teenth, seventeenth, and eighteenth sections of the act of Assembly entitled "An Act regulating Turnpike and Plank Road Companies,' approved January twenty-sixth, one thousand eight hundred and forty

nine.

SECTION 2. That so much of the acts incorporating said companies, or so much of any law as is inconsistent with the provisions of this act, or inflicts any other penalty or forfeiture upon the managers or any toll collector of said companies than is provided by the provisions of this act, is hereby repealed.

JOHN CESSNA,

Speaker of the House of Representatives.

BENJAMIN MATTHIAS,
Speaker of the Senate.

APPROVED The tenth day of February, A. D., one thousand eight hundred and fifty-one.

Repeal.

WM. F. JOHNSTON.

No. 37.

AN ACT

To incorporate "The Pittsburgh Life Insurance Company."

SECTION 1. Be it enacted by the Senate and House of Representatires of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That James S. Hoon, Joseph S. Leech, John S. Dilworth, Charles A. Col- Corporators. ton, Samuel McClurkan, William Philips, and John A. Wilson, and all others who may become associated with them as stockholders, as is hereinafter provided, their successors and assigns forever, be, and they hereby are created and made a body corporate and politic for the purpose of life insurance, and for the other purposes hereinafter mentioned, by the name of the "Pittsburgh Life Insurance Company;" Style. and by that name shall be, and hereby are empowered to purchase, have, hold, possess, and enjoy to themselves and their successors, such Privileges. lands, tenements, hereditaments, goods, chattels, and effects of every kind, as may be necessary to the transaction of the business of said company, and the same to grant, alien, sell, invest, and dispose of; to sue and be sued, plead and be impleaded, in all courts of justice; to have and use a common seal, and the same to change, break, and renew at pleasure; and to ordain and put in execution such by-laws and regulations as they may deem proper for the well-ordering and government of said corporation, and the transaction of its business: Provided, They be not repugnant to the laws of the United States or Proviso. of this State, or to the provisions of this act of incorporation.

SECTION 2. That the capital stock of said corporation may be, and shall not exceed, one hundred thousand dollars, and shall be divided into shares of fifty dollars each; and there shall be paid into the

Capital stock.

Transferable.

Forfeiture of stock.

Insurance on lives.

treasury of said corporation by each subscriber to said capital stock, at
the time of subscribing for the same, an instalment of five dollars on
each share of stock by him subscribed for; and a further instalim nt of
three dollars on each share shall be paid within twenty days after the
organization of said company; and the remainder of said shares so sub-
scribed for, shall, within twenty days after the organization of said
company, be secured, to be paid either by bond and mortgage
in real
estate, or by such endorsed promissory notes as shall be approved of
by the directors of said corporation, and shall be payable in such
instalments, and at such times, as the directors may determine; and
such endorsers shall have a lien on the stock for which such note or
notes are given.

SECTION 3. That the capital stock of said corporation shall be transferable according to the rules and regulations of the company; and if any subscriber of any share or shares of said stock shall neglect or refuse to pay the instalments as aforesaid, or to secure the payment of the residue of the stock by him subscribed as aforesaid, for the space of sixty days after the same shall become due or required, an after he or they have been notified thereof, the stock of such neligent stockholder shall be sold by the directors at public auction, giving at least twenty days' notice thereof in some newspaper printed in Pittsburgh, and the proceeds of such sale shall be first applied in payment of the instalments called for, and the expenses attending the sale, and the balance, if any, shall be refunded to the owner of said stock; and such sale shall, in all respects, entitle the purchaser to all the rights of a stockholder, to the extent of the shares so bought.

SECTION 4. That said corporation is authorized and empowered to make insurance, predicated upon the lives of persons, on such terms and conditions as shall be from time to time ordered and provided for by the by-laws of said corporation, and to make contracts upon any and all conditions appertaining to, or connected with, life risks of whatever kind or nature; and policies may be issued, stipulated to be with or without participation in profits; but all dividends which shall be declared upon such insurances, or declared to stockholders, which are not claimed and called for within six months after the same have been declared, shall be advertised for at least three weeks in some newspaper printed in Pittsburgh; and if not demanded within one year after the publication of said notice, shall become forfeited to said

company.

Policies may be SECTION 5. That policies may be issued by said company to any issued to mar- married woman, in her name, or in the name of a third person as ried women, &c. trustee, to cause to be insured the life of her husband for any given period, or for the term of his natural life; and in case of her surviving her husband, the sum or net amount of insurance shall be payable to her, for her sole use and benefit, free from any claims of either or any of the creditors or representatives of her husband; and in case of the death of the wife before the decease of the husband, the amount of the insurance may be made payable, after her death, to her child or children, for his, her, or their benefit, or their guardian or guardians, if under age.

Policies to enure to her separate use, &c.

SECTION 6. That policies of insurance issued by said company on the life of any person, expressed to be for the benefit of a married woman, whether the same be effected by herself or her husband, or by any other person on her behalf, shall enure to her separate use and benefit, and that of her or her husband's children, if any, as may be expressed in said policies, independently of her husband and his creditors and representatives, and also independently of any other person effecting the same in her behalf, his creditors and representatives.

SECTION 7. That it shall be lawful for any child, by himself or her- The child may self, and in his or her name, or in the name of any third person as his insure the life of or her trustee, or guardian, to cause to be insured for his or her sole parent, &c. use, the life of his or her parent,; and the sum or nett amount of the insure becoming due and payable by the terms of the insurance, shall 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, her, or their creditors.

Location of

Directors.

SECTIONS. That the office of said company shall be located in the city of Pittsburgh, county of Allegheny, and State of Pennsylvania; office. and the stock, property, and affairs of said corporation shall be managed and conducted by no less than five, nor more than eleven directors, a majority of whom shall reside in this State, and after the first Year all to be chosen by ballot from among, and by, the stockholders, which directors, as also those of the first year, shall hold their offices until the first Tuesday in February next ensuing their election or appointment, and until others are chosen to supply their places ; and the annual meeting for the choice of directors shall be holden at the Annual meetcity of Pittsburgh, on the first Tuesday of February, or on such other ing. day of the month of February, as shall be determined by the by-laws

of said corporation. In the choice of directors as aforesaid, each stock-
holder present,
or represented by his attorney, shall be allowed one
vote for each and every share of stock then held by him; and none
but stockholders shall be eligible to the office of director; and a ma-
jority of said directors living within the limits of Allegheny county
shall constitute a quorum for the transaction of business.

SECTION 9. That if it shall so happen that an election of directors of Failure to elect,
said corporation shall not take place at the time of the annual meeting corporation not
thereof, in any year, said corporation shall not be dissolved thereby, to be dissolved
but an election may be had at any time within one year thereafter, the on that account.
time to be designated, and notice thereof given by the directors; and
public notice by order of the directors shall always be given at least
ten days previous to any meeting of the stockholders, in a newspaper
printed in Pittsburgh, and in such other way as may be deemed expe-
dient; and the president shall have power to call special meetings of
the stockholders, whenever requested thereto by a majority of the

directors.

SECTION 10. That to carry out the provisions of this act, and to organize the said corporation, the first three persons mentioned in the

first section of this act, be, and they hereby are appointed commis- Commissioners, sioners for the purpose of receiving subscriptions to the capital stock duties. thereof, and the first instalment thereon; and as such are hereby authorize to receive such subscriptions, and to close the subscription books

of said company when the said capital stock shall be fully subscribed;

deem

proper;

or in case the capital stock shall be over-subscribed, to distribute and
apportion the same among subscribers as the said commissioners shall
and when three hundred shares of said capital stock
shall have been subscribed for, and the first instalment aforesaid has
been paid thereon, the persons named in the first section of this act
may elect a secretary from among their number, and, with said secre- Secretary.
tary, shall constitute the first board of directors, who shall hold their
offices, with all the powers given to directors by this act, until others
are chosen to supply their places; and the directors may, after the
stock shall all have been subscribed for, issue a call for a meeting of
the stockholders, for the purpose of electing the remainder of the direc-
tors. The directors shall adopt such by-laws, rules, and regulations, as

Officers.

Policies, &c., to

may be necessary and convenient for commencing and carrying on business under this act.

SECTION 11. That the directors may choose a president, vice president, and secretary of their corporation, and appoint such other officers, clerks, and agents, and establish such agencies as shall be by them deemed advisable for conducting the business of the company, fix their compensation, and take bonds from any, or all of them, for the faithful performance of their duties, and make such covenants and agreements as may be deemed necessary. The president and vice president shall be chosen from among the directors, and shall hold their appointments for one year, and until others are chosen to supply their places; but the other officers, clerks, and agents of said company may be displaced, and new ones appointed, at the pleasure of the directors. In the absence or disability of the president, the vice president shall preside; and if both are absent or disabled, the directors may choose a president, pro tempore; and in case any vacancy shall occur in the board of directors, the remaining directors may choose a director or directors from among the stockholders, to fill such vacancy, who shall hold their appointment until others are chosen to supply their places.

SECTION 12. That all policies of insurance, or other contracts authorbe signed by the ized by this act, may be made with or without the seal of said corporapresident. tion, and shall be signed by the president and secretary; and being so signed and executed, shall be binding and obligatory upon said corporation, according to the true intent and meaning of such policies and

Capital stock to be vested in loans, &c.

Proviso.

Suits.

Reservation.

contracts.

SECTION 13. The capital stock of said corporation shall be invested either in loans upon bonds and mortgages upon real estate, of double the value of the debt secured thereon, or in United States stocks, or any sound stocks created by any State of this Union, or any incorporated city of this State: Provided, That said corporation may loan twenty-five per cent. of its capital upon endorsed promissory notes, not having more than twelve months to run; and it shall be the duty of said corporation to make, annually, a report to the General Assembly, containing a full and accurate statement of its condition and affairs.

SECTION 14. That suits at law may be maintained by any stockholder, or person insured by said company, against said corporation, for losses or damages insured against by said corporation, if payment shall be withheld more than thirty days after the same shall be due and payable by the terms of the policy of insurance or other contract, and after said corporation shall have been duly notified of such loss or damage.

SECTION 15. That this act may be altered, amended, or repealed, at the pleasure of the General Assembly; in such manner, however, that no injustice shall be done to the stockholders; and nothing contained therein shall be so construed as to authorize said company to engage in the business of banking.

JOHN CESSNA,

APPROVED This tenth day of February, A. D., one thousand eight

hundred and fifty-one.

WM. F. JOHNSTON.

No. 38.

SUPPLEMENT

To the act of seventh April, one thousand eight hundred and forty-nine, incorporating the Temperanceville and Noblestown Turnpike or Plank Road Company.

Noblestown

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 the Temperanceville and Noblestown Turnpike or Plank Road Company, Additional powincorporated in pursuance of an act of Assembly of the seventh of ers granted to April, eighteen hundred and forty-nine, be, and they are hereby empow- the Temperered to lay out, make, and construct a branch from their said road at anceville and such point as they see fit, so as to intersect the Washington and Pitts- Turnpike or burg Turnpike Road, at or near the house of Col. William Lea, with Plank Road power to extend the same, if they see proper, to the town of Washing- Company. ton, Washington county, Pennsylvania; and also to lay out, make, and construct a branch from their said road at such point as they see fit, so as to intersect the Pittsburg and Steubenville Turnpike Road at such point as they see fit, with power to extend the same, if they see proper, to the State line in the direction of Steubenville, Ohio; said lateral roads or branches to be subject to all the provisions and restrictions of the said act of seventh of April, one thousand eight hundred and fortynine, and of the act regulating turnpike and plank road companies, approved twenty-sixth January, one thousand eight hundred and fortynine, and the supplements thereto; and said company shall have the same powers of erecting gates and collecting tolls, and all other powers and privileges granted by said acts.

SECTION 2. That said company are hereby authorized to increase Authorized to their stock from time to time, to such an amount as they may find increase stock. necessary, so as at no time to exceed the sum of one hundred thousand

dollars.

APPROVED-The tenth day of February, A. D., one thousand eight

hundred and fifty-one.

WM. F. JOHNSTON.