SECTION 7. Every person who shall become a member of this corporation, by effecting insurance therein, shall, the first time he effects insurance, and before he receives his policy, pay the rates that shall be fixed upon and determined by the trustees; and no premium so paid shall ever be withdrawn from said company, except as hereinafter provided, but shall be liable to all losses and expenses incurred by the com- Liability. pany during the continuance of its charter. SECTION 8. The trustees may determine the rates of insurance, and Rates. the sum to be insured. SECTION 9. It shall be lawful for the said corporation to invest the Securities. said premiums in the securities designated in the two following sections, and to sell, transfer and change the same, and re-invest the funds of the said corporation, when the trustees shall deem it expedient. SECTION 10. The whole of the premiums received for insurance by Investments. said corporation, except as provided for in the following sections, shall be invested in bonds and mortgages on unincumbered real estate within the state of Pennsylvania; the real property to secure such investments of capital, shall in every case be worth twice the amount loaned thereon. SECTION 11. The trustees shall have power to invest a certain por- Stocks. tion of the premiums received, not to exceed one-half thereof, in public stocks of the United States or of this state, or of any incorporated city, district or borough in this state. SECTION 12. Suits at law may be maintained by said corporation Suits. against any of its members, for any cause relating to the business of said corporation; also, suits at law may be prosecuted and maintained, by any member, against said corporation, for losses by death, if payment is withheld more than three months after the company is duly notified of such losses; and no member of the corporation shall be debarred his testimony as witness in any such case, on account of his Witnesses. being a member of said company; and no member of the corporation, not being in his individual capacity a party to such suit, shall be incompetent as a witness in any such suit on account of his being a member of said company. SECTION 13. The officers of said company at the expiration of five Losses, how asyears from the time that the first policy shall have been issued and sessed and paid. bear date, and within thirty days thereafter, and during the first thirty days of every subsequent period of five years, shall cause a balance to be struck of the affairs of the company, in which they shall charge each member with a proportionate share of the losses and expenses of the said company, according to the original amount of premium paid by him, but in no case to exceed the amount of premium, nor create any individual responsibility; each member shall be credited with the amount Profits. of said premium, and also with an equal share of the profits of the said company, derived from investments and earnings in proportion to said amount; and in case of death of any member of the said company, the amount standing to his credit at the last preceding striking of balance as aforesaid, together with the proportion which shall be found to belong to him at the next subsequent striking of said balance, shall be paid over to his legal representative or assigns, within three months after the last mentioned balance shall be struck; any member of the company who would be entitled to share in the profits, who shall have omitted to pay any premium or any periodical payment due from him to the company, may be prohibited by the trustees from sharing in the profits of the company, and all such previous payments made by him, shall go to the benefit of the company. Statement of affairs. Receipts. Expenses. Losses. Balance. Security. Operations. Policies. Wives' insurance SECTION 14. On some day in the first thirty days after the expiration of the first five years, from the time when the said company shall issue their first policy, and within the first thirty days of every subsequent five years, the officers of the said 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 that purpose, which shall be subject to the examination of any member of the said company, during the usual hours of business, for the term of thirty days thereafter; such statement shall contain I. The amount of premiums received and the amount derived from interest on loans or investments during the same period. II. The amount of expenses of the said company during the said period. III. The amount of losses incurred during the said period. V. The nature of the security on which the same is invested or loaned, and the amount of cash on hand: the books of the said company shall be open to the examination of any member thereof, during the usual hours of business. SECTION 15. The operations and business of the corporation shall be carried on at such place in the city of Philadelphia, as the trustees shall direct. SECTION 16. No policy shall be issued by said company until application shall be made for insurance of sums on lives amounting in the aggregate to one hundred thousand dollars, at least, and the trustees shall have the right to purchase, for the benefit of the company, all policies of insurance or other obligations issued by the company. SECTION 17. It shall be lawful for any married woman, by herself of husbands' lives and in her name, or in the name of any third person, with his assent, as her trustee, to cause to be insured for her sole use, the life of her husband, for any definite period, or for the term of his natural life; and in case of her surviving her husband, the sum or nett 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 representative of her husband, or of any of his creditors; but such exemption shall not apply where the amount of premium annually paid, shall exceed three hundred dollars. Death. Repeal. SECTION 18. 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. SECTION 19. The legislature may at any time alter or repeal this act, in such a manner, however, as shall do no injustice to the corporators, or injuriously affect any contract or engagement made by or with said company. JAMES ROSS SNOWDEN, Speaker of the House of Representatives. WILLIAM BIGLER, Speaker of the Senate. APPROVED-The twenty-third day of April, one thousand eight hun dred and forty-four. DAVID R. PORTER. No. 240. AN ACT Relating to common schools in West Chester and Schuylkill township, Chester county. 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 in addition to the tax now provided for by law, the school directors of Additional tax Schuylkill and West Chester districts are hereby authorized to assess authorized. upon each scholar that shall attend any of the public schools in said districts, any sum not exceeding one dollar per quarter, at the discretion of said directors, to be paid by the parents, guardian, master, or other person having charge of said scholar. SECTION 2. That the said directors are hereby authorized to assess Collection. upon and collect from each male taxable inhabitant in said districts, a tax not exceeding fifty cents. SECTION 3. That it shall be lawful for the said school directors to Proceedings to demand and receive, at the commencement of each quarter, from any collect tax. parent, guardian, master or other person, having charge of any children in said districts, who may be sent to any of said schools, the amount of tax assessed upon each scholar; and if any parent, guardian, master or other person having charge of any such children, shall neglect or refuse to pay said tax, on or before the expiration of the quarter for which the same may have been assessed, or if any male taxable inhabitant of said districts shall neglect or refuse to pay the tax assessed upon him, by virtue of the preceding section of this act. the president of the board of school directors of said districts shall issue his warrant to the district collector, authorizing him to collect the same; and the said collectors shall have like powers to enforce the payment of said tax, as is given them by the seventh section of the act of the thirteenth day of June, one thousand eight hundred and thirty-six, entitled "An Act to consolidate and amend the several acts relative to a general system of education by common schools." SECTION 4. That it shall be the duty of the assessors within their Assessors' duties. respective townships, wards and boroughs, at the time they shall make the assessments therein for state and county purposes, to ascertain the amount of personal property, taxable for school purposes, belonging to any minor or other cesteui que trust residing in the said township or borough of West Chester school districts, whose guardian or trustee shall reside within their wards, townships and boroughs; and the said assessors shall furnish to the said school directors, within twenty days after they shall have ascertained the same, a correct copy thereof; and in the performance of the duty required by this section, the said assessors shall proceed in the same manner and have the same authority, as is given them by the fourth and fifth sections of the act, entitled "An Act to create additional revenue to be applied towards the payment of the interest and the extinguishment of the debts of this commonwealth," passed the eleventh day of June, Anno Domini one thousand eight hundred and forty; and if any guardian or other trustee shall neglect or refuse, with or without inquiring therefor by said assessor, to furnish to him a correct statement of all the personal property belonging to said minor or other cesteui que trust, residing in the Schuylkill or West Chester school districts, such guardian or other trustee shall pay of his Tax, how collected. Proviso. Revision of valuation. Tax, when collected. Notice of taxation. Appeal. Proviso. own proper moneys, for the use of said school districts, a tax not exceeding double the amount of the regular assessment, at the discretion of said school directors, on all such personal property as he shall refuse or neglect to return, as aforesaid; and the collection thereof may be enforced in the same manner as other taxes for school purposes are now or by virtue of this act may be enforced. SECTION 5. That immediately upon the receipt of the said copy from the assessors as aforesaid, the said school directors shall proceed to levy and apportion a tax for school purposes, on the property therein mentioned, to collect said tax in the same manner as is provided by the fifth, sixth and seventh sections of the aforesaid act of thirteenth day of June, Anno Domini one thousand eight hundred and thirty-six, and as if the said property and the said guardians or other trustees, were in the Schuylkill and West Chester school districts; and the said school directors and the collector of the said Schuylkill and West Chester school districts, shall have the same power to enforce the payment of the said tax, as if the said guardians or other trustees were residing within the said districts, and were the owners in their own right of the said personal property: Provided, That nothing herein contained shall be construed to extend to guardians or other trustees residing within the county of Chester. SECTION 6. That it shall be lawful for the school directors of Schuylkill and West Chester districts, to revise and correct for school purposes, the adjusted valuation in said district, as they may deem just and equitable, and to levy a tax upon said valuation so corrected; and to value and assess a tax upon any person or property within said districts, or any property made taxable by the fifth section of this act, which the respective assessors may have omitted to return to the said school directors; and the tax so assessed, shall be collected as other taxes for school purposes within said district are or may be collected. SECTION 7. That it shall be lawful for the school directors of said Schuylkill and West Chester school districts, if they shall deem expedient to levy and collect the taxes authorized by the first and second sections of this act, immediately upon the passage hereof. SECTION 8. That the said school directors having levied, apportioned and assessed any tax authorized, shall give one week's notice by advertisement, in at least two newspapers of the borough of West Chester, or by written handbills, put up at four of the most public places in the said school districts, that they will attend at a time and place to be designated in said notice, to hear all persons who may desire to appeal from such assessment; and it shall be the duty of said school directors, to attend at the time and place so designated, and hear all persons who may apply for redress, and grant such relief, as to them may appear just and reasonable; and it shall also be the duty of the said school directors, at any subsequent stated meeting of the board, previous to the payment of the tax, to make such alterations as might have been made on the regular day of appeal: Provided, That if at any time, a division of Schuylkill township or school district, shall or may be made, then, and in that case, the provisions of this act shall only apply to that part in which Phoenixville may be included. JAMES ROSS SNOWDEN, Speaker of the House of Representatives. WILLIAM BIGLER, Speaker of the Senate. APPROVED-The twenty-third day of April, one thousand eight hun dred and forty-four. DAVID R. PORTER. No. 241. AN ACT To incorporate the Russelburg woolen manufacturing company in Warren county. 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 E. W. Chase, Isaac Wheeler, Hiram S. Edson, John Russell, Thomas Commissioners. Stone and H. Shearman, shall be, and they are hereby appointed commissioners, for the purposes hereinafter mentioned, that is to say: They, or any three of them, after giving two weeks public notice in one or more newspapers published in the county of Warren, of the time and place by them appointed for that purpose, shall procure, open and keep for at least four hours per day, on two successive days, a suitable book, and receive subscriptions therein, from all persons duly qualified and desirous of taking stock in the company, to be incorporated in pursuance of this act, and the form of such subscriptions shall be as follows, viz: We whose names are hereunto affixed, do severally promise to pay to Form of subscripthe Russelburg woolen manufacturing company, in the county of War- tion. ren, the sum of fifty dollars for each and every share of stock set opposite to our respective names, at such times and in such instalments as the managers of said company may require ;" and the persons so subscribing shall, at the time, or within thirty days thereafter, pay to the said commissioners an instalment of five dollars on each share by them respectively subscribed; and when two hundred or more shares of said stock shall have been bona fide subscribed, and five dollars on each share paid thereon to the commissioners as aforesaid, the said commissioners or a majority of them, shall certify the same to the governor, and shall verify the statements contained in said certificate by their affidavit; whereupon the governor shall, by letters patent, create and constitute the sub- Letters patent. scribers, and those who may thereafter subscribe to the stock of said company, their successors and assigns, a body corporate and politic, by the name, style and title of the "Russelburg woolen manufacturing Name. company, in the county of Warren ;" and the said company, by the said name, style and title, shall be able and capable in law to sue and be sued, plead and be impleaded, and in all courts of law and equity to Powers and pri take, purchase, have, hold, possess and enjoy, sell, dispose of, and con- vileges. vey lands, tenements, hereditaments, goods, chattels, effects, rights and credits; also, to have and to use a common seal, and the same to change, alter and renew at pleasure, and shall have all the other proper incidents of a corporation : Provided, That the annual income from the real Proviso. estate of said corporation, shall not at any time exceed fifteen hundred dollars; and the property, real and personal, held by them, or to be Annual income. purchased, sold or disposed of, except such as may be purchased under an execution, on a debt belonging to said company, shall be such only as may be necessary or convenient for the use, management or business of a manufacturing company. SECTION 2. The stockholders in said company, when incorporated as aforesaid, or as soon thereafter as may be convenient, shall meet at such time and place as shall be designated by a majority of said commissioners, after two weeks public notice in one or more newspapers, |