may be.

matters and demands of whatever nature, kind or form the same By-laws.

Section 6. That said corporation shall have full power to make, pass and establish by-laws, for the proper administration

of the funds and the due government of said corporation: ProProviso. vided, That said by-laws be not repugnant to the constitution

and laws of the United States, or the constitution or laws of this

commonwealth. Board of trustees Section 7. That said corporators shall compose the board of

trustees of said corporation until the next regular meeting of the
General Assembly of the United Presbyterian church of North
America, when two trustees in addition shall be elected by said
General Assembly, who, with said corporators, shall constitute

thereafter a full board of trustees, who shall be divided into Terms of mom. three classes, of three members each, in alphabetical order, and bers of board of whose term of office shall expire as follows, to wit: The term

of office for the first class shall expire on the first Tuesday of July, Anno Domini one thousand eight hundred and sixty-one; the term of office for the second class shall expire on the first Tuesday of July, Anno Domini one thousand eight hundred and sixty-two; and the term of office for the third class shall expire on the first Tuesday of July, Anno Domini one thousand eight hundred and sixty-three ; further, the said General Assembly shall, at their regular meeting in the year one thousand eight hundred and sixty.one, and annually thereafter, elect three per

şons to serve as trustees, to supply the places of those whose Proviso. term of office shall expire as aforesaid : Provided however, That

on failure to elect trustees, as aforesaid, or in case of death,
resignation or other inability, those remaining in office shall have
full power to fill such vacancies until the next regular meeting

of said General Assembly. Quorum.

Section 8. That five members of this corporation shall constitute a quorum, and be a sufficient number to transact the business of said corporation, to make by-laws, rules and regulations,

whose regular meetings shall be on the first Tuesdays of July, Profiso. October, January and April: Provided, That previous to any

special meeting of said corporation, not appointed by adjourn-
ment, it shall be the duty of the officer calling a meeting, to
cause notice to be sent by mail to each member ten days prior
to such meeting; and said corporation may, as often as shall be
prescribed by the by-laws, elect from said board of trustees, a

president, vice president, secretary, treasurer, or other officer.
Questions before Section 9. That all questions before said corporation shall be
the corporation, decided by a majority of the trustees present; and said cor-
how to be de-
cided.

poration shall keep regular and fair entries of their proceedings,
and a just account of their receipts and disbursements, in a book
or books kept for that purpose; and the treasurer shall exhibit
to said General Assembly, at each regular meeting, an exact
state of the accounts of said corporation,

JOHN M. THOMPSON,
Speaker of the House of Representatives pro tem,

WM. M. FRANCIS,

Speaker of the Senate. APPROVED-The twenty-second day of March, Anno Domini one thousand eight hundred and sixty. WM. F. PACKER.

No. 627.

AN ACT

To incorporate the Transit Life Insurance Company of Pennsylvania.

Section 1. Be it enacted by the Senate and House of Represen. tatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That John M. Pomeroy, A. L. Hough, C. S. Kauffman, L. A. Mackey, Corporators. Samuel Shock, Lewis Merrill, Thomas A. Scott, George T. Thorn, Martin J. Croll, Alexander H. Freeman, George W. Cass, William P. Brooks, Peter Parker, George W. Cummings, James B. Craig, Augustus Grueber, Coates Walton, and their present and future associates, shall be and are hereby created, constituted and declared to be a body politic and corporate, by the name of the Transit life insurance company of Pennsylvania, Name. with power to effect insurances against loss of life from any cause, or from any accident by railroad, land or water carriage, Objects. or any other cause, with compensation for personal injury by non-fatal accidents, either for the whole of life or for any shorter term; and such insurance may be made for one or more persons, jointly or severally, or for the benefit of one or more persons, jointly or severally; and such insurance shall not be liable to the claims of the creditors of the person insured, but the same shall inure and be applicable exclusively to the sole use of the person or persons effecting such insurance, or for whose benefit the same shall be effected, or of their direct family or kindred ; and the said company shall have power to establish rates of premium to be eharged for such insurance, and to establish rules and regulations for the transaction of its business. The prin- Location of ofice cipal office of said company shall be located in the city of Philadelphia, but it may establish branch offices in such localities as may, in the judgment of the directors of said company, be deemed necessary for the transaction of its business.

Section 2. That the capital stock of this corporation shall be Capital stock. five hundred thousand dollars, with power to increase such capital stock to a sum not exceeding one million dollars, and that the capital stock of said company shall be divided into shares of one hundred dollars each; and books of subscription to said capital stock, or to such proportion thereof as from time to time may, by the directors for the time being, be deemed proper and necessary, shall be opened by the appointment or under the direction of the said directors, subject to such rules, limitations and conditions as by them shall be prescribed ; and the stock of the said corporation shall be deemed and considered personal property.

Section 3. The stock, property and affairs of the said corpo: Management. ration shall be managed and conducted by or under the direction of directors, who shall be stockholders in said company; and said directors shall hold their office for the term of three years, except as provided in section four of this act; and that Terms of office.

Notice of election notice of such election shall be given in at least two of the public
to be published. newspapers printed in the city of Philadelphia, at least fourteen

days previous to the time of holding such election ; and every
such election shall be by ballot, and by such of the stockholders

as shall attend for that purpose ; each stockholder shall be entiVotes.

tled to one vote for each share of the stock which he or she may
have held in his or her own name for at least fourteen days pre-
vious to the time of voting, and the persons having the votes of
a majority of the stock shall be the directors; and if it should
happen that two or more persons shall have an equal number of
votes, the directors in office at the time of such election shall,
by plurality of votes given by ballot, determine which of the
persons so having an equal number of votes shall be director or
directors, so as to complete the whole number to be chosen ; and
if any director shall cease to be a stockholder in said company,

or shall resign, his office shall be vacant; and whenever any Vacancies. vacancy shall so occur, the same shall be filled by a majority of

the remaining directors for the unexpired term. First directors.

SECTION 4. That the corporators named in the first section of this act shall be the first directors of this company, and shall hold office until others are chosen in their places; any of the said directors, on resigning, shall designate the person or persons to fill the vacancy or vacancies for the unexpired term; vacancies by death shall be filled by a majority of the remain

ing directors, for the unexpired term; an election of directors Annual election. shall be held annually, on the first Wednesday in December, at

such place as shall be designated by the existing board of direc-
tors; and the said first board of directors shall, at their first
meeting, determine by lot the tenure of office of each member,
as follows: One-third to hold office for one year, one-third to
hold office for two years, and one-third to hold office for three
years, in such manner that one-third, or as nearly as may be

one-third, of the whole board of directors shall retire each year: Proviso. Provided, That nothing contained in this act shall be construed

to prevent the re-election of any director whose term of office

shall have expired.
Officers, election Section 5. That the board of directors shall, at their first meet-
of.

ing, proceed to the election, from their number, of a president,
vice president and secretary, who shall hold office until their
successors are elected ; and such first meeting shall be held

within thirty days from and after the passage of this act. By-laws.

Section 6. That the said board of directors shall have power to make, alter and amend such by-laws and regulations, not inconsistent with this charter or the laws of this state, as may be deemed expedient for the government of its officers and the con

duct of its affairs.
Individual lix- Section 7. That each stockholder in the company formed ander
bility. this act, shall be individually liable to the creditors of this com-

pany, to an amount equal to the amount of stock held by him or
her, for all the debts and liabilities of such company, until the
whole amount of the capital stock so held by him or her shall
have been paid in to the company; and all the stockholders of
said company shall be jointly and severally liable for all the
debts due or owing to any of its officers or servants for services
performed for said corporation, but shall not be liable for any

held and con

action therefor before an execution shall be returned unsatisfied, in whole or in part, against said corporation, and then the amount due on such execution shall be the amount recoverable, with costs, against such stockholders.

Section 8. That the directors may require payment of sub- Payment of subscriptions of the said capital stock at such times and in such scriptions to

stoek. proportion as they may deem proper, under the penalty of forfeiting all stocks and previous payments thereon. Notice of the time and place when such payments shall be required, shall be published for three weeks successively, previous to such time, in two of the daily newspapers published in the city of Philadelphia.

Section 9. The capital stock of the said company shall be in. Investment of vested upon bond, secured by mortgage upon unincumbered real capital. estate, and the real estate to secure such investment shall, in every case, be worth double the amount loaned thereon; and it shall be lawful for said company to invest any part of the premiums received, not exceeding one-half thereof, in the stock or bonds of the United States or of this state, or of any city within this state, or in stocks or bonds which are created trust funds by law in this state, and to loan the same, or any part thereof, on the security of said stock or bonds.

Section 10. The real estate which it shall be lawful for the Real estate said corporation to purchase, hold and convey, shall be,

which may be I. Such as shall be requisite for its immediate accommoda. veyed. tion or the convenient transaction of its business.

11. Such as shall have been mortgaged to it in good faith, by way of security for loans previously contracted, or for money due.

III. Such as shall have been conveyed to it in satisfaction of debts previously contracted in the course of its dealings; or

IV. Such as shall have been purchased at sales upon judgments, decrees or mortgages obtained or made for such debts; the said corporation shall not purchase, hold or convey real restate in any other case, or for any other purpose; and all such real estate as shall not be necessary for the accommodation of the said company, in its business as aforesaid, shall be sold and disposed of within six years after the said company shall have acquired title to the same.

Section 11. The books of said corporation shall be open to Members may the examination of any member thereof, during the usual hours examine books. of business.

Section 12. The said corporation shall annually, during the Yearly statemonth of January, in each year, cause to be prepared, a general mont, relative statement of its affairs up to and including the thirty-first day of December next preceding, which shall be entered in a book for that purpose prepared, which shall be subject to the examipation of any member of the company, during the usual hours of business; such statements shall show

I. The amount of premiums received, expenses incurred and losses sustained, during the said period.

II. The balance remaining in the hands of the said company.

III. The nature of the securities held by the said company, and the amount of cash on hand ; and a copy of said statement, duly verified by the officers of said company, which shall be

to.

1

transmitted to the auditor general of this state, within thirty days after the same shall have been prepared as aforesaid ; this act shall take effect immediately.

Section 13. That the said company shall pay into the treasury of the commonwealth a bonus of one-half of one per centum on the capital stock of said company, and upon any increase thereof, payable in four equal annual instalments, the first payment to be made in one year from the date hereof.

JOHN M. THOMPSON, Speaker of the House of Representatives pro tem.

WM. M. FRANCIS,

Speaker of the Senate. APPROVED—The third day of April, Anno Domini one thousand eight hundred and sixty.

WM. F. PACKER.

No. 628.

AN ACT

To incorporate the People's Insurance Company of Philadelphia. Section 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That James D. Whetham, Philip M. Price, John C. Miller, George W. Gorton, Thomas Webster, junior, Michael Kale, William F. Aldrich, Francis Walker and Bayard Robinson, are hereby appointed commissioners, who or a majority of whom are authorized and empowered, from and after the passage of this act, to establish an insurance company by the name, style and title of the People's insurance company, to be located in the city of Philadelphia, with a capital of fifty thousand dollars, with the privilege of increasing the same to two hundred thousand dollars, to be divided into shares of fifty dollars each; and the said company shall be organized and managed according to the provisions of an act to provide for the incorporation of insurance companies, approved the second day of April, Anno Domini one thousand eight hundred and fifty-six; and said company shall be empowered to effect marine and inland insurance on vessels, and to make all and every insurance appertaining to and designated in the first class specified in the said act, and shall have