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proportionate share of the losses and expenses according to the original amount of premiums paid by him or her (but in no case shall such share exceed the amount of such premium), and such member shall be credited with his or her proportionate share of the amount of the premiums earned, after deducting the losses and expenses, and of the profits of said company derived from investment, which share of profits so derived shall be credited to each member for his or her proportionate share of the premiums earned, and he or she shall be entitled to a certificate on the books of the company; such certificate to contain a proviso that the amount named therein is liable at any future time for any future losses of the said company. No certificate, however, shall be issued for any sum less than one dollar, or for any fractional part or parts of dollars, but all such fractional parts shall be placed to the contingent account of the company and applied to the expenses and other charges of the then current year. No interest shall accrue or be allowed on such certificates.

SEC. 15. The said company shall annually cause to be made a general balance sheet or statement of their affairs, which shall contain the amount of premiums received during the year, the amount of losses sustained during the year, the balance remaining with the company, and the kind and condition of the security on which the same is invested, and also the amount of cash on hand, a copy of which shall be delivered to each member on demand.

SEC. 16. Whenever the net profits of said company shall exceed in amount the sum of two hundred thousand dollars, the excess may be applied from year to year toward the redemption of each year's certificates in the order of their dates, and according to their respective priorities, and all certificates issued are liable to be called in or reduced in amount pro rata, in consequence of subsequent losses sustained by the company beyond their profits.

SEC. 17. That in case any person entitled to a certificate of profits shall be indebted to said company they may withhold the certificate and deduct such indebtedness therefrom, or cancel the same according to the amount of said indebtedness; but no person entitled to a certificate shall be personally answerable by reason thereof, or of anything contained therein, except for the payment of premiums or other notes, or obligations given in advance for premiums.

SEC. 18. If a loss accrues under any policy the certificates of profits issued under the same shall become payable at the same time with such policy, if such policy expires by lapse of time without loss, then the certificates issued under the same shall remain outstanding, and liable to assessments and entitled to payment according to the provisions of this resolution.

SEC. 19. That every member of said company shall at all times have the liberty to inspect the books and records of said company, and in case of any suit against or in favor of said company, any court of record shall have power to compel by any proper order the production of the books and records of said company.

SEC. 20. It shall be the duty of said company to make an annual report, containing a full, true and accurate statement of its condition and affairs, to the General Assembly of this State.

SEC. 21. Said company shall not be entitled to banking privileges, nor shall anything contained in this act be construed to grant such privileges.

SEC. 22. This act shall be subject to alteration, amendment or repeal at the will of the Legislature.

PROVIDING FOR SPECIAL MEETINGS OF MEMBERS.

At a General Assembly of the State of Connecticut, holden at New Haven in said State, on the first Wednesday of May, in the year of our Lord one thousand eight hundred and forty-eight. Upon the petition of

The Connecticut Mutual Life Insurance Company, praying for certain alterations in the charter of said company, as per memorial on file:

Resolved by this Assembly: SECTION I. That the charter of The Connecticut Mutual Life Insurance Company be so amended as that the president of said company, when authorized by a vote of the directors, shall have power to call a meeting of the members of said company at any time, giving the same notice of the time and place of holding said meeting as is now required previous to the holding of the annual meeting.

SEC. 2. That whenever a vacancy shall occur in the Board of Directors, by resignation or otherwise, the same may be filled by the directors until the next annual meeting.

SEC. 3. That the annual meeting of said company shall be held on the third Wednesday of February of each year, instead of the first Wednesday of January.

SEC. 4. That the proviso of the eighth section of the charter of said company be so amended as that said section shall not apply to insurance when the annual premium shall exceed the sum of one hundred and fifty dollars, unless paid from the private property of the wife. instead of the sum of one hundred dollars, as is now provided.

This resolve may be altered, amended or repealed at the pleasure of the general assembly.

FIXING TIME OF ANNUAL MEETING.

At a General Assembly of the State of Connecticut, holden at New Haven, in said State, on the first Wednesday of May, in the year of our Lord, one thousand eight hundred and fifty-two.

Resolved by this Assembly: That the time for holding the annual meeting of the members of the Connecticut Mutual Life Insurance Company, be, and is, hereby, changed from the third Wednesday of February to the fourth Wednesday of March in each year.

ADDITIONAL POWERS AND PRIVILEGES GRANTED.

At a General Assembly of the State of Connecticut, holden at New Haven, in said State, on the first Wednesday of May, in the year of our Lord, one thousand eight hundred and fifty-six. Upon the petition of the Connecticut Mutual Life Insurance Company, praying for certain alterations and amendments of the charter of said company, as per memorial on file:

Resolved by this Assembly: SECTION 1. That the charter of the Connecticut Mutual Life Insurance Company be, and is hereby, so altered and amended, as that policies of insurance may be issued by said company, either for the whole continuance of life or for a definite term of years, stipulated to be without participation in the profits or earned premiums of said company, and upon such terms and conditions as shall be ordained by the directors, and no person by reason of such an insurance shall be deemed a member of said company or thereby be entitled to any of the benefits and privileges conferred by the act of incorporation of said company, as a mutual company, to the members thereof, and the fifth and fourteenth sections of the charter of said company are hereby so construed and amended as to accord with this resolution.

SEC. 2. That Section 14 of said charter be further amended as that dividends or earned premiums may be credited to the members of the company, at the discretion of the directors, and that such dividend credits or certificates may be made due and payable at such times and in such manner as the directors, by their votes, shall determine, and nothing in said section shall require a dividend to be credited to a member until he or she shall have been insured for the period of one year, and have paid two premiums to said company.

SEC. 3. If a loss occurs under any policy upon which but one premium has been paid, the certificates of earned premium or dividend credit to said policy, shall not be due

and payable with said policy, but said dividend credit to the insured by said policy shall be deemed and treated as invalid and canceled, and Section 18 of the charter of said company is so altered and amended as to conform to this resolve.

SEC. 4. That every male adult member of said company, who is a citizen of this State, shall be eligible to the office of director of said company, and no restriction shall exist to the eligibility of a member to be chosen a director for any number of successive years, so long as he remains a member of said company, and Section 2 of the act of incorporation of said company is so amended as to conform herewith. This resolve may be altered, amended, or repealed at the pleasure of the General Assembly.

SENATE JOINT RESOLUTION NO. IO.

Amending the Charter of the Connecticut Mutual Life Insurance Company.

General Assembly. January Session, A. D. 1881. Whereas, It is the duty of The Connecticut Mutual Life Insurance Company, in obedience to the laws of the State, to reserve a fund for the payment of its obligations, assuming its rate of mortality shown by the Actuaries' table, and 4 per cent compound interest upon investments, and to return at stated periods to policy-holders a proper proportion of its surplus above liabilities, and as by its charter and the general laws of the State it is authorized to make certain investments of its funds and assets; now therefore,

Resolved by this Assembly: That it is the business of said company to invest said funds as allowed by law, and to hold all real estate, wherever situate, which shall have been, or shall hereafter be, obtained in compliance with the provisions of the first section of the charter of said company; and all such investments in and acquisitions of real estate are declared to be necessary, suitable, and proper for carrying forward the chartered purposes of said corporation.

Approved March 1, 1881.

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