Chapter 67. to amend an act entitled “An act to incorporate the National Union Insurance Company, of Washington,” approved February fourteenth, eighteen hundred and sixty-five
602 words·~3 min read·
/statutes-at-large/vol-27/chapter-67-134144·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
CHAP. 67.— An Act to amend an act entitled “An act to incorporate the National Union Insurance Company, of Washington,” approved February fourteenth, eighteen hundred and sixty-five.May 11, 1892. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,National Union Insurance Company. Charter amended. Vol. 13, p. 428. That the act entitled “An act to incorporate the National Union Insurance Company, of Washington,” approved February fourteenth, eighteen hundred and sixty-five, be, and the same is hereby, amended as follows:
First. In section two, and the first paragraph thereof, cancel theNumber of directors increased. word “nine” before “directors” and in place thereof insert the words “not less than nine nor more than fifteen,” so that said section two will read: " “Sec. 2. That the affairs of the company shall be managed by notElection of directors. less than nine nor more than fifteen directors, to be elected annually by ballot on the second Monday of July by the stockholders or by theirVotes. legally empowered agents; and each share of stock shall entitle the holder thereof to one vote; the election to be held at the office of theMeetings. company at a general meeting of the stockholders convened for that purpose, by ten days’ public notice in two or more of the daily papers of the city of Washington: *Provided*, That the first election for directors*Proviso*.
First election. shall be held pursuant to ten days’ notice given in one or more of the daily papers of the city of Washington by the persons named in the first section of this act, or any five of them, who shall designate the time when and the place where said election shall be held; and the stockholders shall then and there elect nine directors to serve until the next ensuing election as provided for in this act Election of president.and at the first ensuing meeting of the directors after every election they shall appoint one of 30 their number as president, who, together with themselves, shall hold office until the next ensuing election, as herein provided for; and five members of said board shall compose a quorum.
And in ease that an election for directors should not be made when pursuant to this act, it should have been made, the company for that cause shall not be dissolved; and it shall be lawful, within forty days thereafter, to hold and make an election for directors in such manner as the by laws of the company may prescribe, and the president and directors for the time Vacancies.being shall be continued in office until such election takes place; and in the event of death, resignation, or removal of any director from office his place for the remainder of his term may be filled by the president and directors for the time being in such manner as the bylaws may prescribe.
” " Second. That said act be further amended by the addition of a tenth section as follows: " “Sec. 10. That said company may lease, purchase, hold and conveyMay hold etc., real estate. real estate, not exceeding in value two hundred and fifty thousand dollars, and such in addition as it may acquire in satisfaction of debts due the corporation, under sales, decrees, judgments, deeds of trust, *Proviso*. Sale of real estate acquired for debts.and mortgages: *Provided*, That any property so acquired in satisfaction of debts due the corporation as above provided, shall not be held or owned by said company for more than five years; but shall be sold and conveyed within that time.
” " Approved, May 11, 1892.