AN ACT TO INCORPORATE THE SUBSCRIBERS TO THE INSURANCE COMPANY OP NORTH AMERICA.
WHEREAS it is conceived that if a corporation, with a compe- tent capital, and under proper regulations, were established, for (lie purpose of effecting insurances and transacting business connected therewith, advantages would result therefrom to the community in general, and to the mercantile interest in particular by retaining in the State, as well the capital necessary for such a purpose, as also large sums of money, which would otherwise be drawn from the country, for premiums and commissions to foreign correspondents, for effecting insurances, and also by more effectually securing the assured from tlie risques and dangers incident to the policies and assurances of private and particular persons: And whereas a number of the citizens of this commonwealth have by their petition to the legislature prayed that they may be incorporated for tlie purposes aforesaid: SECTION- 1. Re it enacted by Hip, Senate and House of Representa- tives of t1ie Commonwealth of Pennsylvania, in General Assembly met, mid it is hereby enacted by the. authoritfi of the same. That the Capital Stock of the capital stock of the Insurance Company of North America shall S?8^ar'tireA„ce"rmcpa"lv amount to tlie sum of six hundred thousand dollars; that the same sliall be divided into sixty thousand shares, of ten dollars Numiier and amount each share, and tlie persons, co-partnerships, or bodies politic,of''l>are8' who have thereto subscribed, and have paid four dollars on each respective share, shall pay the residue of tlie sum and sums of 148A HISTORY OF THE
money due and payable for the share or shares by them respect- How shares are to be ively subscribed, in the manner following, that is to say; two paid for. dollars on each share shall be paid on the second Monday of July, in the year one thousand seven hundred and ninety-four; two dollars on the second Monday of January, and two dollars on the second Monday of July, in the year one thousand seven Forfeitures in case of hundred and ninety-five. And any person or persons, co-part- SnientB.^'^ Worships, or bodies politic, neglecting or refusing to pay all or any of the said several sums of money, at the time and times prescribed for payment thereof, shall respectively forfeit to the use of the company, all the monies previously paid on the account of the share and shares respectively, in payment whereof such default shall be made as aforesaid, together with all right, title, interest, emolument, profit, claim and demand, of, in, to and out of the funds of the said company, and the profits arising there- Funds, how to be from, by reason of such forfeited share and shares: And the vested- funds of the said company shall, from time to time,'he vested in securities for or evidences of debts due by the United States, or in the .stock of the Bank of Pennsylvania, or of the Bank of the United States, or of the Bank of North America, or of the Schuylkill and Delaware Canal Company, or of the Schuylkill and Susquehanna Company, or of the Lancaster and Philadel- phia Turnpike Company, or of any other company that now is or hereafter may be incorporated by the State, in such manner, and in such sums, as the President and Directors of the said Deposits of monies, company shall judge proper. Provided always. That all deposits or'pe'nnsyKau^"11' for the safe keeping of the monies and securities of the said company shall be made respectively, in the Bank of Pennsylvania. SECT 2. And be it further enacted by the. authority aforesaid, That the subscribers to the said company and their successors and assigns shall be, and they are hereby erected into a corporation, or body politic in law and in fact, under the name, style and title, Corporate style, of "The President and Directors of the Insurance Company of North America"; and by the said name, style and title, shall have perpetual succession and all the powers, privileges and franchises, incident to a corporation; and shall be capable of taking, holding, and disposing of their said capital stock, and the And powers, increase and profit thereof; and shall have full power and authority to make, have and use a common seal with such device and inscription as they shall deem proper, and the same to break, alter, and renew, at their pleasure; and by the name, style and title aforesaid, shall be able and capable in law to sue and be sued, plead and be irnpleaded, in any court or courts, before any Judge or Judges, Justice or Justices, in all manner of suits, pleas and demands whatsoever; and they are hereby INSURANCE COMPANY OF NORTH AMERICA. 149
authorized and empowered to make rules, bye-laws and ordinan- ces, and to do every thing needful for the good government and support of the affairs of the said corporation: Provided always. Bye-laws not tobere- That the said roles, bye-laws and ordinances, or any of them, shall i'K^i'^w's6 of^h'e not be repugnant to the Constitution and laws of the United ^^st^3"'1""8 States, and of this State. SECT. 3. And be it further enacted by the authority aforesaid, That Power to hold. real the said Corporation shall have a right and power to purchase,estate' take, and hold real estate, and the same to demise, grant, sell, assign and convey, in fee simple, or otherwise: Provided, That Limitation of the in- the clear yearly income of the real estate to be held by the said cl:"1"'tbereof' Corporation, shall not, at any time exceed ten thousand dollars. SECT. 4. And be it further enacted by the avthorify aforesaid, That for the well ordering the affairs of the said Corporation, there shall be twenty-five Directors (being Stockholders in tlie said corn- of the election ofDi- pany) chosen by ballot on the second Tuesday of January, in1'"*0"- each and every year, by a plurality of the votes of the Stock- holders present in person, or by proxy; and the Directors so chosen shall serve for one year next ensuing the elections re-Their time of service. spectivcly, and until others shall be chosen, and no longer; and at their first meeting after each election shall choose one of their of the president. number as President: Provided always nercrfhekss, That John Maxwell Ncsbitt, shall be the present President, and Joseph Ball, present Directors. John Craig, John Leamy, John Swanwick, Walter Stewart, Samuel Blodget, the younger, Magnus Miller, Thomas Fitzsimons, "William M'Murtrie, Jolin Vaughan, Charles Pettit, John Eoss, Robert Ralston, Francis West, Standish Ford, Peter Blight, Thomas Lloyd Moore, Robert Smith, John Fry, the younger, Jehu Hol- lingsworth, John Wilcox, Thomas Tingey, Archibald M'Call, and Philip Xicklin, shall be the present Directors, and shall continue in office until the second Tuesday in January next; Provided ako, That in case it shall at any time happen that an election of Election not made on Directors shall not be made upon any day, when, pursuant to dl£oSt'Sot.fof?hecon^° this act, it ought to have been made the said corporation shall ll°ratl°n not for that cause be deemed to be dissolved, but it shall be lawful on any other day, within ten days thereafter, to hold and make an election of Directors, in such manner as shall have been regulated by the bye-laws and ordinances of the said Cor- poration ; and that in case of the death, resignation, or absence Of vacancies in the from the State, of a Director, or in case any Director shall ^ofli?o{s"^u,rs. chosen a Director of any other Insurance Company, and shall act as such, the place of such Director shall be filled up by a new- choice for the remainder of the year, in manner aforesaid, at such time and place as shall be appointed by the Board of 150 A HISTORY OF THE Directors, twenty days notice of such election having been given in two of the public newspapers of the City of Philadelphia. SECT. 5. And be it further enacted by the authority aforesaid, That Of the ready money the said Company shall be obliged by force and virtue of this act, S ofthe corl>ora' from time to time, to cause such a stock of ready money to be provided and reserved, as shall be sufficient to answer all just demands upon their policies of insurance, for any losses which Of payment of losses, shall happen, and shall ratify, pay and discharge all such de- mands, according to the tenor and effect of such policies of Stock and effects insurance; and in case of refusal or neglect to pay such losses, an^c^tion:18™"* after thirty days notice thereof, the stock and effects of the said Company shall be liable to the party injured, upon judgment and execution obtained. SECT. 6. And be it further enacted by the authority aforesaid. That Of the appointment the Directors for the time being shall have power to appoint a?etlo>:ffimepr8MfThenc'or-fsuch officers, clerks and servants, under them, as shall be nec- poration. essary for executing the business of the said Corporation, and to allow them such compensation for their services, respectively, as shall be reasonable; and shall be capable of exercising such other powers and authorities, for the -well governing and ordering of the affairs of the said Corporation, as shall be described, fixed and determined by the laws, regulations and ordinances of the same. SECT. 7. And be it further enacted by the authority aforesaid, That Fundamental rules, the following rules, restrictions, limitations and provisions, shall form and be fundamental articles of the Constitution of said Corporation, to wit: First, The Stockholders shall be entitled, on all questions Of voting by the coming before them, to one vote for each share of the stock by stockholders. ^^ respectively held, to the number of fifty shares; and for every ten shares above fifty, one vote; but no Stockholder, either in his own right, or as proxy, shall have more than one hundred votes; nor shall any Stockholder vote at any election for Di- rectors, unless the stock shall have stood in his or her name in the books of the Company, at least three months preceding the time of such election. All Stockholders may vote in elections, or on any question touching the business of the Corporation, by proxy; provided the proxy be derived directly from such Stock- holders, and the vote be given by a citizen of this Commonwealth. Of compensation to Second, No Director shall be entitled to any emolument, unless the Directors. ^ ^^ ^^ ^.^ ^^ allowed by the Stockholders, at a INSURANCE COMPANY OF NORTH AMERICA. 151 general meeting; but the Stockholders shall make such compen- sation to the President, for his extraordinary attendance on the And president. business of the Corporation, as shall appear to them reasonable. Third, The Directors shall divide themselves into committees, each committee to consist of three Directors; and the com- mittees shall attend, in a weekly rotation, at the office of the of the weekly corn- company, and, together with the President, shall have full power """""'of I)lrectora- and authority, in the name and on behalf of the Corporation, to Their power to insure make such insurances upon vessels and merchandise at sea, or on'wnat o'bjec'tli7'an going to sea, or upon any goods, wares or merchandise, or other personal property, going or gone by land or water, or in dwelling- houses, ware-houses or stores, or upon buildings, against the risque arising from fire, or upon the life or lives of any person or persons, and to lend money upon bottomry and respondentia, and, generally, to transact and perform all the business relating to the objects aforesaid; but the said committees shall always act in Subject to the reguia- ' „ ... , , ,. ,, ^., , , , , , ,, , tionsandordersofthe conformity to such regulations as the Stockholders shall make, Board of Directors. and subject to the orders and instructions of the Board of Directors. l-bftri/;, There shall be stated meetings of the Board of Directors, of meetings of the at least once a fortnight and occasional meetings at such other r ° lrec °"' times, as the President shall think proper. The President shall preside at all meetings of tlie Corporation, but he shall have no vote (except in cases of election) unless there is an equality of in what case the votes, when he shall decide the question. In case of the sickness pre8"ie"t may vote- or the necessary absence of the President, his place may be How his absence shall supplied by any other Director, whom the Board of Directors,l)e supplle(l- shall for that purpose appoint. Seven of the Directors, (whereof of a qnorum of the the President shall always be one) shall form a quorum of theBoard- Board of Directors; but in the absence of the President, a majority of the whole number of Directors shall be requisite to form a quorum. And all questions before the Board shall be decided by a plurality of votes, but no vote shall be reconsidered of the decision of ail by a smaller number of Directors than was present when such B'oar'd01"' by lhe vote was passed. Fifth, A number of Stockholders, who, together, shall be of calling a general proprietors of -not less than six thousand shares, or upwards, hSa'er^of tlle stock- shall have power at any time to call a general meeting of the Stockholders, for purposes relative to the institution, giving at least six weeks notice in two public gazettes of the City of Phila- delphia, and specifying in such notice the object or objects of such meeting. 152 A HISTORY OF THE Sixth, The Corporation shall not, directly or indirectly, engage in the business of banking, nor deal nor trade in any thing except Restrictions on the the objects herein before specified, bills of excliange, gold or tradingoftheCorpor- in- ation. silver bullion, or in the sale of goods really and truly pledged for premiums due and not paid, or of goods, which shall be'the produce of its lands. Of.ransfera of the Seventh, The stock of the said Corporation shall be assignable and transferable, according to such rules as shall be instituted in that behalf by the laws and ordinances of the same. Eighth, The Directors shall, on the second Monday of January, and on the second Monday of July, in each and every year, declare a dividend of so much of the profits of the Corporation Of dividends, as to them shall appear advisable, and the dividend so declared shall be paid to the respective proprietors in ten days after the same shall be made, but the monies received as premiums on risques, which shall be undetermined and outstanding at the time of making such dividend, shall not be considered as a part of the profits of the Corporation; and in case of any loss or losses whereby the capital stock of the Company shall be lessened, no subsequent dividend shall be made until a sum equal to such diminution, and arising from the profits of the Corporation, shall have been added to the capital. Members of the Cor- Ninth, Any member of the Corporation may nevertheless poration may be in- "1,11 , i sured. become assured thereby on any vessel, goods, wares, merchan- dise, or lives, in the same manner, and with the same effect, as if . such member had no interest in the Corporation. of the hooks to be Tenth, The Directors shall keep fair and regular entries in a kept by the Directors.. , ii/ci i . -i i^ book or books (ior that purpose to be provided) of their proceed- ings, and submit the same, if required, to the inspection of the Stockholders at every of their stated meetings. of a book containing Eleventh, A book, containing the names of the Stockholders, the names of the , -,- , , . stockholders, shall be kept, and shall at all reasonable times be open to any Stockholder requiring the same. penalty, in case of SECT. 8. And be it further enacted bv the authority aforesaid. That trading contrary to.,.. . , „ .- - " - ' this act. it the said Corporation, or any person or persons for or to the use of the same, shall engage in the business of banking, or deal or trade in buying or selling any goods, wares, merchandise or com- modities whatsoever, contrary to the provisions of this act, all and every person or persons, who shall have given any order or direction for so engaging, dealing and trading, and all and every INSURANCE COMPANY OF NORTH AMERICA. 153 person and persons, who shall have been concerned, as parties or ' agents therein, shall forfeit and lose treble the value of the monies discounted, and of the goods, wares, merchandise and commodities traded or dealt in, one-half thereof to the use of the informer, and the other half to the use of the State, to be recovered with costs of suit. SECT. 9. And he it further enacted by the authority aforesaid, That Limitation of the this act shall be and continue in force until the first day of^Sy',0!^.flrat af January, which will he in the year of our Lord one thousand eight hundred and fifteen: Provided always, That for the liquida- tion and settlement of all the past transactions and accounts of the said company, the corporate powers thereof shall be and continue effectual to all intents and purposes: And provided also, That nothing in this act shall be taken or construed to affect the rights of any person, persons or bodies politic before the passing of this act. GEORGE LATIMER, Speaker Of the .House of Representatives. ANTHONY MORRIS, Speaker Of the Senate. Approved, the fourteenth of April, J~f)^. THOMAS MIFFLIN, Govemw Of the Commonwealth a/Pennsylvania.
A SUPPLEMENT To the Act entitled "An Act to Incorporate the Subscribers to the Insurance Company of Korth America." SECTION 1. Re it enacted by the Senate and House of Kepresenta- tives of the Commonwealth of Pewwjivania, in General Assembly met ami it is hereby enacted by the authority of f fie same, That from and after the passing of this act, the funds of the said company may from time to time be vested in securities for, or evidence of debts The funds may be due by tlie United States, or in the stock of any Bank or other ^yebt'^S institution, which is or may be incorporated in the State ofJt'o^Tc1"""' Pennsylvania, in their own stock, or in bills of exchange, or may 154
A HISTORY OF THE
be loaned to the State of Pennsylvania, or on the security of real estate within the same.
Fifteen Directors to be chosen.
Term of service.
How vacancies to be filled.
SECT. 2. And be it further enacted by the authority aforesaid. That for the -well ordering the affairs of the said corporation there shall hereafter be fifteen Directors (stockholders in said com- pany) chosen by ballot, on the second Tuesday of January, annually, by a plurality of votes of the stockholders, present or by proxy. And the Directors so chosen shall serve for one year next ensuing the elections, respectively and until others shall be chosen, and no longer; and at their first meeting after each election shall choose one of their number President; and in case of the death, resignation, or absence from tlie State (six months at one time) of a Director, or in case any Director shall cease to be a stockholder, or be chosen a Director of any other Insurance Company and shall act as such, the place of such Director may be filled by a new choice for the remainder of the year, by a majority of the Board of Directors.
SECT. 3. And be it further enacted by the authority aforesaid, That five Directors, whereof the President to be one, shall form a How manv Directors quorum of the Board of Directors; but in the absence of the to form a quorum. p,.g^g^ ^ majority of the whole number of Directors shall be requisite to form a quorum. SECT. 4. And be it further enacted by the authority aforesaid, That No transfer to be no stockholder indebted to the said company shall be permitted recei'veS i)'v"a sSick- to make a transfer of his stock, or receive a dividend thereon areTa'i^r'se'cured1'*8 until such debt is discharged, or satisfactory security be given to the Board of Directors for the same. SECT. 5. And be it further enacted by the authority aforesaid, That the charter of the said Insurance Company of North America, as altered and amended by this supplement, be, and the same is Charter extended hereby extended and continued in full force, until the first day until 1836. ^ January, which will be in the year of our Lord, one thousand eight hundred and thirty-five, with all the powers, provisions and restrictions, contained in the said original charter; excepting only, that so much of the act to which this is a supplement, as is hereby altered and supplied, and no more, be and the same is proviso for liquids- hereby repealed: Provided always, That after the said first day of tion of accounts, ./ -i 1.1,1 ii i^i.^n -tl, January, one thousand eight hundred and thirty-nve, the cor- porate powers of the said company shall remain and continue for the liquidation and settlement of their past transactions and proviso for annulling accounts, and for no other purpose whatsoever: And provided the charter. ^^ ^^ ^ ^ ^^ appear that the charter and privileges hereby
Charter extended until 1835.
Proviso for liquida- tion of accounts. INSURANCE COMPANY OF NORTH AMERICA. 155 renewed and granted are injurious to the citizens of this com- monwealth, the Legislature shall have full power to revoke and cancel them at any time they may think proper. JOHN TOD,Speaker Ofthe House of Representatives. P. C. LANE,Speaker Of the Senate. Approved the twenty-eighth day of January, one thousand eight hundred and thirteen. SIMON SNYDER.
EXTRACT From An Act to incorporate the " Chambersburg Insurance Company," Ac. SECTION 1. Be it enacted by the Senate and House of Representa- tives of the Commonwealth of Pennsylvania, in General Assembly met, and it is hereby enacted by authority of the same, That an act entitled " An Act to Incorporate the subscribers to the Insurance Corn- charters extended pany of North America," passed the fourteenth day of April, n^TonamFar^sas. seventeen hundred and ninety-four, and the supplement thereto, entitled " a supplement to the act entitled an act to incorporate the subscribers to the Insurance Company of North America," passed the twenty-eighth day of January, one thousand eight hundred and thirteen, be and the same are hereby continued in full force and virtue for the term of'twenty years from and after the first day of January, one thousand eight hundred and thirty-five. SECT. 33. And be it further enacted by the authority aforesaid, That the Legislature reserve the right to revoke or alter the charters extended or granted by this act in any way that may be deemed conducive to the interests of the State. SAM'L ANDERSON,Speaker Of the House of Representatives. JESSE R. BURDEN, Speaker Of the Senate. Approved the third day of April, A. D. one thousand eight hundred and thirty-three. GEORGE WOLF. 156A HISTORY OF THE
EXTRACT From an Act to incorporate the Washington Insurance Company of Philadelphia, and for other purposes. Additional privileges SECT. 20. In addition to the privileges heretofore granted it gra" ' shall and may be lawful for tlie Insurance Company of North America to invest their capital stock and other funds in the public stocks or loans of any of the United States or of any city, company, or institution, now or that hereafter may be incorpor- ated by the United States or any individual State, or in ground rents, mortgages, or other good and sufficient securities in this State, and the said investment from time to time to alter, change, and renew, as the interests or circumstances of the Company may render expedient. LEWIS DEWART, Speaker Of the House of Representatives. CHARLES B. PENROSE, Speaker Of the Senate. Approved the tenth day of April, one thousand eight hundred and thirty-eight. JOSEPH RITNER.
A FURTHER SUPPLEMENT To the Act entitled "An Act to Incorporate the Subscribers to the Insurance Company of North America," and the Supplements thereto. SECTION 1. Be it enacted by the Senate and Home of .Representa- tives of the Commonwealth of Pennsylvania, in General Assembly Charter perpetual, met, and it is hereby enacted by the authority of the. same: That the Charter of the President and Directors of the " Insurance Com- pany of North America" shall be perpetual; subject, nevertheless, Leginiature may to the right of the Legislature to alter, annul, or repeal the same anna1' whenever it may be deemed conducive to the interests of the State. WM. HOPKINS, Speaker Of the House of .Representatives. CHARLES B. PENROSE, Speaker Of the Senate. Approved the eleventh day of October, eighteen hundred and thirty-nine. DAVID R. PORTER. INSURANCE COMPANY OF NORTH AMERICA. 157 A FURTHER SUPPLEMENT To the Act entitled "An Act to Incorporate the Subscribers to the Insurance Com- pany of North America." WHEREAS, The President and Directors of the Insurance Company of North America, have made request that they may be permitted to reduce the amount of their capital; Therefore, SECTION' 1. Be it enacted by the Senate and Hovse of Representa- tives of the Commonwealth of Pennsylvania, in General Assembly met, and it is hereby enacted by the authority of the same, That it shall be lawful for the said Insurance Company, whenever a majority in number and value of the Stockholders shall deem it expedient and express their assent thereto in writing, to reduce the capital capital North Ameri- ^ i csm Insurance Com- stock of the said Company to the sum of three hundred thousand pany reduced. dollars, and the par value of the shares of the said stock to five dollars each, and if at any time it shall be ascertained that the assets of the Company exceed the said sum of three hundred thousand dollars, such excess shall be divided among the Stock- holders in proper proportion, according to the number of their shares, in such manner and at such times as shall be deemed by the Directors consistent with a proper attention to the judicious collection and conversion of the assets, and the prudent manage- ment of the business of the Company. SECT. 2. That such assent in writing may be signed by the Assent of Stock- Stockholders or their attorneys duly constituted, and may be recorded in the office for recording deeds, in the city and county of Philadelphia, and a certified copy or exemplification of such record shall in all cases be received in evidence, and be as valid and effectual as the original instrument. SECT. 8. That when such assent in writing shall be given and expressed as aforesaid, the capital stock of the Company and the par value of the shares, shall be thenceforth reduced in the manner and to the sums mentioned in the first section of this act, and notice thereof shall be given by advertisements for four public notice to be ,. ^ j.i -.L „ given of reduction. weeks in two at least of the daily newspapers ot the city ot Pliiladelphia: Provided nevertheless, That the whole of the amount of the capital stock of the said Company existing at the date of the said advertisements, shall be liable for contracts of insurance existing with said Company at that time. SECT. 4. That the President of the said Company shall, upon a vote of the Board of Directors to that effect, or on the application of a number of Stockholders, who together shall be proprietors 158 A HISTORY OF THE Meeting of Stock- of six thousand shares, call a general meeting of the Stock- holders, giving at least two weeks' notice in two of the daily papers of the City of Philadelphia, and specifying in such notice the object or objects of such meeting. SECT. 5. That deposites, for the safe keeping of the moneys and securities of the said Company, may be made in any of the incorporated banks in the city and county of Philadelphia. SECT. 6. That so much of any act relating to the said Company as is hereby altered or supplied, be, and the same is hereby repealed. SECT. 7. That no person shall be allowed to vote by proxy at any election of said Corporation, and no stock which is hypothe- cated, shall entitle the holder thereof to vote at any sucli elections. JAMES EOSS SNOWDEN, Speaker Of the House of Representatives. JOHN STEOHM, Speaker Of the Senate. Approved the sixth day of April, one thousand eight hundred and forty-two. DAVID E. POETEE.
A FUETHEE SUPPLEMENT To the Act entitled "An Act to Incorporate the Insurance Company of North America." .SECTIOX 1. Be it enacted by the Senate and House of Representa- tives of the Commonu'ealth of Pennsylvania, in General Assembly met, and it is hereby enacted by the authority of the same, That the In- surance Company of North America be, and they are hereby Directors increased to authorized to increase the number of Directors of the said Corn- twenty. pany to twenty. FINDLEY PATTEESON, Speaker Of the House of Representatives. WILLIAM P. WILCOX, Speaker Of the Senate. Approved the eleventh day of February, one thousand eight hundred and forty-five. FES. E. SHUNK. INSURANCE COMPANY OF NORTH AMERICA. 159
A FURTHER SUPPLEMENT To the Act entitled "An Act to Incorporate the Subscribers to the Insurance Com- pany of North America." WHEREAS the President and Directors of the Insurance Com- pany of North America, are desirous to be permitted to increase their capital stock, and restore the par value of the shares of their stock to the original amount and value. Therefore, SECTION 1. Be. it enacted by fhe Senate and House of Representa- tives of the Commonwealth of Pennsylvania, in General Assembly met, and it is hereby enacted by fhe authority of fhe same, That it shall be lawful for the said Insurance Company of North America, whenever a majority of the Stockholders, at any meeting regularly convened, shall deem it expedient, and express their assent thereto, to increase the capital stock of the said Company increase of capital to the sum of five hundred thousand dollars, and the par value ^ai'TO^&^o! of the shares of said stock to ten dollars each: Provided, That the amount of the effective funds of the said Company, shall be equal to five hundred thousand dollars beyond reservations and claims for existing business, and be invested and set apart as their capital. SECT. 2. That so much of any act relating to the said Company as is liereby affected, altered, or supplied, be, and the same is hereby repealed. J. S. McCALMONT, Speaker Of the House of .Representatives. V. BEST, Speaker Of the Senate. Approved the eighth day of May, one thousand eight hundred and fifty. WM. F. JOHNSTON.
A FURTHER SUPPLEMENT To the Act entitled "An Act to Incorporate the Subscribers to the Insurance Com- pany of North America." SECTION 1. Re it enacted by the Senate and House of Represented tires of the Commonwealth of Pennsylvania, in General Assembly met, and it is hereby enacted by the authority of the same, That the Presi- dent and Directors of the Insurance Company of North America be, and they are hereby authorized and empowered to appoint 160A HISTORY OF THE agents or officers to effect insurances in any of the other States of the Union, or without its limits, and that contracts of insur- ance effected by such agents or officers, shall be as valid and binding as if the same were effected by the President and Directors aforesaid, in the State of Pennsylvania, and the said Insurance Company of North America shall have all the other powers and privileges conferred on or exercised by the Union Mutual and Delaware Mutual Safety Insurance Companies, of Philadelphia. E. B. CHASE,Speaker Of the House of Representatives. M. McCASLIN, Speaker Of the Senate. Approved the twenty-seventh day of February, one thousand eight hundred and fifty-four. WM. BIGLER.
A FURTHER SUPPLEMENT To an Act entitled "An Act to Incorporate the Subscribers to the Insurance Com- pany of North America." SECTION 1. Be it enacted by ifie Senate and House of Representa- tives of the Commonwealth of Pennsylvania, in General Assembly met, and it is hereby enacted by the authority of the same,, That it shall be lawful for the said Insurance Company of North America, whenever a majority of the Stockholders at any meeting regularly convened shall deem it expedient and express their assent thereto, to increase the capital stock of the said Company to the sum of one million dollars; the par value of the shares of the said stock to twenty (20) dollars: Provided, That the said amount of one million dollars beyond reservations and claims for existing business shall be invested and set apart as the capital of the Company. SECT. 2. That the stated meetings of the Board of Directors shall be held once every month, and occasional meetings at such other times as the President shall think proper. SECT. 3. The officers of the Company, or any of them, when authorized by the Board of Directors, shall have full power and authority in the name and on behalf of the Corporation, to make all kinds of marine insurance, all kinds of insurance by INSURANCE COMPANY OF NORTH AMERICA. 161 inland transportation, all kinds of insurance against fire, in city, town and country, upon the life or lives of any person or persons, and to lend money upon bottomry and respondentia, and generally to transact and perform all the business relating to the objects aforesaid, but the said officers shall always act in con- formity to such regulations as the Directors may prescribe. SECT. 4. That so much of any Act relating to the said Com- pany as is hereby affected, altered or supplied, be and the same is hereby repealed. JAMES H. WEBB, Speaker Of the Home of .Representatives. WILLIAM H. WALLACE, Speaker Of the Semite. Approved the fourteenth day of March, Anno Domini one thousand eight hundred and seventy-one. JNO. W. GEARY.
EXTRACT
From an Act entitled "A Supplement to an Act entitled 'An Act to Establish an "Insurance Department,' approved the fourth day of April, one thousand "eight hundred and seventy-three, providing for the incorporation and regu- "lation of Insurance Companies, and relating to Insurance Agents and Brokers "and to Foreign Insurance Companies." SECTION 27. Any existing fire or fire and marine insurance company, and any stock company formed under this act, may at any time increase the amount of its capital stock, if authorized so to do by the stockholders holding the larger amount in value of the stock, at a meeting specially called for that purpose, of which at least sixty days' previous public notice shall have been given. At such meeting of the stockholders and at all other meetings thereof, each stockholder shall be entitled to cast either in person or by proxy, subject to such regulations, as to voting by proxy, as the by-laws of the company may prescribe, one vote for each share of stock that shall have stood in his or her name on the books of the company for at least three months previous thereto, increase of capital stock as aforesaid may be made by 162 A HISTORY OF THE increasing the number of the shares of stock or by increasing the par value of the same, and such increased shares or increased par value shall be allotted pro rata to the stockholders of said company according to their interest, and may be paid in whole or in part out of the accumulated reserve of the company in case the condition of the company warrants such allotments, or the same may be disposed of as is provided in this act for the organi- zation of stock companies. No portion of the funds of a company shall be regarded as accumulated reserve subject to allotment under this section, except such amounts as may remain after charging the entire amount of premium receipts on undetermined policies in addition to capital stock and all other liabilities, before any such company as aforesaid shall be author- ized to increase its capital stock as herein provided, it shall file with the Insurance Commissioner a certificate setting forth the amount and manner of such desired increase and the proceed- ings of the stockholders authorizing the same, and thereafter such company shall be entitled to have the increased amount of capital fixed by said certificate, and the examination of securities composing the capital stock thus increased shall be made in tlie same manner as is provided in this act for capital stock originally paid in. Whenever any existing fire or fire and marine insurance company shall, by a resolution of its board of directors, accept of the provisions of this section of this act as a part of the charter of the said company, and a duly certified copy of such resolution shall have been filed in the office of the Insurance Commissioner, the charter of said company shall be deemed and taken to have been amended by the addition thereto of this section, which shall have the same force and effect as if a part of the company's original charter or constituting a supplement thereto. SAMUEL F. PATTERSOX, Speaker Of the House a/Representatives. JOHN LATTA, President Of the Senate. Approved the first day of May, Anno Domini one thousand eight hundred and seventy-six. J. F. HARTRANFT. Approved and adopted by the stockholders at a meeting held the tenth day of July, one thousand eight hundred and seventy- six. MATTHIAS MARIS, Secretary.