Chapter CLII. *to incorporate the National Mutual Life Assurance Association of Washington, D
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CHAP. CLII.— An Act *to incorporate the National Mutual Life Assurance Association of Washington, D. C.* June 23, 1870. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, National Life Assurance and Trust Association incorporated ; That Almon M. Clapp, Ezra B. French, Stephen J. W. Tabor, R. B. Donaldson, William A. Richardson, Jedediah H. Baxter, James M. Austin, Henry P. H. Bromwell, Aaron F. Randall, John R. Thompson, Dolson B.
Searle, Joseph F. Evans, Thomas L. Tullock, Amos L. Merriman, Edward Downey, L. M. Sanders, J. W. Griffin, John W. Boteler, George S. Montrouse, William Wilkinson, James O. Conner, and B. B. French, and their successors, are constituted a body corporate, by the name of “The National Life Assurance and Trust Association,” and by that name may sue andpowers, &c. be sued, plead and be impleaded, have a common seal, and have all the rights, privileges, and immunities necessary for the purposes of the corporation hereby created : *Provided*, That the said company shall be limitedwhere may transact business ; to the District of Columbia in the transaction of its business, and shall not establish any agency in any State except in pursuance of the laws of said State.
Sec. 2. *And be it further enacted*, That the corporation above namedwhen to organize. shall, within one year after the passage of this act, meet and elect such officers as may be necessary to perfect the organization, and thereupon, or as soon thereafter as may be practicable, shall open books for the enrolment of members. Sec. 3. *And be it further enacted*, That the objects of this associationObjects of the association. shall be the mutual insurance of the lives of the members, and the invest-166FORTY-FIRST CONGRESS.
Sess. II. Ch. 152, 153. 1870.ment of premiums in trust for the benefit of the person paying the same, or some other person designated by him, upon the endowment plan. At any meeting of the corporators, or a majority of them, they may prescribe By-laws, &c ;such rules and by-laws for the government of their association, and the transaction of its business, fix such rates of insurance and premiums, and provide for the payment of losses, in such manner as may be necessary to Proviso;carry into effect the objects of the incorporation: *Provided*, That such rules and by-laws shall not conflict with the Constitution of the United States, not with any laws in force within the District of Columbia; which how may be changed.rules and by-laws may be changed at any regular meeting of the board of trustees of the association by a majority vote of the members of such board present.
Sec. 4. Real estate.*And be it further enacted*, That it shall be lawful for the said association to purchase, hold, and convey real estate, as follows: First, such as shall be requisite for the immediate accommodation of its business ; or, second, such as shall have been mortgaged to it in good faith by way of security for loans previously contracted, for money due ; or, third, such as shall have been conveyed to it in satisfaction of debts previously contracted in the course of its dealings; or, fourth, such as shall have been purchased at sales upon judgments, decrees, or mortgages obtained or made for such debts.
Sec. 5. Number of trustees and their residence.*And be it further enacted*, That the number of trustees to manage the business of said corporation shall be twenty, a majority of whom shall be residents of the District of Columbia; and the first board Vacancies.shall be elected from among the corporators herein named, and any vacancy existing or occurring by death, resignation, or otherwise, in said office of trustees, shall be filled by ballot at such time as the by-laws shall Officers of the association;prescribe; and that said trustees shall elect one of their number to be the president of the said board, who shall also be the president of said association, and shall elect two of their number as vice-presidents, one of their number as secretary, and one of their number as treasurer of the same.
Sec. 6. to give security for good conduct.Salaries of officers and agents.*And be it further enacted*, That the president, vice-presidents, secretary, treasurer, and the subordinate officers and agents of the association shall respectively give such security for their fidelity and good conduct as the board of trustees may from time to time require, and the board shall fix the salaries of such officers and agents. Approved, June 23, 1870.