tional dividend from the net profits of twenty per cent or one-fifth thereof. (§ 18, as amended by Chap. 584 Laws of 1867, App. 824.)

Annual dividends may be made to policyholders. (§ 19, as amended by Chap. 584, Laws of 1867, App. 824.)

Among the corporators will be found the names of Hiram Barney, Robert L. Case, Augustus Schell, and fourteen others. (App. 825.)

For the eight By-Laws see App. 825, 826.

North America Life Insurance Company. (No. 13.)

The Board of Directors consists of not less than twelve nor more than eighteen persons (five constituting a quorum), a majority of whom must be holders of at least one thousand dollars of capital stock until the retirement thereof; the minority of the Board may be holders of policies or annuitants. The Board is divided into three classes, one class elected annually by the stockholders, policyholders and annuitants, in person or by proxy. (Articles IV and V, App. 827-829.)

An interest dividend of seven per cent per annum on the capital of one hundred thousand dollars is payable semi-annually; in addition there shall be placed to the credit of the stockholders annually the sum of two thousand dollars, as a reserve fund, payable to them upon the retirement of the capital stock. Of the remaining surplus, one-eighth shall be apportioned and paid to the stockholders annually at the same time with the interest dividend. The seven-eighths of the said remaining surplus is placed to the credit of the participating policyholders for one full year, in proportion to the amount of premium paid by them respectively, which credit is represented by scrip. When this accumulation reaches five hundred thousand dollars the scrip must be redeemed to an extent deemed advisable by the Board. (Articles VI and VII, App. 830, 831.)

The capital stock is to be retired by the payment of the par value thereof and the above two per cent per within six months after an annual valuation whereby it shall appear to the Superintendent that the Company possesses actual assets in hand to the amount of five hundred thousand dollars, and that the Company's affairs are in a condition to provide for all of its liabilities

after paying the stockholders the par value of their stock and said annual reserve of two thousand dollars.

On the 8th day of April, 1863, an act was passed allowing the Company to retire its capital stock in accordance with the provisions of its charter, the deposit in the Insurance Department, however, to remain intact and undisturbed. (Chap. 118, Laws of 1863, App., 832.)

On the 14th day of April, 1866, the Legislature passed a special act allowing this Company to make special deposits in the Insurance Department and to issue registered policies secured by said deposits and countersigned by the Superintendent. (App., 832, 833.) This Act is now, however, superseded by the general Act for the registration and securing of Life Policies and annuities. (Chap 708, Laws of 1867.)

For By-Laws of this Company see App., 834-837.

No officer, Director or clerk is allowed to borrow any of the funds of the Company. (§ 6, By-Laws, App., 835.)

All proxies must be registered in the office of the Company at least fifteen days previous to an election for Directors. (23, By-Laws, App., 836.)

National Life Insurance Company. (No. 14.)

This Company was originally incorporated by special Act, for patriotic purposes during the recent war to suppress the rebellion as the National Union Life and Limb Insurance Company and confined in its operations en tirely to the Army and Navy. (Chap. 232, Laws of 1863.)

Several amendatory Acts were passed, and finally in 1867, an Act was passed amending all these Acts and putting the Company under a charter similar to those filed by Life Insurance Companies under the general life Act of 1853 and the amendments thereto.

The Board consists of not less than thirteen nor more than twenty-five persons, two-thirds of whom shall be tockholders and one-third policyholders or annuitants. Seven Directors constitute a quorum. The Directors to be elected annually by the stockholders and policyholders. (§§ 6-13.)

The stockholders receive an interest dividend of seven per cent per annum and one-tenth of the surplus in addition, both payable at. the same time semi-annually. The nine-tenths of the surplus is payable in scrip to the participating policyholders insured for the full term of three

years in proportion to the amount of premium paid by them respectively. (§ 16, App., 840.)

For the By-Laws, see App., 841-844.

All proxies for an election of Directors are to be registered in the office of the Company at least fifteen days before an election. (By-Laws, § 3, App., 841.)

Globe Mutual Life Insurance Company. (No. 15.)

This Company was organized by that experienced veteran in the business, Pliny Freeman, author of the tenyear non-forfeiture plan, and the late Actuary and Secretary of the New York Life, with twelve associate corporators.

The Board consists of not less than thirteen and of not more than fifteen Directors, all to be stockholders, and not less than seven to constitute a quorum; the Board to be elected annually by the stockholders and policyholders, each policyholder being entitled to one vote in person. and not by proxy. (Art. IV, App., 846.)

The stock of one hundred thousand dollars receives an interest dividend of seven per cent per annum, payable semi-annually. Annual valuations to be made and twenty per cent of the surplus or net profits to be set aside to belong to the policyholders, but to be held by the Company as a permanent Guarantee Fund not to exceed five hundred thousand dollars, interest thereon however to be paid to the stockholders. Once in five years, and oftener in the discretion of the Board of Trustees, a balance must be struck of the affairs of the Company exhibiting its assets and liabilities, the net value of the policies to be computed on the Actuaries Table at four per cent interest; participating policyholders are to be credited with an equitable share of the surplus, to be applied in such manner and at such times as the Board of Trustees may deem equitable. (Articles V and VI, and Chap. 710, Laws of 1867.)

An amendatory and declaratory Act was passed April 24, 1867 (Chap. 710, App., 848), allowing the Company to declare a dividend of profits to policyholders at any time, and declaring that the twenty per cent of surplus to be set aside as a permanent guarantee fund shall belong to the policyholders, the interest thereon only to be paid to the stockholders, provided that the written consent thereto of all the stockholders shall be first filed in the Insurance Department. This consent, duly acknowledged,

has been filed in this Department and the ownership in fee of the Guarantee Fund now belongs to the policyholders and the usufruct thereof to the stockholders to the extent of the interest on an accumulation of such fund not ex

ceeding half a million of dollars. The guaranty capital will then amount to six hundred thousand dollars, of which, in case of dissolution of the corporation, five hun dred thousand dollars will belong to the policyholders.

The By-Laws, sections one to eighteen, can be found in the Appendix, 848-850.

The standing Committees are three in number. (§ 5, App., 849.)

1. Finance Committee, four members.

2. Advisory and Agency Committee, five members.

3. Committee on Losses and Accounts, three members. 、All risks on any one life over ten thousand dollars are to be reinsured for seven years.

Brooklyn Life Insurance Company. (No. 16.)

The Act of 1867 (Chap. 773), changing the location of this Company to New York city, produces the misnomer of a Brooklyn Company located in New York; Brooklyn, however, in many respects, forms an integral portion of the city of New York.

Among the twenty corporators of this Company are the names of Christian W. Bouck, Henry R. Pierson and Jonathan D. Steele.

The Board of Directors consists of not less than twenty nor more than forty persons (of whom not less than seven. shall constitute a quorum), divided into four classes, holding office four years, and one class elected annually by the stockholders in person or by proxy and by the policyholders in person, and not by proxy. (Art. IV and V, App, 851-853.)

The stockholders receive an interest dividend of three ind one-half per cent semi-annually and one-fifth of the net profits. (§ 2, Art. VI, as amended by Chap. 773, Laws of 1867, App., 853, 854.)

Profit dividends to be made annually, four-fifths thereof to be apportioned to the participating policyholders. (§ 1, Art. VII, as amended by Chap. 773, Laws of 1867.) For the By-Laws see App, 855-857.

The following are the standing Committees. (§ 1, Art. V, By-Laws, App., 856.)

1. An Executive Committee of seven members. 2. Finance Committee of five members.

3. Auditing Committee of three members.

No risks to be taken on any one life exceeding $10,000, of which all over $5,000 shall be re-insured. (§ 1, Art. VI, By-Laws, App., 857.)

Premiums amounting to over forty dollars per annum on whole life and endowment policies may be paid, half cash and half note at seven per cent interest; all other premiums to be paid in cash. (§ 2, Art. VI, By-Laws, App., 857.)

Widows and Orphans Benefit Life Insurance Company. (No. 17.)

The Board of Directors consists of not less than twenty nor more than forty-eight persons (seven constituting a quorum), to be divided into four classes, holding office for four years, one class to be elected annually by the stockholders in person or by proxy and by the policyholders in person. (§§ 1-6, App., 858, 859.)

Capital stock of $200,000, upon which a semi-annual interest dividend of three and a half per cent in coin, without deduction, is payable; the stockholders to receive no part of the profit dividends, the whole amount thereof to be apportioned to the policyholders. (§§ 7 & 13, App., 859.) All premiums are payable in cash. (§ 11, App., 859.) Profit dividends to be made as often as every five years, or oftener by direction of the Board; the whole of the net profits to be equitably credited to the policyholders and paid in such manner as the Board may direct. (§ 13, App., 859.)

Among the twenty corporators appear the names of William V. Brady, Sheppard Homans and Henry A. Smythe.

The elaborate By-Laws of the Company can be found in the Appendix, 860-865.

The following is a list of the standing committees: (Art. XIV, App., 863.)

1. Finance Committee, President and four Trustees. 2. Insurance Committee, President, Actuary, and three Trustees.

3. Agency Committee, President and three Trustees. 4. Auditing Committee, Actuary and three Trustees. 5. Executive Committee, President and the Chairman of each of the other standing committees.