Chapter XVI. *to amend and extend the charter of the Franklin Insurance Company.*March 2, 1838. *Be it enacted, &c*.,That the president and directors of said companyInvestment of surplus funds. be authorized to invest the surplus funds of said company in such funds and securities as may to them from time to time
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Chap. XVI.— An Act *to amend and extend the charter of the Franklin Insurance Company.*March 2, 1838. *Be it enacted, &c*.,That the president and directors of said companyInvestment of surplus funds. be authorized to invest the surplus funds of said company in such funds and securities as may to them from time to time appear expedient. Sec. 2. *And be it further enacted*, That the president and directorsDeeds of trust or mortgages may be taken. of said company may take deeds of trust and mortgages of real property, of an appraised value, of at least double the amount to be secured, in lieu of the endorsed notes required to be given by the stockholders for the unpaid part of the capital stock.
Sec. 3. *And be it further enacted*, That the act entitled “An act toAct of April 9, 1818, ch. 44, continued for 30 years. incorporate a Fire Insurance Company in the city of Washington,” approved on the ninth day of April, eighteen hundred and eighteen, as hereby amended, shall continue in force for and during the term of Proviso.twenty years from and after the ninth day of April next: *Provided, always*, that Congress may, at any time during the said term that it Proviso.shall see fit, amend or repeal the same: *And provided further*, That the holders of a majority of the stock in the said company shall sign a paper signifying their acceptance of this supplementary act, and have the same recorded in the office of the clerk of the Circuit Court of the District of Columbia, before the first day of July next.
Approved, March 2, 1838.