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Session Laws, 1837
Volume 601, Page 51   View pdf image
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ter the same shall have become due or payable, this
charter shall be forfeited and be deemed null and void.
SEC. 5. And be it enacted, That the said company
shall have the power, first, to receive endowments of
real, personal or mixed property for a term of years or
a life or lives in trust; secondly, to grant and purchase
annuities; third, to contract for reversionary payments;
fourth, to receive from any free person any deposite of
money or securities valued as money in trust, and to
allow interest thereon; fifth, to make, all kinds of con-
tracts in which the casualties of life or interest of mo-
ney are involved; sixth, to provide for the investment
of the funds of the company other than the moiety of its
capital for which a different investment is hereinbefore
directed, in such stocks or real and personal securities,

CHAP. 53.

Objects and

Receive depo-


Life insurances.

as they may deem proper; seventh, to make insurances
on lives or property; eighth, to accept and execute all
such trusts as may be committed to them by the courts
of this State; ninth, to appoint all such officers, agents
and servants as they shall deem necessary to conduct
or execute the business and affairs of the company, and
to define their powers, and duties; tenth, to fix the pla-




ces and mode of transfer of certificates of stock, deposite
and payment of interest, and, lastly, to pass all such
by-laws, not contrary to the laws of this State or of
the United States, as they may deem necessary or ex-
pedient to carry into effect the provisions of this act,
and in their discretion to amend, alter or repeal the
same, and all contracts of the company made in con-
formity to its charter and by-laws shall he valid in law
and equity, although not under seal.


By Laws.

SEC. 6. And be it enacted, That this act shall not be
construed to authorise the said company to issue for
circulation as money, any of its own promissory note
or notes in the nature of Bank notes or certificate of
deposite, payable to bearer, or to guarantee in any
manner whatever the payment of any chose in action,
other than promissory notes or bills of exchange pre-
viously discounted or purchased and then held by the
company or its agents.

Restricted from
Banking, &c.

SEC. 7. And be it enacted, That this act shall not be
construed as authorising the said company to make any
contract which by the existing laws amounts to usury,

Usury forbid.

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Session Laws, 1837
Volume 601, Page 51   View pdf image
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