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AUTHORIZED TO REDEEM ITS GUARANTEE STOCK. Commonwealth of Massachusetts. In the year one thous
and eight hundred and sixty-three. 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 guarantee capital stock, and to appropriate for this purpose so much of its funds as may be necessary.
Sec. 2. This act shall take effect upon its passage.
House of Representatives, February 27, 1863. Passed to be enacted.
ALEX. H. BULLOCK, Speaker.
J. E. FIELD, President
JOHN A. ANDREW. (DIVIDENDS TO BE MADE QUINQUEN NIALLY.) Commonwealth of Massachusetts. In the year one thous
and eight hundred and sixty-four. SECTION 1. At the expiration of every five years from the time of organization of the Berkshire Life Insurance Company, the remaining three-quarters of the estimated surplus funds and receipts shall be reimbursed equitably to and among the assured in proportion to their contributions to the same, reckoning as contributions : First, the excess of the actual premium over that required by the rate of mortality agreeing most nearly with the actual experience of the company and the assumed rate of interest accumulated at the current rate of interest. Second the excess of interest over the assumed rate thereon the net value of the policy from year to year, also accumulated at current interest.
Sec. 2. The eighth section of chapter one hundred , and forty of the acts of the year eighteen hundred and
fifty-one is hereby repealed.
Sec. 3. This act shall take effect when accepted by the assured at a meeting of said company held for that purpose.
House of Representatives, April 2, 1864. Passed to be enacted.
ALEX. H. BULLOCK, Speaker In Senate, April 4, 1864. Passed to be enacted.
J. E. FIELD, President. April 5, 1864. Approved.
JOHN A. ANDREW. (AUTHORIZED TO PURCHASE REAL ESTATE.) Commonwealth of Massachusetts. In the year one thous
and eight hundred and sixty-six. 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 purpose 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. Approved.
ALEX. H. BULLOCK. NOTE.-Re section 9, Charter of Berkshire Life we quote the following letter:
PITTSFIELD, Mass., March 13, 1896. MR. A. J. FLITCRAFT,
No. 609 Maple Ave., Oak Park, Ill. DEAR SIR: In reply to your favor of the 11th, I would state that the provisions in the Charter, with reference to payments to the Massachusetts Hospital Life Insurance Company, never had any effect upon the Company, and that I have never had time to examine the Laws and Resolves annually passed by the General Court to ascertain the exact date when it was repealed. It was
certainly repealed many years before my connection with the Company.
Very truly yours,
· JAS. W. HULL, Sec’y.
By-Laws. 1. The annual meeting of the corporation shall be held at the office of the company in Pittsfield, on the first Monday after the 15th day of September in every year, for the choice of Directors and the transaction of other business.
2. The regular meetings of the Board of Directors shall be held on the same day of the annual meeting, and on the first Monday of December, March, June and September, at the office of the company in Pittsfield; and five members of the board shall constitute a quorum for the transaction of business; but meetings may be adjourned by those present, or by the Secretary.
A special meeting of the board may also be called by the President and Secretary by giving notice to each member at least three days before such meeting.
3. The Board of Directors shall appoint and regulate the salaries of all officers, also employ clerks and agents, and require them to give such bonds as they deem advisable.
4. The President shall preside at the meetings of the Board of Directors and of the corporation.
5. The Vice President shall perform the duties of the President in his absence.
6. The Secretary of the board shall be Clerk of the corporation, and shall give notice of the annual meetings by publishing the same in two newspapers of Pittsfield, ten days at least before the meeting. Similar notice shall be given of any meeting for the alteration of the ByLaws, or to fill vacancies in the board. He shall have general charge of the books and papers belonging to the company, and do all its writing in regard to its business matters.
7. The examining physicians shall perform such services in the line of their profession, and at such times as the Board of Directors may require.
8. The President, Vice President, Treasurer and four members of the Board of Directors, chosen by the board, shall constitute the Financial Committee, five of whom shall reside in Pittsfield. Three of the number may do business, provided they all concur. They shall, under the provision of law and general supervision of the Board of Directors, invest the capital stock and other funds of the company, and keep the same safely invested. When the interests of the company demand it, they may collect or sell the stock or securities on hand, or any part of them, and invest anew the proceeds. They shall also examine and settle all accounts and charges against the company. They shall also keep minutes of their proceedings at their meetings of business, in books kept for that purpose, which shall be kept in common with other books of the company. Their regular meetings shall be held on the last Monday of every month, at the office of the company in Pittsfield.
9. All policies, conveyances, deeds, etc., shall be signed by the President and countersigned by the Secretary.
ió. No policy shall be issued on a single life for a greater amount than twenty thousand dollars; and no policy shall take effect or be binding until the premium is paid to the company or an accredited agent.
II. If any person procuring a policy, and becoming obligated to this company for premiums or interest, by note or otherwise, shall fail to pay at the time appointed, or shall fail to pay such assessments upon notes or other obligations as may be demanded, or shall otherwise fail to comply with the terms of the contract, such policies shall be therefore void, and all premiums or interest then due, and all payments previously made shall be forfeited to the company.
12. The stock of the company subscribed as guarantee capital shall be divided into shares of one hundred dollars each. Each share shall entitle the holder to one vote, but no stockholder shall in his own right carry more than thirty votes.
13. Voters may delegate their right by a written proxy, which shall be filed in the office of the company.
14. The half of the guarantee capital stock which is required to be paid in in money before the corporation shall go into operation for the purpose of making insurance, shall always stand pledged as security for any part or all of the remaining half, which may be called for by the Directors at any time before the same shall be redeemed.
15. At the expiration of every five years from the time of the organization of this company, the remaining three-quarters of the surplus funds and receipts, which are not reserved according to section sixth of the charter, shall be divided among the assured who hold life policies, in proportion to the whole amount of premiums paid during the preceding five years. (Marked “Changed.”)
16. In case persons who are insured in this company shall, without the written consent of the company, visit those parts of the United States which lie south of the southern boundaries of Virginia and Kentucky, between the first of June and the first of November, or shall without such previous consent enter into any military or naval service whatsoever (the militia not in actual service excepted) or shall without such previous consent, be employed as an engineer or fireman in running a locomotive or steamer, or in the manufacture or transportation of gunpowder, or employed in a coal mine, or shall become so far intemperate as to impair their health or induce delirium tremens, or sha" die by their own hands, or in consequence of a duel, or by the hands of justice, or in the known violation of any law of the States or of the United States, or the British Provinces, their policy shall be void, null and of no effect.