, secretary, President and other officers.treasurer, and general agent, who may hold their offices for and during the term of one year, unless sooner removed by the board of directors, or until others are elected in their places.
THIRTY-NINTH CONGRESS. Sess. II. Ch. 192, 193. 1867. 557 Sec. 4. *And be it further enacted*, That the funds of this company,Funds, how invested. however derived, may be invested in or loaned on stock or real security. But the stockholders of tin's company shall not be liable for any loss, damage,Liability of stockholders. or responsibility beyond the amount of stock subscribed by them respectively, and any profits accruing therefrom and undivided. Sec. 5. *And be it further enacted*, That suits at law or in equity maySuits to collect assessments upon stock. be maintained by said corporation against any of its stockholders for the collection of any assessment on their stock or for any other cause relating to the business of said corporation, and may be prosecuted and maintained by any member or stockholder against said corporation for losses or damages insured against, if payment is withheld more than three months after the losses are duly proved, and notified to the company, agreeably to the conditions of the policy.
Sec. 6. *And be it further enacted*, That the president, secretary, andExecutive committee. treasurer of the company, and such other stockholders as may be added by the board, shall constitute an executive committee, and, when the board of directors are not in session, may exercise all the powers vested in the company, (except as shall be otherwise provided by the board of directors in the by-laws of the company,) a majority of whom may constitute a quorum to do business. Sec. 7. *And be it further enacted*, That the capital stock of the companyCapital stock. shall not be less than one hundred and fifty thousand dollars, nor more than one million dollars, in shares of fifty dollars each, which first-named$ 150,000 to be paid in before effecting insurance. amount of one hundred and fifty thousand dollars shall be paid in previous to effecting insurances.
Sec. 8. *And be it further enacted*, That the directors shall have powerDividends. to declare such dividends of the profits of the company as they shall deem proper: *Provided*, That no dividend shall be declared when, in the opinionProviso. of the directors or a majority thereof, the capital stock would be impaired thereby. Sec. 9. *And be it further enacted*, That the company shall be locatedLocation of company.Agencies. at the city of Washington, in the District of Columbia, and may establish agencies elsewhere in the United States, subject to the laws of the several States.
Sec. 10. *And be it further enacted*, That it shall be the duty of theAnnual report. president or vice-president and secretary of said company annually, on or before the first day of February, to prepare, under oath, and deposit in the office of the Secretary of the Interior, a detailed report of their transactions tor the preceding year, and also cause to be published, in some daily newspaper published in the District of Columbia, for at least tenStatement to be published, of profits, losses, debts, funds, &c. days, a statement exhibiting the total amount of profits received and the total amount of losses paid and ascertained, including expenses during the year; also, the amount of debts owing by said company at the date of the statement, and the amount of claims against the company for losses; also, a statement of the funds of the company and the gross amount of outstanding risks thereon, together with the amount of stock subscribed and the amount actually paid in.
Sec. 11. *And be it further enacted*, That Congress may at any timeAct may be repealed. alter, amend, or revoke the said incorporation. Approved, March 2, 1867.