STATE LIFE INSURANCE COMPANY OF INDIANAPOLIS. 339 STATE LIFE INSURANCE COMPANY OF INDIANAPOLIS, INDIANA. The above named company was incorporated in 1894, and commenced business that year. In February, 1899, it was reincorporated under the laws passed by the legislature of that year. This law provides that all stock life insurance companies organized in the State must have a capital of at least $100,000, and maintain a legal reserve, policies being valued according to the American Experience Table and four per cent interest. No special charters are issued to Indiana life companies, but compliance with the law is exacted. The full text of the law will be found on pages 393-399, herewith. STATE MUTUAL LIFE ASSURANCE COMPANY. Commonwealth of Massachusetts in the year one thousand eight hundred and forty-four. 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: SEC. 1. [Names of Incorporators.]—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. SEC. 2. [Subscriptions to Guarantee Capital.]-When one hundred and fifty persons have subscribed 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 one-half of the whole number of directors, shall then be chosen. Immediately after such organization, books shall be opened for the subscription of a guarantee 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 hereinafter 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 pledged to the corporation for all such assessments, so called for, and said stock shall be entitled to an annual dividend, not exceeding seven per centum on the amount paid in. SEC. 3. [The First Board of Directors.]-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 elected from the assured and the other half from the stockholders, all to be chosen jointly. SEC. 4. [How Funds may be Invested.]-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 unincumbered 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. SEC. 5. [Dividends to Policyholders.]-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 guarantee stock; and whenever after the expiration of ten years from the time of organizing the corporation, the amount of such reserved funds shall be sufficient for the purpose, and the assured shall vote to redeem the said guarantee stock, the same shall be redeemed. The remaining two-thirds of the estimated surplus fund 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 either 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. SEC. 6. [Balance Statement to be Made.]-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 statement of the affairs of the said company, which shall be entered in a book, prepared for such purpose. Such statement shall contain: First, the amount of contributions received during the said period, and the amount of interest received from investments and loans. Second, the amount of expenses of the said company during the same period. Third, the amount of losses incurred during the same period. Fourth, the balance remaining with the said company. Fifth, 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. Sixth, 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. SEC. 7. [Payment to Massachusetts General Hospital.]—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 any, which shall have arisen from insurance on lives made during the preceding year. SEC. 8. [When Payment to Hospital may Cease.]-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 Commonwealth. 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 obligation shall be imposed upon such persons or corporation thus hereafter empowered. House of Representatives, March 16, 1844. Passed to be enacted. SAM. H. WALLEY, JR., In Senate, March 16, 1844. Passed to be enacted. Approved March 16, 1844. Speaker. JOSIAH QUINCY, JR, President. GEO. N. BRIGGS. [AMENDMENT OF 1846.] Commonwealth of Massachusetts. In the year one thousand eight hundred and forty-six. 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: [May Make Loans Like Savings Banks.]—The State Mutual Life Assurance Company of Worcester may invest their funds in such pur chases and loans as are permitted to savings banks in the seventyeighth 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. House of Representatives, March 19, 1846. Passed to be enacted. SAM. H. WALLEY, JR., In Senate, March 20, 1846. Passed to be enacted. Approved March 20, 1846. Speaker. W. B. CALHOUN, President. GEO. N. BRIGGS, [AMENDMENT OF 1866.] Commonwealth of Massachusetts in the year one thousand eight hundred and sixty-six. An act to authorize the State Mutual Life Assurance Company of Worcester to purchase and hold real estate. Be it enacted by the Senate and House of Representatives in general court assembled, and by the authority of the same as follows: SEC. 1. [May Purchase Real Estate in Worcester.]-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 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. passage. SEC. 2. This act shall take effect upon its House of Representatives, February 10, 1866. Passed to be enacted. JAMES M. STONE, In Senate, February 14, 1866. Passed to be enacted. Speaker. Approved February 15, 1866. JOSEPH A. POND, President. ALEX. H. BULLOCK. [AMENDMENT OF 1884.] Commonwealth of Massachusetts, in the year one thousand eight hundred and eighty-four. An act to authorize the State Mutual Life |