PROSPECTUS 
 
 EQUITABLE LIFE INSURANCE, 
 ANNUITY AND TRUST COMPANY: 
 
 THE CHARTER, 
 
 EQUITABLE TABLES 
 
 PREPARED EXPRESSLY FOR THIS COMPANY. 
 
 CHARTER PERPETUAL. 
 CAPITAL $250,000. 
 
 PHILADELPHIA: 
 
 Crissy & Markley, Printers!, No. 4 Minor Street. 
 
 1848. 
 
OFFICERS 
 
 EQUITABLE LIFE INSURANCE COMPANY, 
 
 OFFICE No. 74 WALNUT STREET, 
 
 PHILADELPHIA. 
 
 President, 
 
 JOHN W.CLAGHORN. 
 
 Vice-President, 
 
 PETER CULLEN. 
 
 Trustees, 
 
 Robert P. Walsh, 
 Joseph T. Thomas, 
 William Craig, 
 
 George N. Diehl, 
 
 Peter Cullen, 
 
 William G. Alexander, 
 William W. Haly, 
 Clayton B. Lamb, 
 
 Peter Rambo, 
 
 Edward C. Markley, 
 Robert Morris, 
 Stephen R. Crawford, 
 Alve E. Laing, 
 William M. Baird, 
 
 R. F. Loper, 
 
 Harry Conrad. 
 
 Treasurer, 
 
 FRANCIS W. RAWLE. 
 
 Secretary if- Actuary, 
 
 H. G. TUCKETT. 
 
 WILLIAM W. HALY. 
 
CONDITIONS OF ASSURANCE. 
 
 1. All premiums must be paid in advance. 
 
 2. The age of the assured will be admitted upon the policy 
 on the production of satisfactory evidence. 
 
 3. Persons whose lives have been approved by one or more 
 of the medical officers, are not required to appear personally 
 before the Board. 
 
 4. No policy will be disputed unless under an act of fraud by 
 the assured, and after the same shall have been declared by re¬ 
 ferees of undoubted character. In case of error, either as to 
 age, or in the form of policy, or the answers of referees, such 
 errors, unless wilful and fraudulent, will not be deemed to 
 vitiate the policy. 
 
 5. When a party insures the life of another, it is often diffi¬ 
 cult to say how far the person who effects the policy is interest¬ 
 ed ; or even when ascertained, such interest may cease or be 
 modified by circumstances. The Company will not inquire 
 into the facts, if the party insuring had at the time a bona fide 
 interest in the life of the insured. 
 
 6. If the insured die in a duel, by his own hands, or under 
 sentence of the law, such death will not invalidate the policy, 
 except so far as it was the property of the deceased. 
 
 7. It is usual that a policy becomes forfeited if the premium 
 be not paid within one month after becoming due, but in the 
 EaniTABLE the Trustees will renew such insurance at any time 
 within six months, on satisfactory proof of the health of the 
 
4 
 
 8. Parties insured for life have liberty to pass to and from 
 the States south of the southern boundary of the States of Vir¬ 
 ginia and Kentucky, and west of the river Mississippi, between 
 the first day of November and the first day of July following. 
 And to pass from any place or port within the British North 
 American colonies, or United States north of thirty.four degrees 
 north latitude, without paying an extra premium. But if such 
 insured shall pass from any such place or port between any 
 first day of December and first day of April, both inclusive, 
 without having previously paid by way of premium on the 
 amount insured for the sea risk at the rates then in use by the 
 Company, and shall in such passage die upon the seas, or from 
 shipwreck, or afterwards die from any injury received on such 
 passage, then the policy shall be void. The term sea is not 
 intended to include the Lakes nor Long Island Sound, lying 
 within the limits of the United States. 
 
 OCT Persons insured for the whole term of life are allowed 
 to cross the Atlantic in first class Steamers during May, June, 
 July, August and September, free of charge: remaining months 
 of the year, 25 cents on each $100 insured. 
 
THE BUSINESS OF THE OFFICE. 
 
 1. The general powers and privileges—as the same are dis¬ 
 closed by the Charter of the Corporation—are the power to in¬ 
 sure the respective lives of its members and others, and to make 
 ALL AND EVEKY IKSUKANCE appertaining to LIFE RISKS of 
 WHATEVER KIND OR NATURE, and to RECEIVE and EXECUTE 
 TRUSTS, to MAKE ENDOWMENTS, and to GRANT and FURCIIASE 
 
 annuities. To receive Estates and Money in trust, and apply 
 the same, with accumulated interest, in the various ways the 
 depositors may direct, and to make every description of risk 
 contingent upon life, whether Civil, Naval or Military, at home 
 
 2. Immediate annuities, (table, page 21) deferred and con¬ 
 tingent annuities (table, pages 16,17,19, 20) and Endowments. 
 (Table, page 22.) 
 
 3. The Society grants Endowments to Widows and Children 
 on fair and reasonable terms ; an observation that applies witli 
 equal force and truth to all other premiums for assurance re¬ 
 ferred to in this prospectus, and to the terms upon which every 
 description of life contingency will be undertaken by the Com¬ 
 pany. The rates charged are by the table page 22, and secure the 
 sum of 8100 to children surviving the ages of 16 or 21 years: 
 another scale is added, (table 2, page 22,) by which, in the 
 event of death, the Society undertakes to return the whole of 
 the premiums that have been paid, but without interest. 
 
 4. One half of the annual premiums may remain unpaid for 
 five years, at 6 per cent., on policies effected on the whole term 
 of life. (Table, page 11.) 
 
6 
 
 5. Assurances may be made upon any amount not less than 
 $50—not only for receiving a gross sum at the death of the 
 party named, hut also by policies to become due at any specified 
 age, as 50, 55, 60, 65, with the option of a deferred annuity, 
 to commence on the attainment of such age. (Table, page 23, 
 or pages 19, 20.) 
 
 6. Lives below the ordinary standard of health are also in¬ 
 surable at a PROPORTIONATE INCREASE OP PREMIUM. Also 
 Benefits at the ages of 50 and 55, for an annual premium of 
 $2 60 cts. (Table, pages 19, 20.) 
 
 7. The premium may be paid at the option of the assured 
 during life, quarterly, half-yearly, or yearly. (Table, page 9.) 
 
 8. The whole amount of the insurance may be paid at once. 
 (Table, page 24.) 
 
 9. Married women may assure the lives of their husbands, 
 independent of the representatives of such husband, or his cre¬ 
 ditors. Female children may assure the life of a parent, inde¬ 
 pendent of such parent’s representatives or creditors. 
 
 10. Insurances may be made upon the younger life expiring 
 before the elder, at a very low rate of premium. (Table, pages 
 12 and 13.) 
 
 11. Insurance may be made on Joint Lives, or on one life 
 against another, or on the last survivor. (Table, pages 14 and 
 15.) 
 
 12. Insurance may be made by annual premiums for differ¬ 
 ent sums, (table, pages 19, 20,) or different annuities, (tables, 
 pages 16,17,19,20,) or insurance for survivorship of annuity, 
 or by single payment to obtain an immediate annuity. (Table, 
 page 21.) 
 
THE 
 
 EQUITABLE TABLES, 
 
 THE EQUITABLE LIFE INSURANCE, 
 
 ANNUITY AND TRUST COMPANY, 
 PHILADELPHIA. 
 
 H. G. TUCKETT, Actuary. 
 
9 
 
 Equal Rates of Premium. 
 
 Table of Premiums required for the Assurance of $100 for the 
 whole term of a Single Life, in Annual, Half-Yearly, or 
 Quarterly Payments. 
 
10 
 
 Short Terms. 
 
 Table of Premiums required for the Assurance of S100 on a 
 Single Life, for the respective Terms of One and Seven 
 Years. 
 
Half Credit Rates of Premium. 
 
 Annual Premiums required for an Assurance of S100 for the 
 whole term of life—half the amount of the first five pre¬ 
 miums remaining as a charge upon the Policy (without secu¬ 
 rity,) the holder paying interest thereon at the rate of six 
 
12 
 
 Contingent Assurances, commonly called Survi¬ 
 vorships. 
 
 Table of Annual Premiums required during the joint Lives of 
 . two persons, A. and B. for an Assurance of $100, payable 
 at the death of A. provided B. survive A. 
 
Example .—01000 may be secured at the death of a pi 
 now aged 30 (next birth-day), provided another person 
 aged 60 (last birth-day) be then living, by the Annual Pay 
 of $12 50, during the joint continuance of the two lives. 
 
14 
 
 First of Two Fives. 
 
 Table of Annual Premiums required during the joint Lives of 
 Two Persons, for an Assurance of 8100, payable at the death 
 
 of EITHER, 
 
 Example .—Two persons, aged respectively, 30 and 40 (next 
 birth-days), may secure 81000, payable at the death of either, to 
 the survivor, or to any other person, by the annual payment of 
 838 50, during the joint continuance of the two lives. 
 
15 
 
 Last of Two Lives. 
 
 Table of Annual Premiums required during the Joint Lives and 
 the Life of the Survivor of Two Persons, for an Assurance of 
 $100, payable when both the lives become extinct. 
 
Reversionary Annuities) Class 1. 
 
 Table of Annual Premiums required during the joint Lives of 
 two persons, for an . Annuity of $10, to commence at the 
 death of either, and to be paid during the remainder of the 
 Life of the Survivor. 
 
 Example.—Two Persons, aged respectively, 30 and 40 (next 
 birth-days), may secure an Annuity of $100, to commence at 
 the death .of either, and to be paid during the remainder of the 
 life of the Survivor, by the Annual Payment of $52 during the 
 joint continuance of the two lives. 
 
17 
 
 Reversionary Annuities, Class 2 
 
Example 1.—An Annuity of $100, to commence at the 
 death of a person now aged 30 (next birth-day), and to he 
 paid during the remainder of the life of another person, now 
 aged 50 (last birth-day), may be secured by the annual pay¬ 
 ment of 814 10 cents, during the joint continuance of the two 
 lives. 
 
 - Example 2.—The same Annuity—to commence at the death 
 of a person now aged 50 (next birth-day), and to be paid dur¬ 
 ing-the. remainder of the life of another person, now aged 30 
 
 g st birth-day), may be secured by the annual payment of 
 6 70 cents, during the joint continuance of the two lives. 
 
19 
 
24 
 
25 
 
 The Equitable does not stand forward in the character of 
 a rival Company, seeking success by derogating from the 
 merits of contemporaries. It presents itself as an associate 
 engaged in the laudable endeavour to diffuse more widely the 
 great benefits which must accrue to various classes of the com¬ 
 munity, from this most valuable mode of securing property. 
 
 The expediency of extending the facilities for Life Assur¬ 
 ances will appear, most clearly, from the following remarks, 
 which embrace the outline of the plan of the Equitable Life 
 Insurance Company. 
 
 The Offices which, in recent times, have been commenced on 
 good and sure principles, flourish with increasing wealth, and 
 show such augmentations of capital, as to place their perma¬ 
 nent stability beyond the hazards incident to ordinary fluctua¬ 
 tions in commercial affairs. Moreover, the increase of new 
 Offices but excites the community to a laudable effort to em¬ 
 ploy their savings in providing (or their families, and that even 
 where the project has had little more than the plausible exte¬ 
 rior, backed by the delusion of premium notes, payable at 
 death, to invite attention or solicit support. What may then 
 be expected from the plan of the Equitable, which combines 
 the elements of strength, utility and benevolence of purpose ? 
 Indeed, the increase of institutions of this kind, during some 
 years past, may be taken as proof of this fact, that their utility 
 is more justly appreciated, in proportion as the advantages 
 derived from this mode of securing property are more generally 
 understood; and on this ground alone they will continue to 
 advance till the number of assured lives throughout the States, 
 shall form the general rule, and those who have neglected to 
 provide for their families, the exception. 
 
 The premiums of the Equitable are infinitely lower than 
 any other Office, and are calculated upon the lowest possible 
 scale consistent with security, and without reference to the Mu¬ 
 tual System. From the difference of premiums, parties insur¬ 
 ing in the Equitable obtain a bonus of 14 per cent., added to 
 their policies the moment they insure, without waiting, as in 
 Mutual Offices, eight or ten years for profits which never may 
 be made. 
 
 There is a mistake which ought to be guarded against, which 
 is not unfrequent; an error, at once injurious to the “ Mutual 
 Insurance Companies ” and dangerous to the public, but the 
 I general prevalence of which requires that attention should be 
 
26 
 
 directed to it. It arises from considering the capital accu- 
 mulated and in the possession of the Companies, as so much 
 profit available for bonuses, whereas if the value of the policies 
 of each of the persons insured were computed by the same table 
 as that from which the premiums were detefmiiied, their total 
 amount would be precisely equal to the so called bonuses added 
 to the value of the annuities owed to the Society by the persons 
 insured. 
 
 The important advantages afforded by Life Insurance Com¬ 
 panies have hitherto been chiefly confined to parties who are 
 able to pay the pfeiiiiuttls on policies of considerable amount, 
 whilst the humble classes bf the community have been, in a 
 measure, deprived of similar benefits. But recent statistics 
 abundantly prove that a great and important change is gra¬ 
 dually taking place in the domestic habits of the laboring popu¬ 
 lation of this vast nation, and to this class, in a particular man¬ 
 ner, does the plan of the Euuitable, from its low rates of pre¬ 
 mium—the perfect security of the policy—the extensive tables 
 suited to every emergency in every walk of life, combined with 
 all the best and most approved plans which have been success¬ 
 fully undertaken by modern Societies—foster and encourage that 
 fine feeling of independence, which, by small occasional savings, 
 enable any person to purchase and make available at a future 
 period of life, the help which he may need for himself, his wife 
 or his children. 
 
 The plan which has been drawn up concentrates, as has 
 been said, all the best principles Of the old Offices, and is there¬ 
 fore well adapted to the higher classes of Assurers, of whom 
 there are thousands upon thousands to be found in the United 
 States, who need only to be reminded of this duty. No 
 rational man, who becomes aware of the provisions to be 
 secured by Life Assurance, as shown in the “ Equitable” 
 Tables, and the purchase of reversionary of deferred annui¬ 
 ties, can fail to be convinced how greatly future'distress, result¬ 
 ing to himself from Unforeseen reverses, or to his widow and 
 fatherless children, from his untimely decease, may be alle¬ 
 viated by that provident economy which has taught him to look 
 into the future, through the wise design of Life Assurance. 
 Men of education and reflection, see and know that the advan¬ 
 tages dispensed by Life Assurance Societies are so Various and 
 peculiar, that it is, perhaps, beyond the power of human wis¬ 
 dom to devise any other means by which similar benefits could 
 
27 
 
 lie afforded. To the Clergy especially, who hold their prefer- 
 ments for the term of their lives; to the Members of the medi¬ 
 cal profession, whose incomes depend in a great measure upon 
 their powers of healthy exertion; to Officers in the army and 
 navy; to the numerous and respectable class of gentlemen 
 who fill the public offices of the government, and the counting, 
 houses of the great mercantile, commercial and banking esta¬ 
 blishments of the United States; and to all persons holding 
 only a life interest in their property; the practice of Life 
 Assurance for the whole duration oflife, recommends itself not 
 merely as a measure of expediency, but as a bounden duty —a 
 duty which may easily be discharged by the yearly payment of 
 a moderate saving, to secure to wives, children, helpless rela¬ 
 tives or friends, an adequate provision against impending poverty 
 and irretrievable distress, No professional man, no gentleman 
 in a public office, no merchant or tradesman need now adopt 
 the slow and often inadequate means of providing for a family 
 by accumulating his savings through a long course of years,— 
 a method liable to interruption from sickness and various cir¬ 
 cumstances incidental to humanity, and consequently attended 
 both with anxiety and uncertainty, because he can secure the 
 same result by investing a moderate part of his income in an 
 assurance upon his life, and that at such times and in such pro- 
 portions as his prudence may judge to be convenient. 
 
 Life Assurance is applicable for the several purposes of rais¬ 
 ing money on loans, where personal security only can be 
 offered;—of making and perfecting marriage settlements;— 
 of securing the eventual payment of doubtful debts, due to indi¬ 
 viduals or bodies of creditors of .enabling proprietors of land¬ 
 ed estates, and other persons whose property is charged with 
 mortgages, or with pprtjons or other incumbrances payable on 
 the termination pf their own or others’ lives, to answer the 
 charges when they fa!) due;—rof securing to parents the return 
 of moneys paid as premiums for clerkship or apprenticeship, 
 marriage portions, capital embarked in business, or other 
 advances made for children, in the event of tfieir premature 
 death;—of reimbursing to the purchaser of any fife estate, 
 office, or annuity, his principal on the .death of the person, dur¬ 
 ing whose life it was holden;—of rendering contingent property 
 nearly equal in point of security to absolute property;—and 
 generally, as affording means of certain indemnity against any 
 pecuniary loss, claim or inconvenience, whatsoever, to which 
 
28 
 
 0(ie individual may become subject, by reason of the death of 
 another. 
 
 If any individual should entertain a doubt respecting the 
 truth of these remarks, let him consider to how many of his 
 acquaintance an assurance for one or other of the foregoing 
 purposes, would be not merely an expedient, but a profitable 
 measure;—whether they would not receive as a proof of friend- 
 ship, a suggestion to that effect; and let him then enquire how 
 many of this number have actually availed themselves of the 
 benefits of Life Assurance, as proposed by “ The Euuitable 
 Life Insobance Tabies.” 
 
 PRACTICAL EXAMPLES, 
 
 Elustrative of the great Benefits resulting from, the Equitable 
 
 The inestimable advantages secured by investing a moderate 
 part of an individual’s income in Life Assurance, will be seen 
 by the following examples, from which it would appear that 
 human wisdom has not yet devised any other means by which 
 similar benefits could be purchased. 
 
 1. A person 25 years of age, by paying an annual premium 
 of only $17 60, may secure at death, to his family or friends, 
 the annexed sum, $1000. (Table page 9.) 
 
 2. Or beginning to assure at the age of 25 years, by paying 
 the annual premium of S25 30, he may secure to himself, at 
 the age of 65, (agreeably to page 23,) or in case of death, 
 sooner to his family or friends, the sum of $1000. 
 
 3. In the case of a marriage settlement , a gentleman 25 
 years of age being engaged to a lady whose fortune is $5000, 
 the whole of which must be settled upon her at their marriage, 
 may vest $2000, in trustees, with the annual interest to in¬ 
 sure $5000 on his own life, and he will thus obtain the com¬ 
 mand of $3000, whilst the original fortune of $5000 will be 
 still secured to the lady, by the annual premium of $88, agree¬ 
 ably to the Whole Life Table, page 9. 
 
29 
 
 .4. By the annual payment of 837 00, (agreeably to Table, 
 first of two Lives, page 14,) two persons, whose ages are 25 
 and 40, respectively, may secure to the survivor when the first 
 life shall drop, the sum of $1000. 
 
 5. By the annual payment of S30 40 (Table page 15,) 
 parents whose ages are 30 and 45, respectively, may secure to 
 their children who shall suryive them, l.he sum of 82000. 
 
 6. By the annual payment of 811 70, (page 12,) executors 
 or guardians may secure to a mother 45 years of age, upon the 
 life of a ward or minor, 20 years .of age, in the event of his 
 premature death, the return, with profit's of premiums of clerk¬ 
 ship expenses of education, or other advances, as college 
 fees, &<;., &c„ $1-00.6, 
 
 7. -By-the yearly premium of $21 90, (page 22, Table 1,) 
 a parent may secure to his child, (the assurance, beginning in 
 its first year,) on attaining the age of 21 years, an endowment 
 of 81000 : according to the same, (page 22, Table 2,) by the 
 yearly payment of $32 50, the same capital sum may be 
 assured on the same age, and in the event of the child’s pre¬ 
 mature death, all the premiums will be paid back, excepting 
 those of the first year. 
 
 Jt must be obyious from these examples and illustrations, 
 that the individual not only secures the amount .assured, but, by 
 the payment of his premium, he obtains the additional advan¬ 
 tage of improving his savings at compound interest, by 
 placing them in the Office, instead of investing them in any 
 Bank, or any other species of security that could be named. 
 It is further evident, that it would require a long term .of years 
 before any of the above mentioned annual sayings .could accu¬ 
 mulate, at common interest, to the respective sums which they 
 .assure; but when such assurance is .effected, all risk is imme¬ 
 diately renounced, and the ,ass.ured has the consoling reflection, 
 that whether he bye a month, or year, or through the whole 
 term .of three n.cpre yea.r.s and ten,” he has placed his family 
 beyond the peril of depending for their support upon the uncer¬ 
 tain continuance of his health and life: and in addition to this 
 great advantage, to those who live a multitude of years, the 
 money paid in premiums may accumulate. 
 
 4 * 
 
30 
 
 AN ACT 
 
 2b Incorporate the “ Equitable Life Insurance Company." 
 
 Section 1. Beit enacted by the Senate and Souse of Re . 
 presentatives of the Commonwealth cf Pennsylvania , in Gene¬ 
 ral Assembly met, and it is hereby enacted by the authority of 
 the same. That William H. Steuart, Robert Adams, John H. 
 Irwin, William Craig, George N. Diehl, Robert F. Walsh, 
 William W. Haly, Peter Cullen, William G. Alexander, Robert 
 Morris, William Abbott, Joseph T, Thomas, Charles D. Lamb, 
 Peter Rambo, Edward C. Markley and Matthew Vandusen, or 
 any five of them be, and they are hereby authorized and em¬ 
 powered to receive subscriptions to the capital stock of a Com- 
 pany, to be denominated the “EaoiTABiE Life Insurance 
 Company,” who shall procure suitable books, and therein 
 enter as follows: “ We, whose names are hereunto subscribed, 
 do promise to pay to the President and Managers of the Equi¬ 
 table Life Insurance Company, the sum of twenty-five dollars 
 for every share of stock set opposite to our respective names, 
 in such manner and in such proportions, and at such times as 
 shall be determined by the President and Managers of the said 
 Company, in pursuance of an act of the General Assembly of 
 the Commonwealth of Pennsylvania, entitled “An Act to 
 incorporate the Equitable Life Insurance Company.” Witness 
 
 our hands this-day of-in the year eighteen hundred 
 
 and forty-eight, and shall thereupon give notice in two news¬ 
 papers, published in the city of Philadelphia, for at least ten 
 days previous, of the time and place where the said book shall 
 be kept open to receive subscriptions for the stock of the said 
 Company, at which time and place, one or more of the said 
 Commissioners, or their Secretary, shall attend and permit all 
 persons of lawful age, who shall offer to subscribe in the said 
 book, in their own name, or in the names of any other persons 
 who shall authorize the same, for shares in the said stock; and 
 the said book shall be kept, for the said purpose, at least six 
 hours in each juridical day, for the space of the two days, or 
 until ten thousand shares at twenty-five dollars per share, shall 
 be subscribed for; which ten thousand shares at twenty-five 
 
31 
 
 dollars per share, are to be the capital of the said Company; 
 if the whole number of shares shall not be subscribed for during 
 two days before mentioned, the aforesaid named, or any five of 
 them shall have power to re-open said books at any time or 
 times, place or places as they may deem expedient, and keep 
 the same open until the whole number of shares are subscribed 
 for: Provided; That all acts which said above named persons, 
 or any five of them are authorized to do, shall be as efficient 
 and valid as if performed by a majority of the whole, or a com¬ 
 mittee appointed. 
 
 Sect. 2. When five hundred shares of said capital stock 
 shall have been subscribed for, and five dollars on each share 
 paid in on said capital stock, the above named persons, or a 
 majority of them, shall certify to the Governor, under their 
 hands and seals, the names of the subscribers, and the number 
 of shares subscribed for, and the amount paid in by them 
 respectively; and the Governor shall thereupon, by letters 
 patent, under his hand and the seal of the State, erect and cre¬ 
 ate said subscribers, and those who may hereafter become asso¬ 
 ciated with them by virtue of this act and their successors, into 
 one body politic, corporate in deed and in law, by the name and 
 style of the “ Equitable Life Insurance Companyand the 
 said subscribers, their associates and successors, shall have per¬ 
 petual succession, and be able to sue and be sued, plead and be 
 impleaded in all courts of record and elsewhere, and to pur¬ 
 chase, hold, use, occupy, possess and enjoy to them, and to 
 their successors, lands, tenements, hereditamenls, goods, chat¬ 
 tels and effects, or choses in action, and all other property of 
 what nature and kind soever, real, personal and mixed; and 
 the same, from time to time, sell, demise, grant, alien, and dis¬ 
 pose of: Provided, That the yearly income of the real estate, 
 so held, except it be such as shall, or may be conveyed to said 
 Company, as security for, or in payment of any debt due, or 
 towards satisfying any judgment or execution held by said 
 Company, shall not exceed such sum as shall be required for 
 transacting the necessary and legitimate purposes thereof, as a 
 Life Insurance Company, and no other. 
 
 Sect. 3. In addition to the general powers and privileges 
 of a corporation as the same are disclosed by the foregoing sec¬ 
 tion, the Corporation, hereby erected,' shall have the power to 
 insure the respective lives of its members and others, and to 
 make all and every insurance appertaining to life risks of what- 
 
32 
 
 ever kind or nature, and to receive and execute trusts, to mak§ 
 endowments, and to grant and purchase annuities. 
 
 Sect. 4. All persons who shall hereafter insure with said 
 Corporation, and all their heirs, executors, administrators and 
 assignees, continuing to be insured in said Corporation, as here, 
 after provided, shall thereby become members during the period 
 they shall remain insured by the said Corporation, etui no 
 longer, 
 
 ■ Sect. 5. All the corporate powers of the said Company 
 shall be exercised by a Board of Trustees, and such officers 
 and agents as they may appoint; the Board of Trustees shall 
 consist of six persons and a Secretary. They shall annually 
 elect from among the members of the Corporation a President 
 and Vice-President, who shall continue in office for the term of 
 one year, or until others be elected in their stead, and they shall 
 have power to declare by by-laws what number of trustees, less 
 than a majority of the whole shall be a quorum for the transac¬ 
 tion .of business. 
 
 ■ 'Sect. 6. The persons named in the first section of this act, 
 shall constitute the first Board of Trustees. 
 
 Sect. 7. The Trustees shall be elected annually, by bal¬ 
 lot, on the second Monday in December, by the stockholders 
 or by their legally constituted agent; and each share of the 
 stock shall entitle the holder thereof to one vote at the elections 
 to be held at the Office of the Company, at a general meeting of 
 the stockholders convened for that purpose, by ten days public 
 notice in two or more,of t|je .daily papers of the city pf Philadel¬ 
 phia: Provided, That if it .shojifd happen at any time, that an 
 election pfTfustees should not be made, when, pursuant .to this 
 act, it should Jiaye been made, the Company for that cause, shall 
 not be dissolved; and it shall be lawful, within forty days there¬ 
 from, to hold and make an election for Trustees, jn such man¬ 
 ner as the by-iaws of the Company may prescribe; and the 
 President and Trustees fop the ti,m,e (being,‘shall be continued in 
 office until such election take place; and in the eyent of death, 
 resignation or removal of any Director from office, his place, 
 for the remainder of the term, may be filled by the President 
 and Directors, for the time being, in manner, such as the by¬ 
 laws may prescribe. 
 
 Sect. 8. The President and Trustees shall have power to 
 appoint a Secretary, and such other agents and clerks as may, 
 to them, appear proper, to fix their compensation; and pay the 
 
33 
 
 same, and discharge such clerks or agents; and the capital 
 stock shall be called in and paid in such instalments, and at 
 such times and places as the Piesident and Trustees, for the 
 time being, may require and designate^ rvho shall give fifteen 
 days notice thereof, in two or more of the daily papers of the 
 city of Philadelphia; and if any stockholder, subscriber, their 
 assignee or transferee, shall refuse or neglect to pay such pro¬ 
 portion or instalment, at the time and place appointed, such 
 stockholder, subscriber, assignee or transferee, shall, at the 
 option of the President and Trustees, forfeit to the use of the 
 Company, all his, her or their right, title and interest in, and to 
 every share on which such instalment has not been duly made, 
 and fresh subscription may be opened for the same, in such 
 manner as the by-laws may prescribe, or the President and 
 Trustees may, at their option, commence suit for the same, and 
 recover against the holder of such stock for the amount of the 
 instalment or proportion so unpaid : Provided, That no stock¬ 
 holder or subscriber shall be permitted to vote at any election 
 for Trustees, or general or special meeting of the Company, on 
 whose share any instalment or arrearages may be due more 
 than ten days previous thereto; nor shall any stockholder vote 
 at any such meeting or election, whose stock has not been 
 standing in their name on the books of the Company, at least 
 thirty days. 
 
 Sect. 9. It shall be lawful for the said President and Trus¬ 
 tees to invest and improve their capital stock, and all money 
 received for premiums, or otherwise, in the funded debts of the 
 United States, or of the State of Pennsylvania, or other of the 
 United States, of the county of Philadelphia, city of Philadel¬ 
 phia, or other counties or cities of the States of the United 
 States, and in bonds and mortgages, and ground rents; and the 
 same to sell, transfer, change or reinvest as the Trustees may 
 deem proper; Provided, That every regulation which the Board 
 of Trustees may make in regard to the declaring of dividends, 
 or the accumulation or diminution of the funds of the Company, 
 shall be binding on all: Provided further. That if the Com¬ 
 pany shall, at any time, fail to meet its engagements, each stock¬ 
 holder shall be liable, in his individual capacity, for the debts 
 of the Company to the amount of the balance unpaid by him of 
 her, on stock held : Provided, That nothing herein contained^ 
 shall be so construed as to give the said Company discounting 
 or banking privileges. 
 
34 
 
 Sect. 10. The stock of the said Company shall be trans. 
 ferred on the books of the said Company, in such manner only 
 as the by-laws of the Company shall direct. 
 
 Sect. 11. In case of the death of any member of said Com¬ 
 pany, the amount standing to his credit at the time of his death, 
 together with the amount of the policy in his name, shall be 
 paid over to his legal representatives or assignees, within ninety 
 days; the profits and accumulation of such persons as have 
 ceased to be members by non-payment of premiums, or a 
 renewal of their polioy, agreeable to the by-laws of the Com¬ 
 pany, shall be forfeited for the use of the Corporation. 
 
 Sect. 12. Every person who shall become a member of 
 this Corporation, by effecting insurance.therein, shall, the first 
 time he effects insurance, and before he receives his policy, pay 
 the rates that shall be fixed Gpon and determined by the Trus- 
 tees; no member shall be liable for any losses or expenses of 
 said Company, beyond the amount of the premium which he 
 may agree to pay said Corporation. 
 
 Sect. 13. The Trustees may determine the rates of pre¬ 
 miums and terms of insurance, and the sum to be insured, 
 
 Sect. 14. Within thirty days after the first Monday in 
 January, of each year, it shall be the duty of the officers of the 
 Company to cause to be made and printed in at least one daily 
 newspaper published in the city of Philadelphia, a general 
 balance statement of the affairs of the said Company, and deli¬ 
 ver to each member, upon request, a copy thereof. 
 
 Sect. 13. The President and Trustees, for the time being, 
 shall have power to ordain, establish, and put in execution such 
 rules, regulations, ordinances and by-laws, as they may deem 
 essential for the well government of the Company, not contrary 
 to the Constitutions of the United States, or State of Pennsyl¬ 
 vania ; and generally to do and perform all acts, matters and 
 things which a corporation may or can do, lawfully. 
 
 Sect. 16. The business of the Company shall be carried 
 on at such place in the City of Philadelphia, or elsewhere, by 
 agency, as the Trustees shall direct, and at such agencies as 
 they may establish. 
 
 Sect. 17. It shall be lawful for any married woman, by 
 herself, and in her name, or in the name of any third person, 
 with his assent, as her trustee, to cause to be insured for her 
 sole use, the life of her husband; and in case of her surviving 
 her husband, the sum, or net amount of the insurance becoming 
 
35 
 
 fee, and payable by the terms of the insurance, shall be pnya» 
 ble to her, to and for her own use, free from the claims of the 
 representatives of her husband or any of his creditors. 
 
 Sect. 18, In Case of the death of the wife before the decease 
 of her husbahd, the amount of the insurance may be made 
 payable aftet death to her children, for their use, and to their 
 guardian, if under age. 
 
 Sect. 19. It shall be lawful for any female child, by her- 
 self, and in her name, or in the name of any third person, with 
 his assent as her trustee, to cause to be insured for her sole 
 use, the life of her parent, and in case of her surviving her 
 parent, the sum or net amount of the insurance diecoming due 
 and payable, by the ter'ftis of the insurance, shall be payable to 
 her and for her o\vh Use, free from the claims of the represents- 
 tives of her parent, or any of his or her creditors. 
 
 Sect. 20. If, at any time, it shall appear to the Legisla¬ 
 ture that said Compahy have abused or misused any of the pri¬ 
 vileges herein granted, the power to repeal shall not be enforced 
 in such manner as will affect, in any way, engagements to 
 which the Company are a party, nor in any way to do injury 
 to the Company, but ample time shall be allowed to wind up its 
 
 WILLIAM F. PACKER, 
 Speaker of the House of Representatives. 
 WILLIAM WILLIAMSON, 
 
 Speaker of the Senate. 
 
 Approved the Twenty-eighth day of March, One Thousand 
 
 Eight Hundred and Forty-Eight. 
 
 ; FRANCIS R. SHUNK.