Page:United States Statutes at Large Volume 33 Part 1.djvu/710

FIFTY-EIGHTH CONGRESS. Sess. III. Ch. 285. 1905. 623 ance Company of the District of Columbia," and by that name shall have perpetual succession, with power to sue and be sued, plead and P°"°”· be unpleaded, in courts of law and equity; to adopt a common seal, and the same to break, alter, and renew at pleasure; to ordain and establish by-laws and regulations; and generally to do such acts and things as may be necessary to carry into effect the revisions of this charter and promote the purposes and designs of company. _ Sric. 2. at the purposes and designs of said com n shall be to P¤¤¤¤¤¤¤· insure, against loss or amage by fire, the respective ditching houses and other buildings, and the furniture and every description of .property belonging to its members. Sec. 3. hat the assets of said company shall consist of the premium A¤¤¤*¤· notes given by the insured, the cash paid as interest thereon, and all property and profit derived from the investment or use of its income or assets, but the reserve fund of said compan shall not, at any one Maximum mczvc time, exceed two hundred thousand dollars, exchisive of the real estate mm it giay holqrlzs hegeinafger authorized. Pm mo. 4. t the said premium notes shall be yable on demand mlm “°"°• '·° and shall each constitute and be a lien to the anddnt thereof respect commute Hem tively upon the interest and estate, legal and equitable, of the insured in the said buildings at risk in said company, and upon the land premises, and appurtenances thereto belonging: Provzded, That the lien um u upon personal propxerty shall continue only while the same remains in personal pmpmydm the ownershi of the person insured: And 'ded aZso,.That said m°m°"“` company shad tile with the recorder of deeds for the District of Columbia a memorandum of the name of the person insured, a. description of the pro erty, and the amount of the remium note unpaid, and said lien shall commence from the time of iilling said memorandum. J udg- ·'“dg"'°“‘* ment upon said note may be entered upon confession_ b virtue of a warrant of attorney, and execution may at any time be had thereon; . but the privileges, immunities, and franchises granted by this charter shall be confined to the District of Columbia. Sac, 5. That all persons who shall hereafter insure with said com- Msmwmbivany, and their executors, administrators, and assigns continuing to be so insured, shall thereby become members thereof during the period they shall be and remain so insured, and no longer, and the word "person " as used in this charter shall be held to include corporations also. _ Sec. 6. That each and every member of said company shall have ,,,§§{}§,$§‘,}‘,,'}' "’°“‘ full power to withdraw therefrom, in whole or in part, at any time, upon application in writing to the proper officer thereof, and payment · of all arrearages of assessments and interest that may then be due and owing to said com ny from said member. Upon such application, m°:ggg}l¤¤¤¤ 0* *¤· the said officer shallucancel the insurance or insurances designated insaid application, together with the premium note or notes held by said company on account of said canceled insurance. Said officer shall also d,§’“"‘ °’ ”*°“°Y' return any amount of money which may be due said member on the ‘ books of said company on account of said canceled insurance, and thereafter said member shall be debarred from all claim on said company on account of such canceled insurance accruing subsequent to such withdrawal and cancellation. But no premium note or notes shall be can- m§°,‘{§“°“‘ °* "“°“" celed, or in any manner discharged or given up until all assessments thereon on account of liabilities inc3ulrredbef<21re or at the time of such withdrawal shall be full ascertain an pai . Sue. 7. That the atlaiiis of said company shall be conducted_ by a B°"d°f""'*°“‘ board of seven trustees, who shall be e ected at the annual meeting of the members, and shall continue in office until their successors are elected and qualified. Not less than a maiority of sa1d b0ard_shall Q“°'°m· constitute a quorum to do business, but_a less number may adjourn Y _ from time to time. Vacancies happening in said board, otherwise than ‘ *°“¤°*°*-