SECTION 1. The General Assembly of North Carolina do Incorporated a enact, That W. D. Jones, J. H. Davis, P. A. Dunn, O. S. body politic. Hayes, B. P. Williamson, W. H. Murdock, Chas. E. Dunn, and all other persons who may hereafter be associated with them in the name and style of " The North Carolina Mutual Home Insurance Company," are hereby constituted a body politic and corporate, to have succession for ninetynine years, and by that name may sue and be sued, appear, prosecute and defend in any Court of Record, or other Court, or places whatsoever, and may have and use a common seal, and may hereafter break and renew the same at will, and may purchase and hold such real and personal estate as may be deemed necessary to effect the objects of this association, and may sell and convey the same at pleasure, and may make, establish and put in execution such Affairs, how managed. Directors. President. Premium and notes. Home office. by-laws, ordinances and resolutions, not being contrary to the laws of this State and of the United States, as may be necessary or convenient for their regulation and government, and for the management of their affairs, and do, and execute all such acts and things as may be necessary to carry into effect the provisions of this act. SEC. 2. That the affairs of this Company shall be gov erned and managed by a Board of Directors, to consist of not less than three, nor more than seven members or stockholders, as may be regulat d by the by-laws of the Company; and the President and two Directors shall constitute a quorum for the transaction of business. SEC. 3. That the persons named in the first section of this act are hereby constituted a Board of Directors to serve as such until others are chosen, which may be done by them. SEC. 4. That the Board of Directors shall elect a President and Secretary, and such other officers as they may see fit, who shall hold their offices for one year and until others are chosen and qualified in their places. The Board of Directors may, and are hereby vested with the power to appoint or elect an Executive Committee, to consist of not less than three, who shall have power to transact all business of the Company in the absence of the Board of Directors. SEC. 5. That premium or deposit notes may be received by the Board of Directors from the assured, which shall be paid at such time or times, and in such sum or sums as the Directors may, agreeably to their by-laws, require, to pay the expenses and losses of the Company; and the Directors may fix the amount to be paid at the time of insuring, and any party applying for insurance, so electing, may pay a definite sum of money in full for insurance, and in lieu of a premium note. But no member shall be bound to pay in the whole more than the amount of his premium note or notes and cash premiums. SEC. 6. That the home office of this Company shall be in the City of Raleigh, in the State of North Carolina, but may be removed to any other Town or place in the State whenever the Directors may deem it necessary or convevient to carry out the provisions of this act. SEC. 7. That suits at law may be maintained by this Company against any of its members, and by any of its members against the Company. And in any suit between the Company and any of its members, any member shall be admitted as a competent witness for and in behalf of this Company. Suits at law. SEC. 8. That this Company may insure against loss or Insurance. damage, by fire, lightning, wind or tornado or any other insurance whatsoever, that the Directors may deem proper, including Life and Accidental Insurance, and this Company is hereby vested with all powers that any Insurance Company has or may have, to transact business in this State; and they may charge and receive such premiums as may be agreed upon by this Company, and the parties insured. SEC. 9. That if any member should fail to pay any assessment for the term of thirty days after notice thereof, the Company may bring an action or suit at law, and recover the whole amount of his or their premium note or notes, with costs of suit, and attorney's fees for collecting the same, and the Company shall retain the same until thirty days after his or their policy or policies may expire, which were issued on account of said note or notes, and the amount not consumed in payment of expenses and losses to be refunded to the parties on demand. SEC. 10. That the cash premiums, together with the premiums and deposit notes, shall constitute the capital stock of this Company, which may be increased by a guarantee capital as heretofore provided for. Stock. posit bonds. SEC. 11. That for the better security of the policy- Company to deholders, the said Company shall deposit with the Treasurer of State, and there keep on deposit bonds of the State to the amount of twenty thousand dollars, which shall be held in trust by him for the benefit of the policy-holders of said |