Description - The History of Life Insurance in the United States to 1870; With an Introduction to Its Development Abroad by Charles Kelley Knight
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ...p. 143, Quoting Report of Examiners appointed by the Orphans' Court, 1884. "Acts, 1811, Chap. XCIV. "Acts, 1814, C. 158. "Acts, 1818, C. 180. As regards the nature of the company, the act of incorporation provided for a capital stock of $500,000 divided into shares of $100 each to be paid in instalments. The control of the company was vested in a board of thirteen directors elected by the stockholders, the directors being empowered to elect such officers clerks, etc., as were necessary to carry on the business Investments of the capital stock and of the premiums received were restricted to such securities as were then considered the most-conservative. The books were to be opened once a year to the "Trustees of the Massachusetts General Hospital," and an-annual report to the Secretary of the Commonwealth was required. The legislature might appoint a committee at any time to examine the company's records and aflairs." The corporation was given power, "to make insurances on lives, by sea and on land, and to contract for reversionary payments, and generally to make all kinds of contracts, in which the casualties "Ibid. "Ibid. "Ibid. of life and interest of money are principally involved; and to make, execute and perfect such and so many contracts, bargains-policies, and other instruments, as shall or may be necessary, and as the nature of the case shall or may require."" The hospital having received little or nothing from the life company, a new arrangement was legalized in 1824, whereby the hospital should receive one-third of all the net profits accruing to the Hospital Life from "insurances.... reversionary payments, and generally from all kinds of contracts in which the...
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