Chapter XCVII. amendatory of the act, entitled “An act to incorporate the Provident Association of Clerks in the Civil Department of the Government of the United States, in the District of Columbia
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Chap. XCVII.— An Act amendatory of the act, entitled “An act to incorporate the Provident Association of Clerks in the Civil Department of the Government of the United States, in the District of Columbia. March 3, 1825. *Be it enacted, &c., * That, from and after the first day of April, eighteen hundred and twenty-four, the funds of “The Provident Association of Clerks” shall be appropriatedRates, after the 1st April, 1824, to be allowed by the Provident Association of Clerks to the families of deceased members. and paid to the families of deceased members, at the following rates, to wit: to the families of such members as may die before the expiration of the fifth year of their membership, twice the amount of the subscription which shall have been paid by such members, respectively: to the families of members dying after the expiration of the fifth year of their membership, one hundred dollars; and, after the expiration of each succeeding year, until the fifteenth year of their membership shall have expired, the additional sum of fifty dollars shall be paid—so that every member dying after the fifteenth year of his membership, shall have provided for his family, out of the funds of the Association, the sum of six hundred dollars: to the families of such members as may die, at any time after the expiration of the sixteeenth year of their membership, there shall be paid six hundred dollars, and an interest of twelve per centum per annum, on the sum of one hundred and fifty dollars, computing the said interest from the expiration of the fifteenth year, to the commencement of the year in which such deaths may occur, and a further interest of twelve per centum per annum, upon all sums, exclusive of fines, which shall have been paid into the funds of the Association by such members, respectively, after the said sixteenth year of their membership, to be computed from the periods at which such payments shall have been made, to the commencement of the year in which such deaths may occur: *Provided, however,* That, if it shall happen that the payments hereinProviso. directed to be made, shall, in any year, diminish the funds of the Association below the amount thereof at the end of the next preceding year, the President and Board of Officers be, and they are hereby, authorized and directed to reduce the amount of interest, so as to prevent the recurrence of such diminution of the funds: *And provided, also, and it is further directed,*Proviso.
That it shall be the duty of the eaid President and Board of Officers, at the end of each successive period of five years, computing from the first of January, one thousand eight hundred and twenty-four, if it shall appear that the increase of the funds of the Association shall have been, during such periods, respectively, at a rate greater than six per centum per annum, at compound interest, to pay to each of the families of such as may have died during the next preceding five years, such additional sum as shall be proportioned to the sums herein before provided: *Provided,*Proviso.
That such additional sums shall not, in the aggregate, exceed the amount of the funds of the Association, over and above the amount produced by the aforesaid interest of six per centum per annum. Sec. 2. *And be it further enacted, *That the President and Board of Officers of theThe President, &c. of Association to sell the stock whenever advantageous. Provident Association of Clerks, be, and they are hereby authorized, whenever they shall judge it expedient and advantageous to the Association, either for the purpose of paying the debts of the Association, or for the purpose of reinvesting it in more safe and profitable stock, to sell any of the stock now belonging to, or that may, at any time hereafter, belong to, the said Association.
Sec. 3. *And be it further enacted, *That the membership of persons belonging toCommencement of membership. “The Provident Association of Clerks,” shall commence from the date of their first quarterly payments, made agreeably to law. Sec. 4. *And be it further enacted, *That any member of the Association may designate,Any member may designate the person to whom payment shall be made. in writing, addressed to the President and Board of Officers, the particular person or persons to whom the payment of money, accruing from the Association, shall be made for the benefit of his family; which person or persons, so designated, shall receive the same, and his or their receipt therefor to the Treasurer, shall be a full acquittal to the Association.
Sec. 5. *And be it further enacted, *That so much of the act, of which this is amendatory,Parts of former act repealed. as is inconsistent with the provisions of this act, be, and the same is hereby, repealed. Approved, March 3, 1825. 19 19 1 1825 1826 PRIVATE ACTS OF THE NINETEENTH CONGRESS of the UNITED STATES, *Passed at the first session, which was begun and held at the City of Washington, in the District of Columbia, on Monday, the first day of December,* 1825, *and ended on the twenty-second day of May,* 1826.
John Quincy Adams, President; John C. Calhoun, Vice President of the United States, and President of the Senate; Nathaniel Macon, President of the Senate, pro tempore, from the 20th day of May, 1826; John W. Taylor, Speaker of the House of Representatives. STATUTE I.