pose, by ten days' public notice in two or more newspapers published in the city of Philadelphia: Provided, That if it should happen at any time that an election of directors shall not be made, when pursuant to this act it should have been made, the company for that cause shall not be dissolved; and it shall be lawful, within forty days thereafter to hold and make an election of directors, in such manner as the by-laws of the company may prescribe; and the president and directors for the time being shall be continued in office until such election shall take place; and in the event of death, resignation or removal of any director from his office, the vacancy may be filled by the remaining directors, in such manner as the by-laws may prescribe.

SEC. 7. The president and directors shall have power to elect a secretary, and appoint such other agents and clerks as may to them appear proper, to fix their compensation and pay the same, and discharge such clerks or agents; and the capital stock shall be called in and paid in such installments and at such time and places as the directors for the time being may require and designate, who shall give fifteen days' notice thereof, in two or more papers published in the city of Philadelphia; and if any stockholders, subscriber, their assignee or transferee, shall refuse or neglect to pay such proportion or installment at the time and place appointed, such stockholder, subscribers, assignee or transferee shall, at the option of the directors, forfeit to the use of the company all his, her or their right, title and interest in and to every share on which said installment has not been duly paid; and fresh subscription may be opened for the same in such manner as the bylaws may prescribe, or the directors may, at their option, commence suit for the same and recover against the subscriber or holder of such stock, for the amount of the installment or proportion so unpaid: Provided, That no stockholder or subscriber shall be permitted to vote at any election for directors, or at any general or special meeting of the company, on whose share or shares any installment or arrearages may be due, more than ten days previous

thereto, nor shall any stockholder vote at any such meeting or election, whose stock has not been standing in his or her name on the books of the company at least thirty days.

SEC. 8. That it shall be lawful for the said directors to invest and improve the capital stock or any part thereof, and all moneys received for premiums or otherwise, funds of other property, in any public stocks, or funded debt. created or to be created, by or under any laws of this State or any other State or the United States, and in bonds and mortgages and ground rents; and may also invest such portions of the accumulations of said capital stock as to them may seem expedient, in the same securities or either of them, the same to sell, transfer or exchange at pleasure, and again to invest the same or any part thereof, in such stocks or funds or otherwise whenever and as often as said directors may deem it expedient, or they may deposit the same with any banking or savings institution, with or without interest, for such time and on such terms and under such restrictions as the directors for the time being shall deem most expedient; the directors also shall have the power from time to time, to declare and pay to the stockholders, out of the profits of the company, such dividends as they shall deem expedient, and also to declare and divide to parties insured such proportion of profits as they may be entitled to receive, under such rules as the directors may establish for the government of any insurances made by the company: Provided, That every regulation which the board or directors may make, in regard to the declaring of dividends, or the accumulation or diminution of the funds of the company, shall be binding on all. SEC. 9. The stock of the said company shall be transferred on the books of said company, in such manner only as the by-laws of the company shall direct.

SEC. 10. Within thirty days after the first Monday in January in each year it shall be the duty of the officers of the company to cause to be made and published a statement of the business of the company, for the year end

ing on the thirty-first of December previous, showing also the nature and amount of the investments of the capital and assets of the company.

SEC. II. The directors for the time being shall have power to ordain, establish and put in execution such rules, regulations, ordinances and by-laws as they may deem essential for the well government of the company, not contrary to the Constitution of the United States or the State of Pennsylvania, and generally to do and perform all acts, matters and things which a corporation may or can do lawfully.

SEC. 12. The business of the company shall be carried on in the city of Philadelphia, Pennsylvania, or elsewhere by agency, as the directors shall determine, and at such agencies as they may establish.

SEC. 13. It shall be lawful for any married woman by herself and in her name or in the name of any third person, with her assent, as her trustee, to cause to be insured for her sole use the life of her husband; and in case of her surviving her husband, the sum or net amount of the insurance, becoming due and payable by the terms of the insurance, shall be payable to her to and for her own use, free from the claims of the representatives of her husband or any of his creditors.

SEC. 14. In case of the death of the wife before the decease of her husband, the amount of the insurance may be made payable after death, to her children for their use, and to their guardian, if under age.

SEC. 15. It shall be lawful for any child, by himself or herself, and in his or her name, or in the name of any third party, as his or her trustee, to cause to be insured, for his or her sole use, the life of his or her parent, and the sum or net amount of the insurance becoming due and payable by the terms of the insurance, shall be payable to him or her, and for his, her or their own use, free from the claims of the representatives of his or her parent or any of his or her creditors.

SEC. 16. It shall be lawful for any court of the Commonwealth of Pennsylvania, with the consent of said company, to appoint them trustee, assignee, guardian of a minor, committee of a lunatic, or receiver, and to allow them like compensation for the execution of such trusts as would by law be allowed to individuals executing such trust: Provided, That no bond or collateral security shall be required from said company when appointed trustee, assignee, guardian, committee or receiver, but for the proper care and investment of property or money received by them under such trust, they shall be liable to the same extent as individual trustees, et cetera, are liable.

SEC. 17. The Legislature reserves the power to alter, revoke or annul the charter of the said company whenever, in their opinion, it may be injurious to the citizens of the Commonwealth: Provided, That no injustice be done to the corporators or parties insured in said company.

SEC. 18. This corporation shall pay into the treasury of the Commonwealth a bonus of one-half of one per centum on the capital stock hereby authorized or hereafter created, in four equal annual installments, and such taxes on dividends as is or may be provided by law, and the stockholders of said company shall be individually liable for all debts due mechanics, workmen and laborers employed by said company, and for all materials and provisions furnished to said company, to be sued for and collected as is provided in the twelfth, thirteenth and fourteenth sections of the act incorporating the Lackawanna Coal and Iron Company, approved the fifth day of April, one thousand eight hundred and fifty-three.

ELISHA W. DAVIS,

Speaker of the House of Representatives.

JAMES L. GRAHAM,

Speaker of the Senate.

Approved, the thirteenth day of April, Anno Domini

one thousand eight hundred and sixty-eight.

JOHN W. GEARY.

An Act Supplementary to the Act Incorporating the CoOperative Life Insurance Company of Western Pennsylvania, Approved February Twelfth, One Thousand Eight Hundred and Sixty-Nine.

SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That whenever any policy of life insurance which has been or may hereafter be issued by the Co-Operative Life Insurance Company of Western Pennsylvania, upon the life of any person for the benefit of his or her heirs, or any of them, in any sum not exceeding two thousand dollars shall by its terms and conditions become due and payable to said heir or heirs, the sum or amount of such policy shall not be liable to claim or attachment by or on behalf of any creditor of such insured person but shall be payable to such heir or heirs, or their legal representatives, in like manner as if said insurance had been originally effected by such heir or heirs for his or her or their own use and benefit.

SEC. 2. All publications of notices of meetings and other publications which by its act of incorporation is required to be made in the city of Philadelphia by the United Security and Trust Company of Pennsylvania shall be made by the said Co-Operative Life Insurance Company of Western Pennsylvania, in the city of Pittsburg.

SEC. 3. The capital stock of the said Co-Operative Life Insurance Company of Western Pennsylvania may be increased to an amount not exceeding ten thousand shares of par value of one hundred dollars each to be subscribed and held under the same conditions and restrictions that are prescribed in regard to the capital stock of the United Security Life Insurance and Trust Company of Pennsylvania in the act incorporating said United Security Life Insurance and Trust Company,