Surgeon General's Office mfa tsec/in as may be, after such stone shall be delivered at said Prison wharf, for that purpose : Provided, that nothing herein contained shall be so construed as to prevent or retard the fulfilment of any existing contract for stone work, with any other person or persons whatever. And provided, also, that the materials to be worked shall be delivered free of expense to the Commonwealth, at such part of the Prison limits as the Warden may direct, and removed from thence when directed by the Warden, also free of expense to the State. [June 12, 1817.] [1817, c. 180.] An Act to incorporate the Massachusetts Hospital Life Insurance Company. Section 1. Be it enacted by the Senate and House of Repre- sentative*, in General Court assembled, and by the authority of the same, that Ebcnczer Francis, David Hinckley, Thomas Morton Jones, Samuel Parkman, James Perkins, Thomas IT. Perkins, 10 74 William Prescott, John Phillips, Josiah Ouincy, and their associates, are hereby created a body politic and corporate, by the name and style of the Massachusetts Hospital Life Insurance Company; and shall, by the same name and style, be capable of sueing and being sued, and maintaining and defending any action to final judgment aud execution ; and shall be, in law, capable of purchasing, holding, improving and conveying any estate, real or personal, for the use of the said Corporation; Provided they shall not hold real estate beyond the value of one hundred thousand dollars, excepting such as may be taken on execution for debt. And the said Corporation shall have power to ordain and establish, and put in execution, such by- laws, ordinances and regulations as shall be necessary for the government thereof. Sect. 2. Be it further enacted, that the capital stock of the said Corporation shall be five hundred thousand dollars, divided into five thousand shares of one hundred dollars each ; and the same shall be paid for or satisfied in manner following; that is to say—that each and every subscriber shall, within ten days after public notice given by the President and Directors chosen by the Stockholders, in any two of the papers printed in the town of Boston, pay or cause to be paid, to the said Presi- dent and Directors, for the use of the said Corporation, the sum of twenty dollars, in part of each share subscribed for, either in specie or in stock of incorporated companies or government securities, of the descriptions hereinafter provided, at the option of the President and Directors aforesaid ; and the residue of the money, payable on each and every share, shall be paid to the President and Directors in such sum or sums, and at such time -or times, as they, by public notice, shall, in their dis- cretion, direct and appoint. And if any subscriber shall refuse or neglect to make the payments aforesaid, he or she shall cease to be deemed a subscriber or member of the said Corporation, and his or her subscription shall be forfeited ; and the shares so forfeited, may be sold by the Corporation in such manner as they may think proper: Provided, however, that in case the amount of the said capital stock, actually paid in, shall at any time prove insufficient for the payment of the just debts due from the said Corporation, each original stockholder shall be 1-) liable for the debts due by the said Corporation, to an amount not exceeding that part of his original subscription, which shall, at such time, remain due and unpaid. And any creditor, who may have obtained an execution against said Corporation, may have his full remedy against all and every the said Stockholders, to the amount by them respectively due as aforesaid, in the same manner as if the same had been issued out against them personally. Sect. 3. Be it further enacted, that for the well ordering of the affairs of the said Corporation, there shall be thirteen Directors, a majority of whom, shall be citizens of this Com- monwealth, and Stockholders of the said Corporation, elected by the Stockholders, at their general meeting, to be held on the third Monday of January, annually, for that purpose. And the Directors, at their first meeting after such election, shall choose one of their own number* as President: The votes of the Stockholders for Directors, being taken by ballot, each Stockholder having one vote for eacli share he may hold; but no Stockholder shall vote at any election for Directors, unless the share or shares, upon which he or she may claim to vote, shall have been standing in his or her name, in the books of the said Corporation, for at least three months previous to such election. In case of absence from the general meeting, any Stockholder may be entitled to vote by proxy. Sect. 4. Be it further enacted, that the Directors of the said Corporation, for the time being, five of whom shall form a quorum, shall have power to appoint such officers, clerks, agents and other persons, as shall be necessary for the con- ducting and executing the business of the said Corporation ; and to allow the said persons so appointed, such compensa'ion for their services respectively, as they shall deem reasonable ; and generally to exercise all other powers and authority for well governing and ordering the affairs and funds of the said Corporation. Skct. o. Be it further enacted, that it may be lawful for the said Corporation to invest the capital stock thereof, and all moneys received for premiums of insurance, and in any other way, in the funded debt of the United States, or of this Com- monwealth, or in the stock of the bank of the United States, or *Rut see St. 1S23, e. 51. 76 of any of the banks incorporated within this Commonwealth, or in the purchase of ground rents, or mortgages on real estate; and also to sell and dispose of, and transfer all or any of the said stock or securities, and in like manner invest the proceeds thereof, at their discretion as the safety or welfare of the said Corporation, as the President and Directors thereof may deem expedient: Provided, that no part of the capital stock aforesaid shall be divided without the assent of the Visitors and Trustees of the Massachusetts General Hospital, as well as of the Legislature of this Commonwealth. Sect. 6. Be it further enacted, that the President and Di- rectors shall have full power, on behalf of the said Corporation, to make insurances on lives, by sea and on land, and to con- tract for reversionary payments, and generally to make all kinds of contracts, in which the casualties of life and interest of money are principally involved ; and to make, execute and perfect such and so many contracts, bargains, agreements, policies, and other instruments, as shall or may be necessary, and as the nature of the case shall or may require. Sect. 7. Be it further enacted, that the President and Directors shall, on the first Monday of January, in each year, direct the books of the said Corporation to be balanced and settled up to the thirty-first day of the preceding December, and submit a copy of its balances to a committee appointed by the Trustees of the Massachusetts General Hospital, who shall have power to verify the said balances with the books of the said Corporation, and generally to inspect them; and on the third Monday of January of every year, the President and Directors of tin's Corporation shall pay over to the said Trustees, for the use of the Hospital, one-third of the net profits which shall have arisen from the insurances on lives made during the preceding year; and after this deduction, shall declare and divide so much of the remaining profits as to them shall appear sale and advis- able ; and the dividend, so declared, shall be paid to the respec- tive Stockholders, agreeably to such rules as the President and Directors shall make for that purpose: Provided, that incase the Trustees of the Hospital fail to signify to this Corporation its appointment of a committee, that then the President of this Corporation shall invite the President of the Hospital to inspect I I the books and submit to him the list of balances, and pay him, for the use of the Hospital, the aforesaid third of the net profits which shall have arisen from the insurance on lives. Sect. 8. Be it further enacted, that so long as this Corporation shall well and truly pay to the General Hospital the aforesaid share of profit, it shall not be lawful for any persons or Corpora- tion within the Commonwealth to make insurance on lives upon land, unless empowered so to do, by any future Legislature of this Commonwealth. And whenever any persons or Corporation shall hereafter be thus empowered, the obligation of this Corpora- tion to pay the Trustees of the General Hospital, for the use of said Hospital, the third part of the net profits, which may thereafter arise on insurance on lives, shall cease ; unless the same obligation shall be imposed on such persons or Corpora- tion thus hereafter empowered. Skct. 9. Be it further enacted, that the shares of the said Corporation shall be assignable and transferable according to such rules and regulations as the President and Directors shall, for that purpose, ordain and establish, and not otherwise. Sect. 10. Be it further enacted, that this Corporation shall not have power to pay over any sums to the heirs of those who shall die by the hand of justice, or by suicide, or in conse- quence of a duel. Sect. 11. Be it further enacted, that it shall be the duty of the Directors of the Corporation hereby created, once in each vear, to make a full, fair and explicit statement of all their real estate, funds and investments of every kind Avhatever, which shall be subscribed and verified by the oath of a majority of the Directors; and on or before the tenth day of January, annually, to deliver the same to the Secretary of the Com- monwealth, who shall cause the same to be laid before the Governor and Council. And the General Court, or either branch of the Legislature, shall have power, by their committee to examine the records and doings of the said Corporation ; and for this purpose, shall have access to all their buildings, offices and places of business, and to all places of deposit of their files, records and proceedings. Sect. 12. Be it further enacted, that any two or more persons, named in this Act of Incorporation, may call the first 78 meeting of the Stockholders, at such time and place as they may think proper, by advertising the same in any two public newspapers, at least ten days previous to the time of meeting; at which meeting, the Stockholders may proceed to elect Directors, and to transact such other business as may come before them. [February 24, 1818.] [1819, c. 31.] An Act relating to the Massachusetts General Hospital. Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, that in case of the occurring of any vacancy, by death or resignation, in the Board of Trustees of the Massachusetts General Hospital, it shall be lawful for the remaining members of the Board to fill such vacancy, provided the same shall occur in that part of the Board chosen by the Corporation; and it shall be lawful for [the Board of Visitors*] to fill such vacancy, provided the same occur in that part of the Board chosen by said Board of Visitors, anything in the fifth section of the act entitled " An Act to incorporate certain persons by the name of the Massachusetts General Hospital," to the contrary notwithstanding. [June 18, 1819.] [1820, c. 82.] An Act to exempt certain officers of the Massachusetts General Hospital from Militia Duty. [Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, that from and after the passing of this Act, the Superintendents and other officers and assistants, employed in and about any department of the Massachusetts General Hospital, not exceeding the number of four in each department, during the time of such employment, be and they hereby are absolutely exempted from militia duty, notwithstanding they may have arrived at the age of eighteen, and be under the age of forty-five years.t] | February 15, 1821.] *Repwiled, 1861, c. 4G. fliepealed by Revised Statutes. 71) [1823. c. 34.] An Act in addition to an Act to incorporate the Massachusetts Hospital Life Insurance Company. Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, that the said Corporation may, from time to time, invest all moneys held by them, for the purchase of annuities, or in trust for and during the lives of any person or persons, in notes secured by mortgage of real estate, or by collateral assignment of any of the species of stock, mentioned in the fifth section of an Act entitled an Act to incorporate the Massachusetts Hospital Life Insurance Company, passed February twenty-fourth, in the year of our Lord one thousand eight hundred and eighteen ; and also that all policies, contracts and other instruments, whether under seal or not, made in the name of said Corporation, and signed by the Secretary or Actuary, shall be as good and valid to all intents as if the same had been made and executed by the President and Directors of said Corporation. [June 14, 1823.] [1823, c. 51.] An Act in further addition to an Act to incorporate the Massachusetts Hospital Life Insurance Company. Section 1. Be it enacted by the Senate and House of Repre- sentatives in General Court assembled, and by the authority of the same, that at the next meeting of the Stockholders of the said Corporation, they shall elect one of said Stockholders to be President of the said Corporation, and that so much of the third section of the Act, entitled, "An Act to incorporate the Massa- chusetts Hospital Life Insurance Company," passed February twenty-fourth, in the year of our Lord one thousand eight hundred and eighteen, as provides that the directors of said Corporation at the first meeting after their election, shall choose one of their own number as President of the said Corporation, be, and the same is hereby repealed so Sect. 2. Be it further enacted, that the agreement entered into between the Trustees of the Massachusetts General Hospital and the Massachusetts Hospital Life Insurance Company, in words following, to wit: " That the Trustees of the Massachusetts General Hospital, do agree to receive one-third part of the net profits accruing to said Company from insurance on lives by sea and on land, reversionary payments, and generally from all kinds of contracts in which the casualties and contingencies of life and the interest of money are principally involved, after deducting for the use of the said stockholders, legal interest on the amount of capital actually paid in by them and invested in pursuance of the provisions of their said act, said interest not being calculated on any part of the profits of said stock; Provided, the said Insurance Company shall bind itself in writing, to pay over annually to the Trustees of the Massachusetts General Hospital, for the use of said Hospital, one-third part of all their net profits, computed on the principle above stated, as well on reversionary payments and all other contracts made by said Company, in which the casualties of life and interest of money are principally concerned as on insurances on lives," which alone are mentioned in the seventh section of the act to which" this is in addition, be and the same is hereby confirmed. [January 17, 1824.] [1823, c. 50.] Resolve on the subject of labor done by the Convicts for Insane Hospital. Resolved, That the account of the Massachusetts State Prison against the Massachusetts General Hospital, for labor of the convicts on stone work for that part of said Hospital commonly called the Insane Hospital, amounting to four thousand one hundred and seventy-six dollars and forty-three cents, be considered as coming within the. resolve of the General Court on this subject, passed June 12, 1817; and that said sum be charged to the Commonwealth accordingly, 81 and that the work heretofore done be, and the same is hereby considered in full of the grant made by virtue of the resolve aforesaid. [February 11, 1824.] [Revised Statutes, c. 12, § 1.] Of the Militia. [■* # * * # * t]ic persons hereinafter mentioned shall also be absolutely exempted [from military duty,] notwithstanding their age may be more than eighteen years or less than forty-five years, viz: ****** The Superintendents, other officers and assistants, employed in or about any department of the Massachusetts General Hospital in Boston and Charlestown, and in the State Lunatic Hospital at Worcester, during the time of such employment.*] [November 4, 1835.] [1835, c. 109.] An Act to incorporate the New England Mutual Life Insurance Company. Section 1. Be it enacted by the Senate and House of Repre- sentatives in General Court assembled, and by the authority of the same, that Ebenezer T. Andrews, George Bond, Willard Phillips, Charles P. Curtis, and Samuel H. Walley, Jr., and the persons who may be insured under this act, and their associates, successors, and assigns, be, and they hereby are constituted a Corporation by the name of the New England Mutual Life Insurance Company, for the purpose of making insurance upon lives, with all the powers and privileges, and subject to all the duties contained in an act passed in eighteen hundred and thirty- three, chapter eighty-three. Sect. 2. Be it further enacted, that there shall be an original o-uaranty capital stock subscribed to the said Corporation, which *Bv St. 1874, c. 320, §9. "Practising Physicians" are exempted from enrolment, but the above exemptions, in the form given in the Revised Statutes, are supposed to have been repealed. 11 82 shall be one hundred thousand dollars, to be divided into shares by the Corporation, half of which shall be paid in, in cash, before the said Corporation shall go into operation, for the purpose of making insurance ; the other half of said stock may be called for by the directors, from time to time, when they deem it necessary or expedient, and shall be paid in by the holders of the stock, which shall always stand pledged to the Corporation for all such assessments so called for. Sect. 3. Be it further enacted, that at the first meeting of the Corporation, a number of Directors, not less than eight, shall be chosen by the subscribers to the said guaranty stock, who shall hold their offices for one year, and until others are chosen in their stead ; at all subsequent elections of Directors, the number shall be such as may be provided for by a previous vote of the Directors, or by-law of the Corporation, and in case of no provision on this subject, the number shall be the same as at the first election, one-half of whom shall be elected by the stockholders, and the other half by the assured, voting in separate bodies; the Directors shall all be either stockholders or assured, and on ceasing to be such, shall cease to hold said office. The Directors may choose a President from their own number, or from the stockholders, or the assured, in which,case he shall be a Director ex-officio. They shall also choose a Secretary, who shall be under oath, and they shall appoint all such officers and servants to transact the business of the Corporation, as they see fit. Each share 'Of the guaranty capital stock shall entitle the holder to one vote, and each assured shall be entitled to one vote in the election of Directors. In case of vacancies in the Board of Directors, so as to reduce the number to less than six, meetings of the Corporation shall be held, and the vacancies shall be filled so as to make the Board consist of a greater number than six. Sect. 4. Be it further enacted, that, except the election of Directors, and except the vote of the assured, provided for in the sixth section, the whole business and affairs of the Corporation shall be under the control and management of the Directors. 83 Sect. 5. Be it further enacted, that whenever the net surplus receipts of the Corporation, over their losses and expenses, and after providing for risks, shall be sufficient for the purpose, the stockholders shall be entitled to an annual dividend of seven per centum, or to such less dividend as may be agreed upon at the time of subscribing the stock, and in the case of such dividend not being made in any one year, it shall be made good at a subsequent period, when the net resources of the Company shall be sufficient for paying the same. Sect. 6. Be it further enacted, that after providing for risks, losses, incidental expenses, and dividends as aforesaid, the Directors shall set apart one quarter of the estimated surplus funds and receipts, as a reserved fund, to be applied to the redemption of the guaranty stock; and whenever, after the expiration of ten years from the time of organizing the Company, the amount of such reserved fund shall be sufficient for the purpose, and the assured shall vote to redeem the said guaranty stock, the same shall be redeemed. Sect. 7. Be it further enacted, that, upon the redemption and extinguishment of the guaranty stock, under the pro- vision in section sixth, the Directors shall be chosen by the assured. Sect. 8. Be it further enacted, that at the expiration of every period of five years, from the time of the organization of the Company, the remaining three quarters of the estimated surplus funds and receipts shall be reimbursed to and among the assured in manner following, namely: to the holders of policies for entire lives, each of which is insured at a uniform annual premium for the whole life, in the proportion of the whole amount of premiums paid during the preceding five years, and in a corresponding and equivalent proportion upon policies made otherwise than at such uniform rate of premium ; that is to say, the reimbursement shall be made in the same proportion as if each policy subsisting at the end of eacli five years had been made at its commencement for an entire life, at a uniform annual premium : .Provided, however, that the reimbursement to the holder of any policy sliall not be estimated upon a greater amount than shall have been actually paid in, on such policy: Provided, further, that 84 in consideration of any existing policies having at the expira- tion of any such period of five years contributed, directly or indirectly, to the fund for the redemption of the guaranty stock, a provision niay be made allowing a greater proportion of reimbursement on such policies, and preferring those of an older date before those of a more recent date; so that each policy shall, so far as may be, consistently with the circumstances of the Company, be reimbursed for the amount contributed as aforesaid to the redemption of the guaranty stock. Sect. 9. Be it further enacted, that the said Corporation shall, on the third Monday of January of every year, pay over to the Trustees of the Massachusetts General Hospital one- third of the net profits, if any, which shall have arisen from insurance on lives, made during the preceding year. Sect. 10. Be it further enacted, that the Supreme Judicial Court shall hear and determine in equity all questions arising between the said Corporation and any stockholder or assured. [April 1, 1835.] [1839, c. 35.] An Act in addition to "An Act to incorporate the Massachusetts Hospital Life Insurance Company." Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows; The Massachusetts Hospital Life Insurance Company, may from time to time invest their Capital Stock and the moneys held by them in trust for life, or shorter periods, or any part thereof in the purchase of Railroad Stocks, and may make loans to the several cities and towns in the Commonwealth and also to other corporations or individuals upon the security of Railroad, Manufacturing or other corporate Stocks within this Common- wealth, as shall in their discretion, be deemed for the safety and welfare of the said Company ; said loans not to exceed in amount one-third of the Capital Stock actually paid in, to anyone Corporation. [March 4, 1839.] 85 [1844. c. ho.] An Act in addition to an Act to incorporate the New England Mutual Life Insurance Company. Be it ended by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows :•— The New England Mutual Life Insurance Company is hereby authorized to make insurance on life or lives otherwise than on the mutual principle. [March 11, 1844.] [1844, c. 177.] An Act to incorporate the State Mutual Life Assurance Company of Worcester. Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:— Section 1. John Davis, Benjamin Balch, and Clarendon Harris, their associates and successors, are hereby made a Corporation by the name of the State Mutual Life Assurance Company of Worcester, for the purpose of making assurances on single lives, joint lives and survivorships, and for making reversionary payments, on the principle of mutual contribution and mutual participation in the surplus funds, or otherwise, with all the powers and privileges, and subject to all the duties and liabilities contained in the thirty-seventh and forty-fourth chapters of the Revised Statutes, so far as the same may be applicable to this Corporation. Sect. 2. When one hundred and fifty persons have sub- scribed to become members of the said Company, by being- assured for one or more years, or for the whole term of life, the first meeting may be called for the purpose of organizing the Corporation, but only onedialf of the whole number of Directors shall then be chosen. 8(i Immediately after such organization, books shall be opened for the subscription of a guaranty capital of one hundred thousand dollars, to be divided into shares by the Corporation thus organized, half of which shall be paid in cash, or secured as hereinfter provided for its investment, before the said Corporation shall go into operation for the purpose of making assurances ; the other half of said stock may be called for by the Directors so elected, from time to time, when they deem it necessary or expedient, and shall be paid in by the holders of the stock, which shall always stand pledgedto the Corporation for all such assessments so called for, and said stock shall be entitled to an annual dividend not exceeding seven per centum of the amount paid in. Sect. 3. As soon as such amount of stock shall be so subscribed and paid in, as aforesaid, or made secure, a meeting shall be called of the said stockholders, and they shall elect from their own number the remaining half of the first Board of Directors; and at every future election of Directors, until the guarantee stock shall be redeemed, one-half the number shall be selected from the assured, and the other half from the stockholders, all to be chosen jointly. Sect. 4. The funds of the said Company shall be invested in the stocks of the United States, of the State of Massachusetts, of the City of Boston, and in notes secured by bond and mortgage of unencumbered real estate in Massachusetts, worth three times the amount loaned thereon. The said Company may hold real estate to an amount not exceeding ten thousand dollars, for the purpose of securing suitable offices for the institution. Sect. 5. At the expiration of every three years after the expiration of the first year, there shall be a general investigation of the affairs of the Company for the past three years, with an estimate of the surplus funds, which may remain after providing for all risks, losses, and incidental expenses. If it shall appear, after the investigation, that there is a surplus fund more than equivalent to the amount of debts and claims against the funds, one-third of the estimated surplus funds and receipts shall be set aside, with its accumulations, as a reserved fund, to be applied to the redemption, of the guaranty stock : and when- 87 ever, after the expiration of ten years from the time of organizing the Corporation, the amount of such reserve funds shall be sufficient for the purpose, and the assured shall vote to redeem the said guaranty stock, the same shall be redeemed. The remaining two thirds of the estimated surplus funds shall be equitably divided among the existing policies, for one or more years, or for the whole term of life, in proportion to the respective amounts of premium each has paid, cither by single contribution, or by uniform annual contributions, and allocated to the original sum insured, as a bonus, or reversionary addition, payable when the policy emerges and becomes a claim. Sect. 6. Within thirty days after the expiration of four years from the time of organizing the Company, and within thirty days after the expiration of every subsequent three years, the Company shall cause to be made a general balance state- ment of the affairs of the said Company, which shall be entered in a book prepared for such purpose. Such statement shall contain :— 1st. The amount of contributions received during the said period, and the amount of interest received from investments and loans. 2nd. Tin.* amount of expenses of the said Company during the same period. 3rd. The amount of losses incurred during the same period. 4th. The balance remaining with the said Company. 5th. The nature of the security in which the said balance is invested or loaned, and the amount of cash on hand, and the aggregate amount of the sums assured in the existing policies. 6th. The President or Vice-President of the Company shall, within thirty days after the balance statement is made up, transmit a copy thereof, signed and sworn to by the President and Vice-President, and a majority of the Directors and also by the Auditor, Actuary or Secretary, to the Secretary of the Commonwealth, to be by him laid before the Legislature. Sect. 7. The said Corporation shall, on the third Monday of January, every year, pay over to the Trustees of the Massachusetts General Hospital, one-third of the net profits, if anv, which shall have arisen from insurance on lives made during the preceding year. 88 Sect. 8. So long as this Corporation shall well and truly pay to the General Hospital the aforesaid share of profit, it shall not be lawful for any persons or Corporation within the Commonwealth to make insurance on lives upon land, unless empowered so to do, by any future Legislature of this Common- wealth. And whenever any person or Corporation shall hereafter be thus empowered, the obligation of this Corporation to pay the Trustees of the General Hospital, for the use of said Hospital, the third part of the net profits which may thereafter arise on insurance on lives, shall cease, unless the same obliga- tion shall be imposed upon such persons or Corporation thus hereafter empowered. [March 16, 1844.] [184G, c. 82.] An Act in addition to the several Acts incorporating Mutual Life Insurance Companies. Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as folloivs:— [Section 1. The net profits of the business of the Mutual Life Insurance Companies incorporated in this Commonwealth, one-third of which they are required to pay to the Trustees of the Massachusetts General Hospital, shall be taken to be the excess of the dividend over six per centum annually, payable by the said Companies respectively to the holders of the guaranty capital stock actually paid in; and in case the said guaranty stock shall be redeemed, the Company shall continue to pay to the Trustees of the said Hospital the same sum annually that they would have been liable to pay if the said guaranty stock had not been redeemed. Sect. 2. Nothing herein contained shall be deemed to invalidate or affect an agreement made by and between the Trustees of the Massachusetts General Hospital and the Massachusetts Hospital Life Insurance Company, and ratified by an act of the General Court, passed January seventeenth, eighteen hundred and twenty-four; nor the rights and duties of the said Corporations under and by virtue of the said agreement. Sect. 3. This act shall not take effect until the Massachusetts Hospital Life Insurance Company shall have expressed their assent thereto.*] [March 7, 184C] [This act was accepted by the Massachusetts Hospital Life Insurance Company, as provided in the third section.] ♦Repealed, 1856, c. 252, §56, but fee provisos in repeal. 89 [1846, c. 136.] An Act in addition to " An Act to incorporate the State Mutual Life Assurance Company of Worcester." Be it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, as follows : The State Mutual Life Assurance Company of Worcester may invest their funds in such purchases and loans as are permitted to Savings Banks in the seventy-eighth and seventy- ninth sections of the thirty-sixth chapter of the Revised Statutes and in the forty-fourth chapter of the acts of the year eighteen hundred and forty-one. [March 20, 1846.] [1851, c. 140.] An Act to incorporate the Berkshire County Mutual Life Insurance Company. Be it enacted in the Senate and House of Representatives, in General Court assembled, and by the authority of the same, as follows: Section 1. George N. Briggs, James E. Marshall, Theodore Pomeroy, George W. Platner, Phineas Allen, Jr., Z. Marshall Crane, James D. Colt, 2d, George J. Tucker, Benjamin F. Johnson, Daniel B. Fenn, J. C. Goodrich, Henry L. Sabin, John C. Russell, and William F. Filley, their associates, and successors, are hereby made a corporation, by the name of the Berkshire County Mutual Life Insurance Company, to be located in the town of Pittsfield, for the purpose of making insurance on lives; with all the powers and privileges, and subject to all the duties, liabilities and restrictions set forth in the forty-fourth chapter of the Revised Statutes. Sect. 2. There shall be an original guarantee capital stock subscribed to the said corporation, which shall be one hundred thousand dollars, to be divided into shares by the corporation, half of which shall be paid in, in money, before the said 12 DO corporation sliall go into operation for the purpose of making insurance; the other half of the said stock may be called for by the directors, from time to time, when they deem it necessary or expedient, and shall be paid in by the holders of the stock, which shall always stand pledged to the corporation for all such assessments so called for. Sect. 3. At the first meeting of the corporation, a number of directors, not less than twelve, shall be chosen by the subscribers to the guarantee stock, who shall hold their offices for one year, and until others shall be chosen in their stead ; at all subsequent elections of directors, the number shall be such as may have been provided for by a previous vote of the directors, or by-law of the corporation; and in case of no provision on this subject, the number shall be the same as at the first election, one half of whom shall be elected* by the subscribers to the guarantee stock, and the other half by the assured, not being holders of the guarantee stock, voting in separate bodies; the directors shall all be either stockholders or assured, and on ceasing to be such, shall cease to hold the said office. Sect. 4. Whenever the net surplus receipts of the said corporation, over the losses and expenses, and after providing for risks, shall be sufficient for the purpose, the stockholders shall be entitled to an annual dividend of seven per cent., or to such less dividend as may be agreed on at the time of subscribing for the stock; and in case of such dividend not being made in any one year, it shall be made good at a subsequent period, when the net resources of the company shall be sufficient for paying the same. Sect. 5. The funds of the said corporation shall be invested in such purchases and loans as are permitted to savings banks, in the seventy-eighth and seventy-ninth sections of the thirty- sixth chapter of the Revised Statutes, and in the forty-fourth chapter of the acts of the year one thousand eight hundred and forty-one. The said company may hold real estate to the amount of ten thousand dollars, for the purpose of securing suitable offices for the institution. Sect. 6. After providing for risks, losses, incidental expenses, and dividends, as aforesaid, the directors shall set apart one quarter of the estimated surplus funds and receipts as a 91 reserved fund, to be applied to the redemption of the guarantee stock; and whenever, after the expiration of ten years from the time of organizing the company, the amount of such fund shall be sufficient for the purpose, and the assured shall vote to redeem the said guarantee stock, the same shall be redeemed. Sect. 7. Upon the redemption and extinction of the guarantee stock, under the provisions of the sixth section, the directors shall be chosen by the assured. Sect. 8. At the expiration of every five years from the time of the organization of the company, the remaining three- quarters of the estimated surplus funds and receipts shall be reimbursed to and among the assured, in proportion to the whole amount of premiums paid during the preceding five years. Sect. 9. The said corporation shall, on the third Monday of January, in each year, pay over to the trustees of the Massachusetts General Hospital, one-third of the net profits, if any, which shall have arisen from insurance on lives, made during the preceding year. [May 15, 1851.] [1851, c. 160.] An Act to incorporate the Massachusetts Mutual Life Insurance Company. Be it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, as folloivs: Section 1. Alexander II. Avery, James M. Thompson, William Rice, their associates and successors, are hereby made a corporation, by the name of the Massachusetts Mutual Life Insurance Company, in the town of Springfield, for the purpose of making insurance on lives, with all the powers and privileges, and subject to all the duties, liabilities and restrictions, set forth in the forty-fourth chapter of the Revised Statutes. 92 Sect. 2. There shall be an original guarantee capital stock subscribed to the said corporation, which slfall be one hundred thousand dollars, to be divided into shares by the corporation, half of which shall be paid in, in money, before the said corporation shall go into operation for the purpose of making insurance, the other half of the said stock may be called for by the directors, from time to time, when they deem it necessary or expedient, and shall be paid in by the holders of the stock, which shall always stand pledged to the corporation for all such assessments so called for. Sect. 3. At the first meeting of the corporation, a number of directors, not less than eight, shall be chosen by the subscribers to the guarantee stock, who shall hold their offices for one year, and until others shall be chosen in their stead. At all subsequent elections of directors, the number shall be such as may be provided for by a previous vote of the directors, not less than seven, or by-law of the corporation; and in case of no provision on this subject, the number shall be the same as at the first election, one-half of whom shall be elected by the stockholders, and the other half by the assured members who are not holders of guarantee stock voting in separate bodies; the directors shall all be either stockholders or assured, and on ceasing to be such shall cease to hold the said office. Sect. 4. Whenever the net surplus receipts of the corpora- tion, over the losses and expenses, and after providing for risks, shall be sufficient for the purpose, the stockholders shall be entitled to an annual dividend of seven per cent., or to such less dividend as may be agreed upon at the time of subscribing for the stock ; and in case such dividends shall not be made in any one year it shall be made good at a subsequent period, when the net resources of the company shall be sufficient for paying the same. Sect. 5. The funds of the said corporation shall be invested in such purchases and loans as are permitted to savings banks, in the seventy-eighth and seventy-ninth sections of the thirty- sixth chapter of the Revised Statutes, and in the forty-fourth chapter of the acts of the year one thousand eight hundred and forty-one. The said company may hold real estate to an amouut not exceeding ten thousand dollars, for the purpose of securing suitable offices for the institution. 93 Sect. 6. After providing for risks, losses, incidental ex- penses and dividends as aforesaid, the directors shall set apart one quarter of the estimated surplus funds and receipts as a reserved fund, to be applied to the redemption of the guarantee stock ; and whenever, after the expiration of ten years from the time of organizing the company, the amount of such reserved fund shall be sufficient for the purpose, and the assured shall vote to redeem the said guarantee stock, the same shall be redeemed. Sect. 7. Upon the redemption and extinguishment of the guarantee stock, under the provisions of the sixth section, the directors shall be chosen by the assured. Sect. 8. At the expiration of every period of five years from the time of the organization of the company, the remaining three quarters of the estimated surplus funds and receipts shall be reimbursed to and among the assured, in proportion to the whole amount of premiums paid during the preceding five years. Sect." 9. The said corporation shall, on the third Monday of January, in every year, pay over to the trustees of the Massachusetts General Hospital, one-third of the net profits, if any, which shall have arisen from insurance on lives made during the preceding year. [May 15, 1851.] [1851, c. 165.] An Act relating to Insurance on Lives. Whenever any person or corporation shall be empowered to make insurance on lives upon land, the right so to do shall be deemed subject to the same obligations, for the payment of a certain share of the profits accruing therefrom to the Massa- chusetts General Hospital, as are imposed on the Massachusetts Hospital Life Insurance Company by the laws now in force, unless express provision to the contrary shall be made in the act or acts empowering such person or corporation to make such insurance on lives as aforesaid.* [May 15, 1851.] •Repealed, 1851, c. 453, § 44. But see saving In repeal. 94 [1854, c. 453, § 29.] An Act concerning Insurance Companies. Every Company empowered to make insurance of lives upon land, shall be subject to the same obligations for the payment of a certain share of the profits to the Massachusetts General Hospital, as are imposed on the Massachusetts Hospital Life Insurance Company. And the net profits of the business of Mutual Life Insurance Companies, one-third of which they are required to pay to the Trustees of said Hospital, shall be taken to be the excess of the dividends over six per cent., annually, payable by the said Companies, to the holders of the guaranty stock actually paid in. And after the guaranty stock shall be redeemed, the Companies shall pay to the said Trustees the same sum annually as before the redemption.* [April 29, 1854.] [1855, c. 291.] An Act to change the Name of the Berkshire County Mutual Life Insurance Company. Be it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, as folloivs: Section 1. The Berkshire County Mutual Life Insurance Company are hereby authorized to take the name of the Berkshire Life Insurance Company. Sect. 2. This act shall take effect from and after its passage. [May 3, 1855.] [1855, c. 326.] An Act in further addition to the Act to incorporate the New England Mutual Life Insurance Company. Be it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, as follows: The New England Mutual Life Insurance Company may purchase real estate in the city of Boston, to hold, and may hold real estate, so purchased, to an amount not exceeding one-fourth part of the accumulated fund of said company, at the time of making any such purchase. [May 10, 1855.] *Kepealed, 1855, c. 252, § 56. But ste provisD in repeal ✓ 95 [1856, c. 252, §41.] An Act concerning Insurance Companies. Every Company empowered to make insurance on lives upon land, shall be subject to the same obligations for the payment of a certain share of the profits to the Massachusetts General Hospital, as are imposed on the Massachusetts Hospital Life Insurance Company.* [June 3, 1856.] [1859, c. 147.] An Act to authorize the filling up flats, and building a sea wall near the Massachusetts General Hospital. Be it enacted $c, as follows: The Massachusetts General Hospital, and Eliza A. Parkman, Harriette E. Parkman and George F. Parkman, executors of, and devisees under the will of the late George Parkman, deceased, and Joseph Noble and John B. Kettell, trustees, are hereby severally authorized to build and maintain a sea wall upon their flats lying west of North Charles Street, in the city of Boston, not to extend said sea wall beyond the " commis- sioners' line," so called, as now established by law, and to fill up and make solid their several parcels of flats lying between their several parcels of upland and the said " commissioners' * line," and to lay vessels along said wall so authorized to be built as aforesaid, and to take dockage and wharfage therefor: Provided, however, that the grantees above named shall first pay to the treasurer of the Commonwealth such sums of money as the governor and council shall determine, as payment for any flats and rights in tide water belonging to the Commonwealth, if any, taken and filled up under the provisions of this act. [April 1, 1859.] *KcpealeJ by General Statutes, but reenactcd, e. CS, § 61. 96 [General Statutes, c. 58, § 61.] Of Insurance Companies. Every Company empowered to make insurance on lives upon land, shall be subject to the same obligations for the payment of a certain share of the profits to the Massachusetts General Hospital as are imposed on the Massachusetts Hospital Life Insurance Company. [December 28, 1859.] [1862, c. 125.] An Act to incorporate the John Hancock Mutual Life Insurance Company. Be it enacted, fyc, as follows: Nathaniel Harris, James P. Thorndike, Gerry W. Cochrane, their associates and successors, are hereby made a corporation by the name of the John Hancock Mutual Life Insurance Company, to be established and located in the city of Boston, for the purpose of making insurance upon lives; with all the powers and privileges, and subject to the duties, liabilities and restrictions set forth in so much of the fifty-eighth chapter of the General Statutes as relates to mutual life insurance companies, and all other acts which are or may be in force relative to such companies. [April 21, 1862.] [St. 1862, c. 224, §§ 3 and 7.] An Act to levy taxes on certain Insurance Companies and on depositors in Savings Banks. Section 3. The Massachusetts Hospital Life Insurance Company shall pay to the treasurer of the Commonwealth a tax of one per cent, per annum on its capital stock, and of one-third per cent, per annum upon all moneys and property in the possession or charge of said Company as deposits, trust funds, or for the purposes of investment, at the time for which return of said Company, required by the seventh section, shall be made.* ♦Repealed, 18G5, c. 283, § 18. 97 Sect. 7. The Massachusetts Hospital Life Insurance Company shall semi-annually make a return which shall be signed and sworn to by a majority of its Board of Directors, of the full amount of its capital stock, and of all moneys and property, in detail, in the possession or charge of said company as deposits, trust funds, or for purposes of investment. [April 30, 1862.] [1863, c. 47.] An Act in addition to an Act incorporating the Berkshire Life Insurance Company. Be it enacted,, fyc, as follows: Section 1. The Berkshire Life Insurance Company is hereby authorized, whenever so directed by a vote of the assured, to redeem at par and extinguish all or any part of its original guaranty capital stock ; and to appropriate for this purpose, so much of its funds as may be necessary. Sect. 2. This act shall take effect upon its passage. [March 3, 1800.] [1864, c. 46.] An Act concerning the Massachusetts General Hospital. Be it enacted, Sec, as follows : Section 1. The governor with the advice and consent of the council, shall annually, as soon as may be after the first Wednesday in February, appoint four trustees of the Massa- chusetts General Hospital, who shall hold their offices for one year, or until the appointment of their successors; and in case of the occurring of any vacancy by death or resignation among the trustees so appointed, the governor may, with the advice and consent of the council, fill such vacancy. 13 , OS Sect. 2. So much of the ninety-fourth chapter of the acts of the year eighteen hundred and ten, and of the thirty-first chapter of the acts of the year eighteen hundred and nineteen, as authorize the appointment of trustees of said hospital by the board of visitors thereof, are hereby repealed. Sect. 3. This act shall not take effect until it has been accepted by the Massachusetts General Hospital, at a meeting of the corporation specially called for the purpose. [February 25, 1864.] [St. 1865, c. 283, § 18.] An Act to amend and revise chapter two hundred and eight of the acts of the year one thousand eight hundred and sixty-four, entitled "An Act levying a tax upon certain Corporations." * Provided further, that the Massachusetts Hospital Life Insurance Company shall, instead of the taxes imposed in section three of chapter two hundred and twenty- four of the acts of the year one thousand eight hundred and sixty-two, pay upon all moneys and property in the possession or charge of said Company, as deposits, trust funds, or for purposes of investment, the same rate of tax as shall be imposed upon or paid by savings banks or institutions for savings, on account of deposits. [May 17, 1865.] [1866, c. 25.] An Act to authorize the State Mutual Life Assurance Company of Worcester to purchase and hold real estate. Be it enacted, fyc, as follows : Section 1. The State Mutual Life Assurance Company in the city of Worcester, is hereby authorized to purchase and hold real estate in said city, to an amount not exceeding fifty 99 thousand dollars: Provided, that no part of said amount shall be invested in real estate, except in the purchase of a suitable site, and the erection or preparation of suitable buildings, to be used wholly, or in part, for the purposes of said company; and all income, if any, arising from such real estate shall be devoted exclusively to the interests of said company. Sect. 2. This act shall take effect upon its passage. [February 15, 1866.] [1866, c. 43.] An Act to authorize the Massachusetts Mutual Life Insurance Company to increase its investments in real estate. Be it enacted, fyc, as follows: Section 1. The Massachusetts Mutual Life Insurance Company is hereby authorized to invest an amount not exceeding fifty thousand dollars in the purchase of real estate in the city of Springfield, for the site of a building, to be used wholly or in part, for the purposes of said corporation, and for the erection and preparation of said building; said amount to be in addition to fifty thousand dollars now authorized to be held by said company in real estate; and all income, if any, arising from such real estate shall be devoted exclusively to the interests of said corporation. Setc. 2. Said company is hereby authorized to redeem at par and extinguish all or any part of its original guarantee capital stock, whenever so directed by a vote of the assured, and to appropriate for this purpose so much of its funds as may be necessary. [February 20, 1866.] 100 [1866, c. 44.] An Act authorizing the Berkshire Life Insurance Company to hold real estate. Be it enacted, fyc, as follows: The Berkshire Life Insurance Company is hereby authorized to purchase and hold real estate to an amount not exceeding seventy-five thousand dollars: provided, that no part of said amount shall be invested in real estate, except in the purchase of a suitable site and the erection or preparation of suitable buildings, to be used wholly or in part for the purposes of said company; and all income, if any, arising from such real estate, shall be devoted exclusively to the interests of said company. [February 20, 1866.] -0 /Wiy;# r#*?r« i' ■ ••/;-' '.(.> ; 'Jv.v'tV*- • £«. ?' **& ' ' jl*' '•!<;' 7ft« r'^: ^ffclB ;#;j '''TOE ■ A^rv '•::-.i US [%!- STJfi'Bi ■w ;:,.,/& KtK ; !/■_)• rT'' |^ tfft # W:> r-<^/ ,''.V„ ^^*^2<^H Jiej.'. wi*#BI :V^'v s: :■'?!■ ,,Wjv" Hj2m sty-.. •*-9B ■''f'Bl •■•.■v-'/igf:.'^: '■'.v t^.'j « .".•