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 THE 
 
 CHARTER 
 
 BY-LAWS 
 
 OF THE 
 
 . PENNSYLVANIA COMPANY 
 
 FOR 
 
 INSURANCES ON LIVES, GRANTING ANNUITIES, 
 
 AND 
 
 / 
 
 EXECUTING TRUSTS. 
 
 • ' , » . ' • 
 
 
 PHILADELPHIA: 
 
 PRINTED BY JAMES KAY, JUN. &, BROTHER^ 
 
 No. 122 Chestnut Street. 
 
 1836. 
 

 * • - • i >> ' 
 
AN ACT 
 
 7)> incorporate the Pennsylvania Company for Insurances on 
 Lives, Granting *^nnuitie8, and other purposes* 
 
 Sect. 1. Be it enacted by the Senate and House of Repre- 
 sentatives 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- Commission- 
 maker, or any two of them, shall be, and they are hereby con- g" appoint-, 
 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 JJ^g ^'®® 
 until three o'clock in the afternoon of each of the said days, 
 for receiving the subscriptions aforesaid, after which time, if 
 
 M180796 
 
Subscription the whole number of shares shall amount to five thousand, no 
 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 sub- 
 Subscription 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 
 
 allows. (Jay 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. 
 
 Sect. 2. And he it further enacted by the authority afore- 
 said; — 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. ^"^ ^7 ^^e name, style and title of ^^The Pennsylvania Com- 
 Style and ti- pany for insurances on lives, and granting annuities;'^ and 
 poration ^°^ they and their successors are hereby ordained, constituted and 
 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 
 -duties. being sued, pleading and being impleaded, answering and be- 
 
 ing answered unto, defending and being defended, in all courts 
 and places whatsoever, in all manner of actions, suits, com- 
 plaints, matters and causes, whatever ; and they and their suc- 
 cessors 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, capa- 
 IMfayholdreal hie of purchasing, holding, cultivating, improving and convey- 
 estate.^^^^"^ i"g» ^"7 estate, real or personal, for the use of the said corpo- 
 ration ; Provided, That the real estate shall be only such as 
 Real estate ^\^^\\ 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 ^nd the said corporation shall have power to "ordain and esta- 
 may make , , . . , , i i- \ j 
 
 by-laws for blish and put in execution such by-laws, oruinanclps and regu- 
 
lations, as shall be necessary for the government thereof, not the govern- 
 being contrary to the constitution of this stale or of the United ^jrch^^shaH 
 States ; and for mailing whereof the stockholders shall be con- be approved 
 vened on the third Monday of January,* annually. And such hoidersannu- 
 other general meetings of the stockholders shall and may from ally. 
 time to time, for the purpose aforesaid, be called by the direc- How gene- 
 tors, or by any number of the stockholders holding one thou- j^|^ becall"^* 
 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 regula- 
 tions, restrictions, limitations and provisions hereinafter de- 
 scribed and declared ; Provided^ That the clear yearly income of Yearly in- 
 the said corporation upon the real estate which they are hereby ^^^^ ^^^ ^ ' 
 authorized to hold, shall not exceed ten thousand dollars. 
 
 Sect. 3. And be it further enacted by the authority afore- 
 said; — That the said capital stock of the said corporation shall ^jj^Q^nt ^f 
 be five hundred thousand dollars, divided into five thousand the capital 
 shares of one hundred dollars each, and to be raised, constituted gh^^g^" * ^ 
 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 ^^ „ 
 
 '^ Manner of 
 
 in manner following : That is to say, each and every subscriber paymeiit,and 
 shall within ten days after public notice given by the president "f^g^ ^ 
 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 corpora- 
 tion, the sum of twenty dollars in part of each share so sub- 
 scribed 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 
 , . ,. . ,. 1 . . , /^ , •, . ,. to be had if 
 
 their discretion direct and appoint. And it any subscriber shall subscribers 
 
 refuse or neglect to make the first payment as aforesaid, he or '^o not make 
 
 she shall cease to be deemed a subscriber or member of the 
 
 said corporation, and his or her subscription shall be opened 
 
 * [This being the day of election.] 
 
and new subscriptions received for the number of shares so 
 forfeited. And if any subscriber, his or her assignee or trans- 
 feree, shall refuse or neglect to make any subsequent payment, 
 called for and demanded by the president and directors as 
 aforesaid, such subscriber, his or her assignee or transferee, 
 shall pay an interest on the amount of such instalment, at the 
 rate of five per centum per month for the time the payment of 
 the said instalment shall be deferred or delayed after the time 
 the same shall have been directed to be paid as aforesaid, and 
 if the said instalment, together with interest thereon, at the 
 rate aforesaid, shall not be paid within six months from the 
 time it shall have been so called for, and directed to be paid, 
 each and every share or shares, on which such default shall 
 have been made, together with the sum or sums previously 
 paid thereon, shall be forfeited, and new subscriptions may be 
 opened and received, for the share or shares so forfeited, at the 
 discretion of the stockholders of the said corporation. 
 
 Sect. 4. And be it further enacted by the authority afore- 
 Election. said ; — That for the well-ordering of the affairs of the said cor- 
 Thirteen di- poration, there shall be thirteen directors, who shall be citizens 
 chosen ^ ^ 0^ ^his commonweallh, and stockholders of the said corporation, 
 holding at least two shares each in their own right, elected 
 Their qualifi- annually by the stockholders at their general meeting for that 
 purpose assembled ; and the directors at their first meeting after 
 Their elec- each election shall choose one of their number as president, 
 nual and at ^^^^ ^^ ^^^^ i* should SO happen at any time that an election of 
 their first directors should not be made upon any day when pursuant to 
 shall elect a this act it ought to have been made, the said corporation shall not 
 president. fQj. tj^^t cause be deemed to be dissolved, and it shall be lawful 
 
 Charter not q^ any day, within ninety days thereafter, to hold an election 
 
 to be void if "^ J J 
 
 the election of directors in such manner as shall have been regulated by 
 
 benotheldon ^j^^ j^^g ^^^^ ordinances of the said corporation, until which 
 the day ap- _ r ' 
 
 pointed, but election the president and directors chosen and appointed at 
 another day ^j^^ ^^^^^ preceding election shall continue in oflice ; in case of 
 pointed. any director's death or resignation, his place shall be filled up 
 
 Old directors for the remainder of the year, in such manner as the ordinances 
 in office^^tm of the said corporation shall for that purpose direct; Provided, 
 
 new ones are That the first directors shall be Joseph Ball, John Claxton, 
 elected. 
 
Lewis D. Caipentier, Jacob Sperry, Joseph Peace, Patrick Names of the 
 Gernon, Henry Leiitz, Thomas P. Cope, Mahlon Hutchinson, 
 
 John Bohlen, Andrew Pettit, John K. Helmuth and Samuel 
 
 Yorke, who shall hold their offices until the third Monday of Time they 
 
 January in the year of our Lord, one thousand eight hundred nue in office! 
 
 and thirteen, and until new directors shall be chosen ; and the 
 
 said first directors shall within ten days after the passing of 
 
 this act, meet and appoint their president. 
 
 Sect. 5. And be it further enacted by the authority afore- 
 said; — That the votes of the stockholders for directors shall Votes of the 
 be by ballot, and the election of directors and for deciding all ^^^^*^llot° ^^ 
 questions in a general meeting of the stockholders, the ratio of 
 the votes shall be as follows, to imt : A stockholder having 
 five shares or less shall have one vote for each share so held ; Ratio of 
 having fifty shares or less, shall have one vote for every five ^° 
 shares he shall so hold above five shares ; having one hundred 
 shares or less, shall have one vote for every ten shares he shall 
 so hold above fifty shares ; having above one hundred shares, 
 he shall have one vote, for every twenty shares he shall so 
 hold above one hundred shares ; but no stockholder shall be 
 entitled in his own right, or as a proxy, to a greater number Whole num- 
 than thirty votes ; nor shall any stockholder vot& at any elec- ^jj^^h any 
 tion for directors unless the share or shares upon which he or subscriber 
 she may claim to vote, shall have been standing in his or her "^^^ ^^ 
 name in the books of th& said corporation for at least three 
 months previous to such election, and such stockholder may 
 vote by proxy ; Provided, That no vote shall be received on 
 any proxy more than nine months after the date of said proxy, Proxy voting 
 and further that no transfer of proxy shall be allowed, and that rgmilated^ 
 no person shall be allowed to vote as the proxy of more than 
 one stockholder. 
 
 Sect. 6. And be it further enacted by the authority afore- 
 said; — That the directors of the said corporation for the time 
 being, four of whom with the president, or in case of his ab- 
 sence, seven shall be a quorum, shall have power to appoint Powers of the 
 such officers, clerks, agents and other persons, as shall be the^^ap^point^ 
 necessary for conducting and executing the business of the said ment of offi- 
 corporation, as well in the said city of Philadelphia, as else- ^^"' 
 where, and to allow the said persons so appointed, such con^- Andallowing 
 
8 
 
 them a com- pensation for their services respectively as they shall deem 
 ' reasonable, and generally to exercise all other powers and au- 
 And their ge- thorities for well-governing and ordering the affairs and funds 
 neral powers, of the said corporation as this act confers and allows. 
 
 Sect. 7. And be it further enacted by the authority afore- 
 said; — Tliat it may be lawful for the said corporation to in- 
 vest the capital stock thereof, and all moneys received for pre- 
 miums of insurance, and for the grant and sale of annuities 
 and other purposes, in any stock of the United States, or of 
 this state, or of any chartered or incorporated bank, or in the 
 purchase of ground rents, or mortgages, or to lend the same 
 on good and sufficient security, and also to sell and dispose of 
 and transfer all or any of the said stock and securities, and to 
 invest the proceeds thereof in like and other such stock or secu- 
 rities, whenever the safety or immediate exigencies of the said 
 corporation shall render the same necessary ; Provided, That 
 . no deposit, loan of money upon interest (except in such cases 
 as may be authorized by this section) or promissory note shall 
 be allowed, made or issued in the manner of a banking insti- 
 tution ; — And provided also. That nothing in this act con- 
 tained, shall be construed to authorize the said corporation to 
 buy or trade in any stock whatsoever, for the purpose of mak- 
 ing a profit by such buying and trading.* 
 
 Sect. 8. And be it further enacted by the authority afore- 
 President said; — That the president and directors shall have full power 
 and directors on behalf of the said corporation to make insurances on lives 
 &urances^ on ^X ^^^ ^"^ °" shore, and to contract for, grant and sell annui- 
 lives, con- ties, and reversionary payments, and generally to make all 
 nuities°&c'^ kinds of contracts, in which the casualties of life and interest of 
 money are principally involved, except as before excepted, and 
 to make, execute and perfect such and so many contracts, bar- 
 gains, agreements, policies and other instruments, as shall or 
 may be necessary, and as the nature of the case shall or may 
 tracts^ to*^°be ^^^l^ire, and every such contract, bargain, agreement and po- 
 in writing or Hey, to be made by the said corporation, shall be in writing or 
 signed by the i" print, and shall be under the seal of the said corporation, 
 
 proper offi- signed by the president and attested by the actuary or other 
 cers. 
 
 * [Section 7 repealed by Supplement of 9th April 1829.] 
 
9 
 
 officer who may be appointed by the president and directors 
 for that purpose. 
 
 Sect. 9. And be it further enacted by the authority afore- 
 said ; — That the president and directors shall, on the first President 
 Monday of January, in the year of our Lord, one thousand ^^xqW ^^make 
 eight hundred and thirteen, and on the first Monday of July half yearly 
 and of Jantiary in every year thereafter, declare and divide so ^^^ profits of 
 much of the profits of the said corporation as to them shall the corpora- 
 appear safe and advisable, and the dividend so declared shall be ^y^q^ to the 
 paid to the respective stockholders agreeably to such rules as stockholders, 
 the president and directors shall make for that purpose. 
 
 Sect. 10. And be it further enacted by the authority afore- 
 said;'— Thzi the shares of the stock of the said corporation Shares may 
 shall be assignable and transferable, according to such rules ^ed. ^'"^^ ^^' 
 and regulations as the president and directors shall for that 
 purpose ordain and establish, and not otherwise ; Prouirferf, That 
 no person or persons shall hold or be oivners of any share or 
 shares of the stock of this corporation who are not citizens of 
 or resident in the United States,* 
 
 Sect. 1 1 . And be it further enacted by the authority afore- 
 said ; — That if at any time it shall appear to the legislature Reservation 
 that the charter privileges hereby granted are injurious to the ers glanteT" 
 public welfare, the power thereof to repeal this act, shall not 
 on any conditions be denied or impaired, but such repeal shall 
 not affect any engagements, to which said company may have 
 become a party previously thereto, and that the said Company 
 shall have a reasonable time to bring their accounts to a final 
 settlement and termination. 
 
 JOHN TODD, 
 
 Speaker of the House of Representatives. 
 
 P. C. LANE, 
 
 Speaker of the Senate. 
 
 Approved — the tenth day of March, in the year of our Lord 
 one thousand eight hundred and twelve. 
 
 SIMON SNYDER. 
 
 * [Proviso repealed by Supplement of 29th February 1836.J 
 
SUPPLEMENT 
 
 To an Act entitled " An Act to incorporate the Pennsylvania 
 Company for Insurances on Lives and Chranting Annuities.''^ 
 
 Sect. 1. Be it enacted by the Senate and House of Repre- 
 sentatives of the Commonwealth of Pennsylvania in General 
 Assembly met, and it is hereby enacted by the authority of the 
 Howthecapi- same; — That it shall and may be lawful for the Pennsylvania 
 all moneys Company for Insurances on Lives and Granting Annuities, to in- 
 received may vest the capital stock of the said company, and all moneys 
 received for premiums of insurance and for the grant and sale 
 of annuities, and endowments in trust and on lives, or for any 
 other transaction authorized by the act to which this is a sup- 
 plement, in the funded debt of the United States, or of any of 
 the United States, or of any city or incorporated borough of this 
 state, or in the stock of any chartered or incorporated bank, 
 or in the stock or loan of any chartered or incorporated canal, 
 navigation, bridge or road company, or of any company that 
 now is, or hereafter may be, incorporated by this state or the 
 United States, or in the purchase of any ground rents or mort- 
 gages, or on any loans on good and sufficient security, or in such 
 real estate as may be taken in execution for debt ; Provided, 
 The income of the said real estate do not exceed the value of ten 
 thousand dollars yearly ; and also to sell, and dispose of, and 
 transfer the said stock and securities, and convey such real 
 estate ; Provided, That no deposit, loan of money upon inte- 
 
II 
 
 rest, except in such cases as may be authorized by this section, Corporation 
 or promissory note shall be allowed, made or issued, in the promissory 
 manner of a banking institution. notes. 
 
 Sect. 2. ^nd be it further enacted by the authority afore- 
 said; — That the seventh section of the act to which this is a Seventh sec- 
 supplement be, and the same is hereby repealed. onrepeae 
 
 I do certify that the foregoing is a true copy as it passed both 
 branches of the Legislature, and that it has been approved by 
 the Governor. Witness my hand, this 9th of April 1829. 
 
 W. S. FRANKLIN, 
 Clerk of the Senate, 
 
SUPPLEMENT 
 
 To an *Q.ct entitled ^^An Act to'incorporate the Pennsylvania 
 Company for Insurances on Lives, and granting Annuities, 
 and other purposes,''^ passed on the tenth day of March, one 
 thousand eight hundred and twelve. 
 
 Sect. 1. Beit enacted by the Senate and House of Repre- 
 sentatives of the Commonwealth of Pennsylvania in General 
 Assembly met, and it is hereby enacted by the authority of the 
 President same; — That the Pennsylvania Company for Insurances on 
 eJlf oweveT^ Lives and Granting Annuities be, and they hereby are author- 
 to accept and ized and empowered to accept and receive moneys or other 
 nTys^^ other Property, real or personal, in trust ; to accumulate the interest 
 property, real or income thereof, at such rates and in such manner as may 
 in trust^^"^ ' ^® agreed on, or to allow and pay such interest or income 
 therefor and thereon, as may be stipulated and agreed on be- 
 tween the parties, not exceeding the legal rate of interest ; and 
 also to accept and execute trusts of any and every description, 
 which may be committed or transferred, with their consent, to 
 them by any person or persons whatever, bodies corporate or 
 ^ politic, or by any court of the United States, or of the com- 
 monwealth of Pennsylvania. 
 Any court of Sect. 2. In all cases where application is made to any 
 wralth^"^°of ^^"^^ ^^ ^^^ commonwealth of Pennsylvania for the appoint- 
 Pennsylva- ment of any trustees, or of assignees, or of guardian of any 
 
13 
 
 minor, or committee of a lunatic, it shall and may be lawful n»a may ap- 
 
 for such court, if they think proper, to appoint said company, company 
 
 with their consent, such trustee, assignee or guardian of the trustee, as- 
 
 estate of such minor, or committee of a lunatic; and the ac- guardian of a 
 
 counts of said company, as such trustee or assignee, or guar- ^^^^^y or 
 1- . 1 11 I 11 1111.^ committee of 
 
 dian or committee, shall be regularly settled and adjusted be- a lunatic. 
 
 fore the proper tribunal, and upon such settlement and adjust- 
 ment, all proper, legal, usual and customary charges, costs and 
 expenses, shall be allowed to the said company for their care 
 and management of the trusts and estates aforesaid, and the said 
 company, as such trustee or assignee, or guardian or commit- 
 tee, shall be subject to all orders or decrees made by the pro- 
 per tribunals, under the laws of this commonwealth. 
 
 Sect. 3. Upon any sum not less than one hundred dol- Minimum 
 lars which shall be collected or received by said company, Jest to be\l- 
 in its capacity of trustee, assignee, guardian, committee or lowed by the 
 receiver, under the order of any court of justice, a reason- trustee"^ a^ 
 able interest shall be allowed, of not less than four per cent signee or 
 per annum, which interest shall continue to accrue until the ^^^^ ^^"* 
 moneys so received shall be duly expended and paid over or 
 distributed. 
 
 Sect. 4. When the annual income of an infant, of whose Company, 
 estate the said company shall be the guardian, shall exceed ^j^n^ of "an 
 the sum allowed, or which may be sufficient for the education, infant, to add 
 maintenance and support of said infant, such surplus income come to prin- 
 shall be accumulated by the said company for the benefit of ^jp^' annu- 
 such infant by adding interest annually on th6 whole as a 
 new principal ; the interest so to be allowed and added upon 
 such accumulation, in no case to be less than four per centum 
 per annum. 
 
 Sect. 5. No bond or collateral security shall be required Capital stock 
 from the said company, when appointed trustee, assignee, ^^j,^^^ y^^' 
 guardian, committee or receiver ; but all investments of mo- for all trust 
 neys received in trust by the said company, shall be at the ^^°^®' 
 risk of said corporation, and for all losses of such moneys, the 
 capital stock, property and effects of the said corporation shall 
 be absolutely liable. 
 
14 
 
 Certificates Sect. 6. The said company shall and may, whenever re- 
 quired so to do, issue certificates for the amount of all moneys 
 deposited with them in trust, which certificates shall be assign- 
 able, and transferable on the books of the company, under 
 such regulations as may be prescribed by the president and 
 directors. 
 How trust Sect. 7. All sums of money received under or by virtue 
 be invested, of the provisions of this act, shall and may be invested as the 
 other funds of the company now are, or hereafter may be, by 
 law allowed to be invested. 
 
 Sect. 8. Whenever any court shall appoint the said com- 
 pany a trustee, assignee, guardian of any minor, or committee 
 of a lunatic, or deposit with the said company any moneys, 
 Courts may such court may, from time to time, appoint a suitable person 
 suftable per^ ^ investigate the affairs and management of said company, 
 son to inves- who shall report to such court the manner in which its invest- 
 fS^of^the roents are made, his opinion of the ability and integrity with 
 company. which the affairs of the company are conducted, of the pru- 
 dence and safety of its investments, and the security afforded 
 to those by whom its engagements are held : the expense of 
 every investigation so made shall be defrayed by the said com- 
 pany. 
 Aliens not Sect. 9. The proviso in the tenth section of the act 
 frrnn^ ^ being ^^ which this is a supplement be, and the same is hereby re- 
 stockholders, pealed. 
 
 Sect. 10. The president and directors shall be authorized 
 and empowered, upon giving fifteen days' public notice in at 
 least two of the daily papers of the city of Philadelphia, to 
 Meetings of call meetings of the stockholders of the company, for the pur- 
 may be call- PO^® o^ enacting, establishing and ordaining all ordinances, 
 ed. by-laws and regulations necessary for the government of the 
 
 company, and generally of transacting all other business which 
 may be laid before them. 
 
 Sect. 11. If the privileges hereby granted shall at any 
 time hereafter prove injurious to the public welfare, the legis- 
 lature shall have power to alter or repeal this act. 
 
 This is to certify that the foregoing act is a true copy of the 
 
15 
 
 original law, on file and of record in said office. Witness my 
 hand and seal of office, the day and year aforesaid. 
 
 , THO. H. BURRO WES. 
 
 Secretary of the Commonwealth. 
 
 Secretary's Office^ Harrishurg, > 
 February 29th, 1836. 5 
 
BY-LAWS 
 
 Pennsylvania Company for Insurances on Lives, Granting 
 Annuities, and Executing Trusts. 
 
 I. 
 
 The stated meetings of the board of directors shall be on 
 the first Thursday of every month ; and special meetings may 
 at any time be called by the president on his own authority, 
 or when requested by two directors. Four directors with the 
 president, or in ease of his absence, seven shall be a quorum. 
 
 II. 
 
 At all such meetings the president of the company, or in 
 case of his absence, a president pro tempore chosen by a ma- 
 jority of the directors present, shall take the chair, who shall 
 vote as other members, and decide conclusively all questions 
 of order, unless two members appeal to the board. 
 
 III. 
 
 As soon as a quorum appears, and the chair is taken, the 
 c 
 
18 
 
 actuary shall note the names of the directors present, after 
 which the business of the board shall be transacted in the fol- 
 lowing order : 
 
 1st. The minutes of the last meeting shall be read, and if 
 necessary, corrected. 
 
 2d. The report of the actuary on the current business of the 
 company shall be read and laid before the board. 
 
 3d. Reports of committees shall be called for and order take^j 
 on them. 
 
 4th. The unfinished business of any former meeting may 
 be resumed. 
 
 5th. Original resolutions may be offered. 
 
 6th. Miscellaneous business may be proposed and consi- 
 dered. 
 
 IV. 
 
 The minutes shall contain a record of the proceedings of the 
 board. Any question may be decided by yeas and nays, if re- 
 quired by two members ; and when taken, they shall be placed 
 on the minutes. 
 
 All motions shall be reduced to writing, if required by the 
 president, or by two members, and must be seconded and stated 
 from the chair before debate. No debate shall take place on a 
 motion for adjournment. 
 
 VI. 
 
 At the first meeting of the directors after the election, a com- 
 mittee of three directors, to be called the committee of finance 
 and accounts, shall be chosen by ballot, to serve during the 
 year ; and in case of the death, resignation or absence of any 
 
19 
 
 member of the said committee, the board may elect others in 
 their place. 
 
 The duty of the committee of finance shall be to invest the 
 moneys of the company in such securities as are directed by 
 the act of incorporation. No money shall be loaned on mortgag:e 
 when the property to be pledged is incumbered by a prior lien, 
 (unless such loan shall be sanctioned by the board of directors), 
 and they, or a majority of them, shall give orders on the pre- 
 sident and actuary for the payment of purchases, and fulfilment 
 of all contracts made by them for the use of the company. 
 They shall exhibit minutes of their proceedings to the board 
 monthly. They shall examine the monthly report of the ac- 
 tuary, compare it with the books of the company, and annex 
 to it their signatures. They shall, in conjunction with a com- 
 mittee of the board, (to be appointed for that purpose), examine 
 the semi-annual reports or general statement of the aflfairs of the 
 company, and report the same to the directors. 
 
 VII. 
 
 All special committees, consisting of not more than three 
 members, shall be appointed by the president; those above that 
 number, shall be elected by the board, unless otherwise directed. 
 
 VIII. 
 
 The president in conjunction with any two directors, or 
 any three directors in his absence, shall have power to insure 
 on any single life, or joint lives, any sum not exceeding ten 
 thousand dollars, and they may contract for annuities and re- 
 versionary payments, not exceeding one thousand dollars per 
 annum, or enter into contracts in relation to trust estates, or 
 deposits of money to be held in trust, subject to any regulation 
 to be hereafter prescribed by the board of directors. 
 
20 
 
 IX. 
 
 All dividends or interest belonging to the company shall be 
 promptly collected, and all moneys and notes shall be deposited 
 in the name of the company, in one of the incorporated banks 
 of this city. No money shall be drawn otherwise than by or- 
 der of the board of directors, or of the committee of finance 
 and accounts. 
 
 It shall be the duty of the actuary to attend at the company's 
 office every day during the hours of business. He shall act as 
 secretary of the board of directors. He shall keep fair and re- 
 gular minutes of their proceedings in a book provided for that 
 purpose. He shall countersign all checks on the bank ordered 
 by the board or committee of finance. He shall receive all 
 money due to the company, and promptly deposit the same in 
 the bank designated by the directors. He shall, once a month, 
 or oftener, if required, make a statement of the current business 
 of the company, submit the same to the committee of finance 
 and accounts, and if approved by them, lay it before the board. 
 He shall cause a notice of every meeting of the board of direc- 
 tors to be delivered to each member at least one day previous 
 to the time fixed for meeting; and shall give notice of the 
 meetings of the stockholders, in such manner as shall be di- 
 rected by the board. He shall also cause a notice to be given 
 to the chairman of each committee, designating the names of 
 the members thereof, and the object for which they have been 
 appointed. He shall receive all applications for insurances, 
 annuities, trust accounts, &c., make the necessary investiga- 
 tions and calculations, record them in the diary, and enter in a 
 book to be kept for that purpose, all the computations relating 
 to tin; business of the company, for the use of the company. 
 
21 
 
 XI. 
 
 Every vacancy, occasioned by the death, resignation or 
 otherwise, of any member of the board of directors, shall be 
 supplied by a majority of the board until the next annual elec- 
 tion ; Provided^ That no choice be made unless there be at 
 least seven members present, and three days' notice shall have 
 been given that a vacancy is to be filled. 
 
 XII. 
 
 A meeting of stockholders shall be held on the second Tues- 
 day in January in every year, of which at least fifteen days' 
 public notice shall be previously given by the president and 
 directors, who shall at such meeting lay before the stockhold- 
 ers, a full and detailed statement of the funds of the company, 
 with such explanations and other information as they may 
 think proper. And at the said meeting, the compensation of 
 the president for his services shall be considered and fixed. 
 In case that at any time an election for directors should not be 
 held on the third Monday in January, as directed by the act of 
 incorporation, the directors for the time being shall appoint a 
 day for that purpose, not sooner than fifteen days, and within 
 ninety days thereafter, of which they shall cause at least fifteen 
 days* notice to be given in three of the daily newspapers 
 printed in the city of Philadelphia. 
 
 XIII. 
 
 The board of directors shall have full power and authority, 
 from time to time, to make all such further rules and regulations, 
 in addition to these by-laws, as may be necessary to enable them 
 to carry into efifect the provisions and conditions of an act of 
 
22 
 
 Assembly, passed the 26th day of February A. D. 1836, 
 entitled *' A supplement to an act entitled An Act to incorpo- 
 rate the Pennsylvania Company for Insurances on Lives and 
 Granting Annuities. 
 
 XIV. 
 
 All by-laws heretofore passed by the stockholders of this 
 company which shall be inconsistent with the above are, and 
 the same are hereby repealed. 
 
Perm. co» for insur- 
 annfi ori lives and 
 
 HG8963 
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 ranting annuities, 
 hiladolphia 
 
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 M180796 
 
 THE UNIVERSITY OF CALIFORNIA UBRARY 
 
 YC173344