- ry , , ; } º e ! MASSACHUSETTS (; ENERAL H () SPITAL, A CTS, RE SOLVES, BY-LAWS, RULES AND REGULATIONS. B O S T O N : 1 8 A, 6. F. A. S T B U R N S P R E S S . MASSACHUSETTS (HENERAL HOS PITAL, A CTS, RE SO L V E S, BY-L AWS, RULES AND REGULATIONS. B O S T O N : 1 84 6. JE A S T B U R N S P R. E. S. S. ACTS AND RESOLVEs. [1810, c. 94.] An Act to incorporate certain persons by the name of The Mas- sachusetts General Hospital. SECT. 1. Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same: That James Bowdoin, John Ad- ams, Elbridge Gerry, Theophilus Parsons, William Gray, John Thornton Kirkland, Harrison Gray Otis, Christopher Gore, William Eustis, William Phillips, John Quincy Ad- ams, Henry Dearborn, Levi Lincoln, Isaac Parker, Joseph B. Warnum, George Cabot, Perez Morton, Thomas Dawes, Thomas Hazard, jun., Thomas Cutts, Israel Thorndike, Matthew Bridge, Samuel Brown, James Perkins, David Tilden, John Lowell, Samuel Dana, Joseph Story, William King, Samuel Fowler, Marshall Spring, Thomas H. Per- kins, Thomas C. Amory, Benjamin Bussey, Aaron Hill, William Heath, Thomas Kittredge, James Prince, Benja- min Greene, Thomas Melville, Joseph Coolidge, Elias H. Derby, John C. Jones, Jonathan Davis, Jonathan Harris, James Mann, Timothy Childs, Daniel Kilham, Benjamin Crowninshield, Arnold Welles, Jonathan Amory, Robert Hallowell, Andrew Cragie, John Warren, Richard Sulli- van, and William Payne, together with such other per- sons, as may hereafter be admitted members of the Cor- poration hereinafter created, according to the By-laws thereof, be, and they hereby are incorporated and made a 4. body corporate and politic, by the name of THE MAss A- CHUSETTs GENERAL HospitaL, and by that name may sue and be sued, and shall have and use a common seal, to be by them devised, altered and renewed at their pleasure. SECT. 2. And be it further enacted, That the said Corporation may take and receive, hold, purchase and possess, of and from all persons disposed to aid the bene- volent purposes of this institution, any grants and devises of lands and tenements, in fee simple, or otherwise, and any donations and bequests, and subscriptions of money, or other property, to be used and improved for the erec- tion, support and maintenance of a General Hospital, for sick and insane persons. Provided, that the income of said Corporation, from its real and personal estate together, do at no time exceed the sum of thirty thousand dollars. [SECT. 3. And be it further enacted, That it shall be in the power of the Legislature of this Commonwealth, or of any committee or officer, duly appointed by them for that purpose, to introduce into the said Hos- pital, all such lunatic and sick persons, as may hereafter be chargeable to this Commonwealth, and who would otherwise receive support and medi- cal and other necessary aid and assistance, at the expense of the public Treasury, as soon as said Hospital may be in readiness, and to have pro- vided for them therein suitable apartments, bed-clothing, board, and mur- ses, and the most skilful medical advice, free of all cost to the Common- wealth, and at the sole charge of the funds of the Corporation. Provided, the whole number of patients so received into said Hospital, at the request of the Legislature, or of officers appointed by them for that purpose, shall at no one time exceed thirty, unless the Trustees of said Corporation shall consent to the admission of a further number of the State's poor.”] SECT. 4. And be it further enacted, That in consider- ation of the obligation aforesaid imposed upon said Corpo- ration in the foregoing section, the estate commonly call- ed the Old Province House, with all the lands under and appurtenant to the same, be and are hereby given and granted unto said Corporation in fee simple, to be sold at the discretion of said Corporation, and the proceeds thereof to be held and applied, as a foundation of a Gene- ral Hospital. Provided, however, that before such sale shall be made, the said Corporation shall give bond to the * Repealed 1813, c. 42, § 1. 5 Treasurer of this Commonwealth, with surety or sureties, to be approved of by His Excellency the Governor and Council, for the time being, that the proceeds of said sale, with the interest thereon, shall be paid into the Treasury, for the use of the Commonwealth, within five years” from the passing of this act, unless an additional sum of one hundred thousand dollars shall have been raised and pro- vided by private subscriptions or donations, other than grants from the Commonwealth for the purposes of this act. tº SECT. 5. Be it further enacted, That the said General Hospital shall be under the direction and management of twelve Trustees, who shall be chosen annually, and shall remain in office until others are chosen and qualified in their stead; four of which Trustees shall be chosen by the Board of Visitors, and the remaining eight by the Cor- poration aforesaid.} SECT. 6. And be it further enacted, That the said Corporation may at their first, or any subsequent meeting, choose all necessary and convenient officers, who shall have such powers and authorities as the said Corporation may think proper to prescribe and grant to them, and who shall be elected in such manner, and for such periods of time, as the by-laws of the said Corporation may pro- vide. And said Corporation may further make and estab- lish such by-laws and regulations, for the internal govern- ment and economy of the Hospital, as they may think proper, not repugnant to the Constitution and Laws of this Commonwealth. SECT. 7. And be it further enacted, That the Gov- ernor, Lieutenant Governor, the President of the Senate, and Speaker of the House of Representatives, with the Chaplains of both Houses, for the time being, be, and hereby are made and constituted a Board of Visitors of the said Hospital; with authority to visit the same semi-annu- ally, and as much oftener as they may think proper, in * Further time allowed, 1813, c. 42, § 2. # 1819, c. 31. 6 order to inspect the establishment, and the actual condition of the sick, to examine the by-laws and regulations enact- ed by said Corporation, [and if they see fit to disallow and annul the same,”] and generally to see that the design of the insti- tution be carried into effect, in a careful, tender and effec- tual manner; and especially to see that the State has its full proportion of patients in the Hospital, as provided in the third section of this act, and that the said patients are suitably attended to, and comfortably maintained. SECT. 8. And be it further enacted, by the authority aforesaid, That in case of the separation of the District of Maine, and the erection of it into a separate State, pursu- ant to the provisions of the Constitution of the United States, the amount of the sale of the Province House shall be carried into the estimate, with the other public proper- ty of the Commonwealth. SECT. 9. And be it further enacted, That it shall be lawful for the Corporation, at any general meeting of the members thereof, to alter or change the name of said Cor- poration, either by substituting the name of any distin- guished benefactor, who may contribute a sum exceeding the amount given by the Commonwealth, or by adding the name of such benefactor, to the name given to said Corporation by this act, in case the sum so given by such benefactor, shall not exceed the sum given by the Com- monwealth. And upon such change so as aforesaid made, the said Corporation shall have a right to assume and take such name, and shall have, hold and enjoy all the powers and privileges given by this act, notwithstanding such alteration and change. SECT. 10. And be it further enacted, That James Bow- doin, Esq. be, and hereby is authorized to call the first meeting of said Corporation, by notification, and therein to appoint the time and place of said meeting: Provided, that no notification shall be deemed valid, unless it be publish- * Repealed, 1813, c. 42, § 3. 7 ed in all the newspapers printed in Boston, for six weeks in succession. [Sect. 11. Be it further enacted, That the Legislature shall have power to alter, amend, or repeal this act, whenever they shall be of opinion that the public good may require it; Provided, that no such alteration, amend- ment or repeal, shall be made in such manner as to revest in the Common- wealth, the grant herein made, or the proceeds thereof, after a private sub- scription for the purposes of this act shall have been actually commenced. SECT. 12. Be it further enacted, That the said Hospital may be erected in any place not included within the territorial limits of the town of Boston.”] [This act passed Feb. 25, 1811.] [1813, c. 42.] An Act in addition to an Act, entitled “An Act to incorporate certain persons by the name of The Massachusetts General Hospital,” passed February 25th, A. D. 1811. - SECT. 1. Be it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That the third section of the act, incorporating certain persons by the name of the Massa- chusetts General Hospital, be, and the same is hereby re- pealed; [and that in lieu of the obligation therein imposed, the said Corporation shall be held and obliged to appropriate out of its funds, annu- ally forever, to the support and maintenance of such sick, poor and luna- tic persons, as may be received into said Hospital at the request of the Legislature, or of any committee or officer appointed as the Legislature may hereafter provide for the purpose, a sum equal to simple interest on the money, for which the Province House estate shall be sold ; and until the sale thereof, the said Corporation shall be held to keep a correct ac- count of the rents received, to be applied to the maintenance of sick, poor and lunatic persons, who would otherwise be chargeable to the Common- wealth, as soon as the Hospital shall be erected. And in case the said estate shall revert to the Commonwealth, as by the former and present acts is provided, the amount of said rents shall be paid into the Treasury of the Commonwealth.f] * Repealed 1813, c. 42, § 4. f Repealed, Resolve 1815, c. 171. 8 SECT. 2. Be it further enacted, That a further time of five years, from the twenty-fifth day of February, eighteen hundred and sixteen, be allowed and granted to said Corporation, to raise by private subscriptions or dona- tions, the sum of one hundred thousand dollars for the purposes of their institution, without prejudice to the grant contained in the fourth section of said act. SECT. 3. Be it further enacted, That so much of the seventh section of said act, as empowers the Board of Wis- itors of said Hospital to disallow and annul the by-laws of said Corporation, be, and the same is hereby repealed. SECT. 4. Be it further enacted, That the eleventh and twelfth sections of said act be, and the same are here- by repealed. [This act passed June 14, 1813.] [1818, c. 158.] An Act in addition to an Act, entitled “An Act to incorporate The Massachusetts General Hospital.” SECT. 1. Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, That the Massachusetts General Hospital be, and the said Corporation hereby is authorized to grant annuities on the life or lives of one or more per- sons, or for shorter terms of time, on such conditions, and with such security, as the said Corporation and the annui- tant or annuitants, may agree upon. SECT. 2. Be it further enacted, That if at any time hereafter it shall appear to the Legislature, that the privi- lege of granting annuities, hereby given to the said Cor- poration, shall be injurious to the public welfare, the power of the Legislature to repeal this act, authorizing such annuities, shall not be denied or impaired ; but such 9. repeal shall not effect any engagement to which said Corporation may have become a party previous thereto. And it shall be the duty of the Trustees of the said Mas- sachusetts General Hospital, to transmit to the Governor and Council of this Commonwealth, for the time being, annually, on the first Monday in January of each year, an accurate account of all annuities by them sold or granted, by virtue of this act, signed by the Trustees, or a major part of them, and attested by the Treasurer of the Corporation. - [This act passed February 24, 1814.] [1815, c. 171.] Resolve on the petition of the Massachusetts General Hospital Corporation, relative to the sale of the old Province House. 13th February, 1816. On the petition of the Massachusetts General Hospital Corporation, praying for a modification of the condition, on which the said Corporation is authorized by law to sell or otherwise dispose of the estate called the old Province House. tº Resolved, For reasons set forth in said petition, that the authority which the said Corporation now have by law to sell and dispose of said estate, and to apply the proceeds thereof as a fund for a General Hospital, shall be subject to the sole condition, that before a sale of said es- tate be made, the said Corporation shall give bond to the Treasurer of the Commonwealth, with surety or sureties, to be approved by his Excellency the Governor and Coun- cil, for the time being, conditioned, that the proceeds of said sale, with the interest thereon, shall be paid into the Treasury for the use of the Commonwealth, within one year from the date of such sale, unless an additional sum of one hundred thousand dollars shall have been raised by 2 10 private subscription, or donation, for the purpose of the Hospital; any thing contained in the act, entitled an act to incorporate certain persons by the name of the Massachu- setts General Hospital, and an act in addition thereto, passed in June, eighteen hundred and thirteen, to the contrary notwithstanding. [1817, c. 25.] Resolve on the Memorial of the Trustees of the Massachusetts General Hospital. June 12, 1817. Resolved, That the stone to be employed in the erec- tion of the Massachusetts General Hospital, shall be ham- mered and fitted for use, so far as the same can be done, by the convicts at the State Prison of this Common- wealth, in such manner as the Trustees of said Institution for the time being, or their agent may request, free of expense to said Corporation, as soon as may be, after such stone shall be delivered at said Prison wharf, for that pur- pose : Provided, that nothing herein contained, shall be so construed as to prevent or retard the fulfilment of any existing contract for stone work, with any other person or persons whatever. And provided, also, that the materials to be worked, shall be delivered free of expense to the Com- monwealth, at such part of the Prison limits as the War- den may direct, and removed from thence when directed by the Warden, also free of expense to the State. 11 [1817, c. 180.] An Act to incorporate the Massachusetts Hospital Life Insurance Company. SECT. 5. A proviso, That no part of the capital stock aforesaid, shall be divided without the assent of the Visi- tors and Trustees of the Massachusetts General Hospital, as well as of the Legislature of this Commonwealth. SECT. 7. That the President and Directors shall, on the first Monday of January, in each year, direct the books of the said Corporation to be balanced and settled up to the thirty-first day of the preceding December, and submit a copy of its balances to a committee appointed by the Trustees of the Massachusetts General Hospital, who shall have power to verify the said balances with the books of the said, Corporation, and generally to inspect them ; and on the third Monday of January of every year, the President and Directors of this Corporation shall pay over to the said Trustees, for the use of the Hospital, one third of the net profits which shall have arisen from the insurance on lives, made during the preceding year; #: #: #: * Provided, that in case the Trustees of the Hospital fail to signify to this Corporation its appoint- ment of a committee, that then the President of this Cor- poration shall invite the President of the Hospital to inspect the books, and submit to him the list of balances, and pay him, for the use of the Hospital, the aforesaid third of the net profits which shall have arisen from the insur- ance on lives. SECT. 8. That so long as this Corporation shall well and truly pay to the General Hospital the aforesaid share of profit, it shall not be lawful for any persons or Cor- poration within the Commonwealth, to make insurance on lives upon land, unless empowered so to do, by any future Legislature of this Commonwealth. And when- ever any persons or Corporation shall hereafter be thus 12 empowered, the obligation of this Corporation, to pay the Trustees of the General Hospital, for the use of said Hos- pital, the third part of the net profits, which may there- after arise on insurance on lives, shall cease ; unless the same obligation shall be imposed on such persons or Cor- poration thus hereafter empowered. [This act passed February 24, 1818.] [1819, c. 31.] An Act relating to the Massachusetts General Hospital. Be it enacted by the Senate and House of Representa- tives in General Court assembled, and by the authority of the same, That in case of the occurring of any vacancy, by death or resignation, in the Board of Trustees of the Massachusetts General Hospital, it shall be lawful for the remaining members of the Board to fill such vacancy, pro- vided the same shall occur in that part of the Board chosen by the Corporation; and it shall be lawful for the Board of Visitors to fill such vacancy, provided the same occur in that part of the Board chosen by said Board of Visitors, anything in the fifth section of the act, entitled, “An act to incorporate certain persons by the name of the Mas- sachusetts General Hospital,” to the contrary notwith- standing. [This act passed June 18, 1819.] [1820, c. 82.] An Act to exempt certain officers of the Massachusetts General Hospital from militia duty. [Be it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That from and after the passing of this act, the superintendent and other officers and assistants, 13 employed in and about any department of the Massachusetts General Hos- pital, not exceeding the number of four in each department, during the time of such employment, be, and they hereby are absolutely exempted from militia duty, notwithstanding they may have arrived at the age of eighteen, and be under the age of forty-five years.”] [This act passed February 15, 1821.] [1823, c. 51.] An Act in further addition to an Act to incorporate the Massa- chusetts Hospital Life Insurance Company. SECT. 2. That the agreement entered into, between the Trustees of the Massachusetts General Hospital and the Massachusetts Hospital Life Insurance Company, in words following, to wit –“ That the Trustees of the Massa- chusetts General Hospital, do agree to receive one third part of the net profits accruing to said Company from insurance on lives by sea and on land, reversionary pay- ments, and generally from all kinds of contracts in which the casualties and contingencies of life, and the interest of money are principally involved, after deducting for the use of the said stockholders, legal interest on the amount of capital actually paid in by them and invested in pur- suance of the provisions of their said act, said interest not being calculated on any part of the profits of said stock; Provided, the said Insurance Company shall bind itself in writing, to pay over annually to the Trustees of the Massachusetts General Hospital, for the use of said Hos- pital, one third part of all their net profits, computed on the principle above stated, as well in reversionary pay- ments and all other contracts made by said Company, in which the casualties of life and interest of money are prin- cipally concerned, as on insurances on lives, which alone are mentioned in the seventh section of the act to which this is in addition,” be, and the same is hereby confirmed. [This act passed January 17, 1824.] * Repealed by Revised Statutes. 14 [1823, c. 50.] Resolve on the subject of labor done by the convicts for Insane Hospital. February 11, 1824. Resolved, That the account of the Massachusetts State Prison against the Massachusetts General Hospital, for labor of the convicts on stone work for that part of said Hospital, commonly called the Insane Hospital, amount- ing to four thousand one hundred and seventy-six dollars and forty-three cents, be considered as coming within the resolve of the General Court on this subject, passed June 12th, 1817; and that said sum be charged to the Com- monwealth accordingly, and that the work heretofore done, be, and the same is hereby considered in full of the grant made by virtue of the resolve aforesaid. [Revised Statutes, c. 12, § 1.] The superintendents, other officers and assistants, em- ployed in or about any department of the Massachusetts General Hospital in Boston and Charlestown, and in the State Lunatic Hospital at Worcester, during the time of such employment, are exempted from military duty. [1835, c. 109.] An Act to incorporate the New England Mutual Life Insurance Company. SECT. 1. Be it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That Ebenezer T. Andrews, George Bond, Willard Phillips, Charles P. Curtis, and 15 Samuel H. Walley, jr., and the persons who may he in- sured under this act, and their associates, successors, and assigns, be, and they hereby are constituted a Corporation by the name of the New England Mutual Life Insurance Company, for the purpose of making insurance upon lives, with all the powers and privileges, and subject to all the duties contained in an act passed in eighteen hun- dred and thirty-three, chapter eighty-three. SECT. 2. Be it further enacted, That there shall be an original guaranty capital stock subscribed to the said Corporation, which shall be $100,000, to be divided into shares by the Corporation, half of which shall be paid in, in cash, before the said Corporation, shall go into opera- tion, for the purpose of making insurance; the other half of said stock may be called for by the Directors, from time to time, when they deem it necessary or expedient, and shall be paid in by the holders of the stock, which shall always stand pledged to the Corporation for all such assessments so called for. SECT. 3. Be it further enacted, That, at the first meet- ing of the Corporation, a number of Directors, not less than eight, shall be chosen by the subscribers to the said guaranty stock, who shall hold their offices for one year, and until others are chosen in their stead; at all subse- quent elections of Directors, the number shall be such as may be provided for, by a previous vote of the Directors, or by-law of the Corporation; and, in case of no provision on this subject, the number shall be the same as at the first election, one half of whom shall be elected by the stockholders, and the other half by the assured, voting in separate bodies; the Directors shall all be either stockhold- ers or assured, and on ceasing to be such, shall cease to hold said office. The Directors may choose a President from their own number, or from the stockholders, or the assur- ed, in which case he shall be a Director ea officio. They shall also choose a Secretary, who shall be under oath, and they shall appoint all such officers and servants to transact the business of the Corporation, as they see fit. 16 Each share of the guaranty capital stock shall entitle the holder to one vote, and each assured shall be entitled to one vote in the election of Directors. In case of vacan- cies in the Board of Directors, so as to reduce the number to less than six, meetings of the Corporation shall be held, and the vacancies shall be filled so as to make the Board consist of a greater number than six. SECT. 4. Be it further enacted, That, except the elec- tion of Directors, and except the vote of the assured, pro- vided for in the sixth section, the whole business and affairs of the Corporation shall be under the control and management of the Directors. SECT. 5. Be it further enacted, That, whenever the net surplus receipts of the Corporation over their losses and expenses, and after providing for risks, shall be suffi- cient for the purpose, the stockholders shall be entitled to an annual dividend of seven per centum, or to such less dividend as may be agreed upon at the time of subscribing the stock, and in the case of such dividend not being made in any one year, it shall be made good at a subse- quent period, when the net resources of the Company shall be sufficient for paying the same. SECT. 6. Be it further enacted, That, after providing for risks, losses, incidental expenses, and dividends, as aforesaid, the Directors shall set apart one quarter of the estimated surplus funds and receipts, as a reserved fund, to be applied to the redemption of the guaranty stock; and whenever, after the expiration of ten years from the time of organizing the Company, the amount of such re- served fund shall be sufficient for the purpose, and the assured shall vote to redeem the said guaranty stock, the same shall be redeemed. SECT. 7. Be it further enacted, That, upon the re- demption and extinguishment of the guaranty stock, under the provision in section sixth, the Directors shall be cho- sen by the assured. SECT. 8. Be it further enacted, That at the expi- ration of every period of five years, from the time of the 17 organization of the Company, the remaining three quar- ters of the estimated surplus funds and receipts shall be reimbursed to, and among the assured in manner follow- ing, namely; to the holders of policies for entire lives, each of which is insured at an uniform annual premium for the whole life, in the proportion of the whole amount of premiums paid during the preceding five years, and in a corresponding and equivalent proportion upon policies made otherwise than at such uniform rate of premium ; that is to say, the reimbursement shall be made in the same proportion, as if each policy subsisting at the end of each five years had been made at its commencement for an entire life, at an uniform annual rate of premium : provided however, that the reimbursement to the holder of any poli- cy shall not be estimated upon a greater amount than shall have been actually paid in, on such policy: provided further, that in consideration of any existing policies hav- ing at the expiration of any such period of five years con- tributed, directly or indirectly, to the fund for the redemp- tion of the guaranty stock, a provision may be made allowing a greater proportion of reimbursement on such policies, and preferring those of an older date, before those of a more recent date ; so that each policy shall, so far as may be, consistently with the circumstances of the Com- pany, be reimbursed for the amount contributed as afore- said to the redemption of the guaranty stock. SECT. 9. Be it further enacted, That the said Corpo- ration shall, on the third Monday of January of every year, pay over to the Trustees of the Massachusetts Gen- eral Hospital, one third of the net profits, if any, which shall have arisen from insurance on lives, made during the preceding year. SECT. 10. Be it further enacted, That the Supreme Judicial Court shall hear and determine in equity all ques- tions arising between the said Corporation and any stock- holder or assured. [This act passed April 1st, 1835.] 3 18 [1844, c. 80.] An Act in addition to an Act to incorporate the New England Mutual Life Insurance Company. Be it enacted by the Senate and House of Representa- tives, in General Court assembled, and by the authority of the same, as follows : The New England Mutual Life Insurance Company is hereby authorized to make insurance on lives otherwise than on the mutual principle. [This act passed March 11, 1844.] [1844, c. 177.] An Act to incorporate the State Mutual Life Assurance Company - at Worcester. Be it enacted by the Senate and House of Representa- tives, in General Court assembled, and by the authority of the same, as follows : SECT. 1. John Davis, Benjamin Balch, and Clarendon Harris, their associates and successors, are hereby made a Corporation by the name of the State Mutual Life Assur- ance Company of Worcester, for the purpose of making assurances on single lives, joint lives and survivorships, and for making reversionary payments, on the principle of mutual contribution and mutual participation in the surplus funds, or otherwise, with all the powers and pri- vileges, and subject to all the duties and liabilities, con- tained in the thirty-seventh and forty-fourth chapters of the Revised Statutes, so far as the same may be applica- ble to this Corporation. SECT. 2. When one hundred and fifty persons have subscribed to become members of the said company, by 19 being assured for one or more years, or for the whole term of life, the first meeting may be called for the pur- pose of organizing the corporation, but only one half of the whole number of directors shall then be chosen. Immediately after such organization, books shall be opened for the subscription of a guarantee capital of one hundred thousand dollars, to be divided into shares by the corporation thus organized, half of which shall be paid in cash, or secured as hereinafter provided for its investment, before the said corporation shall go into operation for the purpose of making assurances; the other half of said stock may be called for by the directors so elected, from time to time, when they deem it necessary or expedient, and shall be paid in by the holders of the stock, which shall always stand pledged to the corporation for all such assessments so called for, and said stock shall be entitled to an annual dividend not exceeding seven per centum on the amount paid in. SECT. 3. As soon as such amount of stock shall be so subscribed and paid in, as aforesaid, or made secure, a meeting shall be called of the said stockholders, and they shall elect from their own number, the remaining half of the first board of directors; and at every future election of directors, until the guarantee stock shall be redeemed, one half the number shall be selected from the assured, and the other half from the stockholders, all to be chosen jointly. - SECT. 4. The funds of the said company shall be in- vested in the stocks of the United States, of the State of Massachusetts, of the City of Boston, and in notes secured by bond and mortgage of unincumbered real estate in Massachusetts, worth three times the amount loaned thereon. - The said company may hold real estate to an amount not exceeding ten thousand dollars, for the purpose of Se- curing suitable offices for the institution. • SECT. 5. At the expiration of every three years after 20 the expiration of the first year, there shall be a general in- vestigation of the affairs of the company for the past three years, with an estimate of the surplus funds, which may remain after providing for all risks, losses and incidental expenses. If it shall appear after the investigation, that there is a surplus fund more than equivalent to the amount of debts and claims against the funds, one third of the estimated surplus funds and receipts shall be set aside, with its accumulations, as a reserved fund, to be applied to the redemption of the guarantee stock; and whenever, after the expiration of ten years from the time of organizing the corporation, the amount of such reserved funds shall be sufficient for the purpose, and the assured shall vote to redeem the said guarantee stock, the same shall be redeemed. The remaining two thirds of the es- timated surplus funds shall be equitably divided among the existing policies, for one or more years, or for the whole term of life, in proportion to the respective amounts of premium each has paid, either by single contribution, or by uniform annual contributions, and allocated to the original sum insured, as a bonus, or reversionary addition, payable when the policy emerges and becomes a claim. SECT. 6. Within thirty days after the expiration of four years from the time of organizing the company, and within thirty days after the expiration of every subse- quent three years, the company shall cause to be made a general balance statement of the affairs of the said com- pany, which shall be entered in a book prepared for such purpose. Such statement shall contain— 1st. The amount of contributions received during the said period, and the amount of interest received from in- vestments and loans. 2d. The amount of expenses of the said company dur- ing the same period. 3d. The amount of losses incurred during the same period. 4th. The balance remaining with the said company. 21 5th. The nature of the security in which the said bal- ance is invested or loaned, and the amount of cash on hand, and the aggregate amount of the sums assured in the existing policies. 6th. The president or vice president of the company shall, within thirty days after the balance statement is made up, transmit a copy thereof, signed and sworn to by the president and vice president, and a majority of the directors, and also by the auditor, actuary or secretary, to the secretary of the Commonwealth, to be by him laid before the legislature. SECT. 7. The said corporation shall, on the third Mon- day of January, every year, pay over to the trustees of the Massachusetts General Hospital, one third of the net profits, if any, which shall have arisen from insurance on lives made during the preceding year. SECT. 8. So long as this corporation shall well and truly pay to the General Hospital the aforesaid share of profit, it shall not be lawful for any persons or corporation within the Commonwealth, to make insurance on lives upon land, unless empowered so to do, by any future legis- lature of this Commonwealth. And whenever any per- son or corporation shall hereafter be thus empowered, the obligation of this corporation to pay the trustees of the General Hospital, for the use of said hospital, the third part of the net profits which may thereafter arise on in- surance on lives, shall cease, unless the same obligation shall be imposed upon such persons or corporation thus hereafter empowered. [This act passed March 16, 1844.] 22 [1845, c. 240.] An Act to incorporate the Bowditch Mutual Life Assurance Company. - Be it enacted by the Senate and House of Representa- tives, in General Court assembled, and by the authority of the same, as follows: SECT. 1. Josiah Stickney, Addison Gilmore, and Charles Scudder, their associates and successors, are here- by made a corporation, by the name of the Bowditch Mutual Life Assurance Company, to be established in the City of Boston, for the purpose of making assurances on single lives, joint lives and survivorships, and for making reversionary payments on the principle of mutual contri- bution and mutual participation in the surplus funds or otherwise, with all the powers and privileges, and sub- ject to all the duties, and liabilities, contained in the thirty- seventh and forty-fourth chapters of the Revised Stat- utes, so far as the same may be applicable to this corpo- ration. - SECT. 2. When one hundred and fifty persons have subscribed to become members of the company by being assured for one or more years, or for the whole term of life, the first meeting may be called for the purpose of or- ganizing the corporation, but only one half of the whole number of directors shall then be chosen. Immediately after such organization, books shall be opened for the subscription of a guaranty capital stock for one hundred thousand dollars, to be divided into shares by the corporation, half of which shall be paid in, in cash, before the said corporation shall go into operation for the purpose of making assurances; the other half of said stock may be called for by the directors, from time to time, when they deem it necessary or expedient, and shall be paid in by the holders of the stock, which shall always stand pledged to the corporation for all such as- sessments so called for, and said stock shall be entitled 23 to an annual dividend not exceeding seven per centum on the amount paid in. - SECT. 3. As soon as such amount of stock shall be so subscribed and paid in, as aforesaid, a meeting shall be called of the said stockholders, and they shall elect, from their own number, the remaining half of the first board of directors; and at every future election of directors, until the guaranty stock shall be redeemed, one half the num- ber shall be selected from the assured for the whole term of life, and the other half from the stockholders; all to be chosen jointly. - SECT. 4. The funds of the company shall be invested in the stocks of the United States, of the State of Massa- chusetts, of the City of Boston, and in notes secured by mortgage of unincumbered real estates in Massachusetts, worth twice the amount loaned thereon. The corporation may hold real estate to an amount not exceeding thirty thousand dollars, for the purpose of se- curing suitable offices for the institution. - - SECT. 5. At the expiration of every three years, after the expiration of the first year, there shall be a general in- vestigation of the affairs of the company for the past three years, with an estimate of the surplus funds which may remain after providing for all risks, losses, and inci- dental expenses. If it shall appear, after the investiga- tion, that there is a surplus fund more than equivalent to the amount of debts and claims against the funds, one third of the estimated surplus funds and receipts shall be set aside, with its accumulations, as a reserved fund, to be applied to the redemption of the guarantee stock; and whenever, after the expiration of ten years from the time of organizing the corporation, the amount of such reserved funds shall be sufficient for the purpose, and the assured shall vote to redeem the said guarantee stock, the same shall be redeemed. The remaining two-thirds of the estimated surplus funds shall be equitably divided among the existing poli- 24 cies, for one or more years, or for the whole term of life, either by single contribution, or by uniform annual con- tributions, and allocated to the original sum assured, as a bonus, or reversionary addition, payable when the policy emerges and becomes a claim. SECT. 6. Within thirty days after the expiration of four years from the time of organizing the company, and within thirty days after the expiration of every subse- quent three years, the company shall cause to be made a general balance statement of the affairs of the said com- pany, which shall be entered in a book prepared for that purpose. Such statement shall contain,_