HOUSE.....No. 36.

[Reported by the Committee on Claims.]

Commonwealth of Massachusetts.

In the Year One Thousand Eight Hundred and Forty-Eight.

RESOLVE

On the Petition of the Selectmen of the Town of Stockbridge.

Resolved, for reasons set forth in said petition, that there be allowed and paid out of the treasury of the Commonwealth, to the treasurer of the town of Stockbridge, the sum of twentyfive dollars and fifty-five cents, in full discharge of all claims by said town, for the support of Nancy Duncan, late a State pauper, deceased; and that a warrant be drawn accordingly.

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HOUSE.....No. 37.

[Reported by the Committee on Mercantile Affairs and Insurance.]

Commonwealth of Massachusetts.

In the Year One Thousand Eight Hundred and FortyEight.

AN ACT

To incorporate the Ocean Mutual Health Insurance Company.

BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, as follows:

1 SECT. 1. John L. Rogers, Samuel Giles, Samuel 2 Stevens, their associates and successors, are hereby 3 made a corporation, by the name of the Ocean Mu4 tual Health Insurance Company, to be established in 5 the town of Gloucester, for the purpose of making

6 assurances upon health, with all the powers and privi7 leges, and subject to all the duties, liabilities, and re8 strictions, set forth in the forty-fourth chapter of the 9 Revised Statutes, so far as the same may be applica10 ble to this corporation.

1 SECT. 2. The capital stock of said corporation 2 shall not exceed fifty thousand dollars, and shall be 3 divided into shares of twenty-five dollars each; and 4 there shall be paid into the treasury of said corpora5 tion, by each subscriber to the capital stock, at the 6 time of subscription, an instalment of five dollars on 7 each share of the stock by him subscribed; and the 8 remaining twenty dollars on each share, so subscribed, 9 shall, within thirty days from the time of such sub10 scription, be secured to be paid, by mortgage on real 11 estate, or by such endorsed promissory notes as shall 12 be approved by the directors of said corporation, and 13 shall be payable in thirty days after the demand shall 14 have been made in some newspaper printed in the 15 town of Gloucester, or in the county of Essex, or 16 the same may be made payable in regular instalments 17 at stated periods, at the discretion of the directors.

1 SECT. 3. Said corporation shall have power to 2 insure the health of such persons only as may become 3 subscribers to the capital stock, until four hundred 4 shares have been subscribed for, and the instalment 5 aforesaid has been actually paid in, and the residue of 6 such subscriptions has been secured to be paid in the 7 manner stated: but after four hundred shares of said 8 stock shall have been subscribed for, and paid in, or 9 secured, as required, the said corporation may may exercise 10 all the powers and privileges conferred by this act.