AN ACT

UNIV. OF

To incorporate the Pennsylvania Company for Insurances on
Lives, Granting Annuities, and other purposes.

defined.

SECT. 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 John Welsh, John Warder and Jacob Shoe- Commissioners appointmaker, or any two of them, shall be, and they are hereby con- ed. stituted and appointed commissioners, whose duty it shall be within thirty days after the passing of this act, first having given ten days' notice in two or more of the daily newspapers published in the city of Philadelphia, to open a book at some public and Their duties convenient place in said city, and therein to transcribe and insert the names of all persons, being citizens or residents of this commonwealth, who have in writing associated under the name and style of "The Pennsylvania Company for assurances on lives, and granting annuities and reversions;" and also shall receive and take in the said book the subscriptions of all such other persons, being citizens or residents as aforesaid, as shall offer to subscribe and join in the said association, together with the number of shares by such persons respectively taken and subscribed for; and the said book shall be kept and remain Books to be

open for three successive days, from ten o'clock in the forenoon open
days.
until three o'clock in the afternoon of each of the said days,
for receiving the subscriptions aforesaid, after which time, if

three

M180796

Subscription the whole number of shares shall amount to five thousand, no limited.

additional subscriptions shall be permitted or allowed by the said commissioners, but if the whole number of shares then so taken and subscribed for, shall exceed five thousand, all subSubscription scriptions above five shares, shall be reduced pro rata to the pro rata if number of five thousand; and if the whole number of shares more shall then taken and subscribed for shall not amount to five thousand, be subscribed than the law the said commissioners may continue the said book open from

to be reduced

allows.

day to day, until the whole number of five thousand shares are taken and subscribed for; Provided, That no person shall, within the first three days the books are open, either in his own Limitation of name or by agency subscribe for a greater number than ten subscription. shares.

individual

scribers in

SECT. 2. And be it further enacted by the authority aforesaid;-That the persons whose names shall be so inserted in the said book, their successors and assigns, shall be, and they The sub- are hereby created and constituted a body politic and corporate, corporated. and by the name, style and title of "The Pennsylvania ComStyle and ti- pany for insurances on lives, and granting annuities ;" and tle of the cor- they and their successors are hereby ordained, constituted and poration. declared to be a body politic and corporate in fact and in law, by the name aforesaid; and they and their successors shall and Their rights, may have continual succession, and be capable of suing and powers and duties. being sued, pleading and being impleaded, answering and being answered unto, defending and being defended, in all courts and places whatsoever, in all manner of actions, suits, complaints, matters and causes, whatever; and they and their successors may have and use a common seal, make and change and alter the same at their pleasure, and also they and their successors by the same name and style, shall be in law, capaMay hold real ble of purchasing, holding, cultivating, improving and conveyand personal ing, any estate, real or personal, for the use of the said corporation; Provided, That the real estate shall be only such as estate shall be necessary to accommodate the said corporation in the transaction of the business thereof, or shall be taken and held in security for the payment of debts due to the said corporation; Corporation and the said corporation shall have power to ordain and estamay make by-laws for blish and put in execution such by-laws, ordinances and regu

estate.

Real

limited.

which shall

And such by the stockholders annu

gene

lations, as shall be necessary for the government thereof, not the governbeing contrary to the constitution of this state or of the United 'ment thereof, States ; and for making whereof the stockholders shall be con- be approved vened on the third Monday of January,* annually. other general meetings of the stockholders shall and may from ally. time to time, for the purpose aforesaid, be called by the direc- How tors, or by any number of the stockholders holding one thou- ral meetings maybe called. sand shares, as they shall respectively deem necessary, and the said corporation shall have power generally to do and execute all matters and things which a corporation or body politic may or can lawfully do and execute, subject to all rules and regulations, restrictions, limitations and provisions hereinafter described and declared; Provided, That the clear yearly income of Yearly the said corporation upon the real estate which they are hereby authorized to hold, shall not exceed ten thousand dollars.

in

come limited.

Amount of

shares.

Manner

given.

of

SECT. 3. And be it further enacted by the authority aforesaid;-That the said capital stock of the said corporation shall be five hundred thousand dollars, divided into five thousand the capital shares of one hundred dollars each, and to be raised, constituted stock, and the and composed of the subscriptions heretofore made, or hereafter to be made by virtue of the provisions contained in the first section of this act, and the same shall be paid for and satisfied in manner following: That is to say, each and every subscriber payment, and notice to be shall within ten days after public notice given by the president and directors hereinafter named, in any two of the daily papers printed in the city of Philadelphia, pay, or cause to be paid, to the said president and directors for the use of the said corporation, the sum of twenty dollars in part of each share so subscribed for, and the residue of the money payable on each and every share, shall be paid to the president and directors of the said corporation in such sum or sums, and at such time or times as they, by public notice in two of the daily papers printed in the said city for at least thirty days, shall in Proceedings their discretion direct and appoint. And if any subscriber shall subscribers refuse or neglect to make the first payment as aforesaid, he or do not make she shall cease to be deemed a subscriber or member of the said corporation, and his or her subscription shall be opened

to be had if

payment.