No. H.

Form of Deed for establishing a Life Insurance Company.

IN preparing a Deed for establishing a Life Assurance Company two points should be particularly attended to.

1st. To limit the responsibility of the Shareholders to the amount of their respective subscriptions.

2nd. To give to the public a right of suit against certain individuals, and a remedy against the funds of the Institution for the amount of their claims.

The first is only to be accomplished by the Company's having no transaction except through the medium of a written contract, in which there shall be an express declaration that the party contracted with is to look to the Trustees alone for the payment of his demand, and to them to the extent only of the Funds of the Company.

The second point is to be effected by placing the Funds in the names, and in the legal and actual custody of three or more Trustees, every one of whom shall sign every contractthereby declaring the contract to be a charge against the Funds themselves, and against the Trustees to the extent of the Funds. By these means the Trustees will be the only persons to be sued, and will be clothed with the Funds to satisfy the demands against them. By this arrangement also the Trustees would be the only necessary parties to prosecute a wrong-doer.

Endenture Between all the Shareholders, except three, of

the one part, and the three excepted Shareholders, of the other part,

Recites the agreement for the formation of the Company, its objects, name, &c. subscription for and delivery of Shares, &c. &c.

All the Shareholders, except the three, covenant with the three Shareholders, and the three excepted Shareholders, covenant with two other Shareholders as follows:

That a Company called the

Company, with a Capital of £ established.

That its objects and business shall be

That

shall be the first Officers of the Company.

That it shall be regulated as follows:

AS TO GENERAL COURTS.

shall be

That the Shareholders are to meet once a year, and when duly convened at the office.

Such meeting to be styled a General Court.

Ten or more Shareholders holding

quorum.

Annual General Court to be held in the month of

Shares, a

Extraordinary General Court to be called as follows: Three Directors or Ten Shareholders may require the Board of Directors to call an Extraordinary General Court at any time.

Three Directors or Ten or more Shareholders, holding at least Shares, may require the Board of Direc tors to call an Extraordinary General Court for removing Officers for certain causes.

The requisition to be left at the office at least thirty days. before the Court required,

A copy of requisition to be left with the Officer to be removed, at least twenty-one days before the Court required,

If the Board of Directors neglect the requisition-the persons requiring the Court may call it by advertisement.

General Courts may adjourn.

The business at Extraordinary and adjourned Courts, to be special.

Chairman of General Courts to be the Chairman, or Deputy Chairman of the Board of Directors, or a Director, or a Shareholder, to be chosen at the meeting.

Minutes of the General Court to be kept and signed by the Chairman.

Three Shareholders may, by writing, demand a ballot to be then fixed by the Chairman, at a distance of time between twenty and thirty days, and to be open from 12 to 2 o'clock.

Three-fourths of the votes of the Shareholders present at the Quinquennial General Courts, necessary to declare a dividend of profits among Shareholders.

Three-fourths of the votes of the Shareholders, at two Extraordinary General Courts necessary to alter laws, or to dissolve the Company,

In general a bare majority of votes to be sufficient.

Chairman to have the casting votė.

An Extraordinary General Court to be called to elect three

first Auditors.

The Annual General Court to elect Auditors, in the place of those going out at the end of year.

An Extraordinary General Court to be called, to supply an occasional vacancy among the Auditors.

Contributors of years standing, or of premiums amountmay vote for Auditors.

ing to

Annual General Court to allow remuneration to Auditors.

The Quinquennial General Court to fix the number of Directors for the next five years, and to elect accordingly. Contributors of

ing to

years standing, or of premiums amount-` may vote for Directors.

The Quinquennial General Court to determine the dividend among the Proprietors.

An Extraordinary General Court may be called for the purpose of removing the Chairman, deputy Chairman, Trustee, Director, or Auditor.

Two Extraordinary General Courts may alter laws, in any way except to increase the liability of Shareholders, or to abridge the power of voting given to contributors.

Annual and Extraordinary General Courts, to have the general superintendance of the Company's affairs.

The General Courts may adjourn if there be not

number of Shareholders present within an hour of their meeting, and if for any other reason, may adjourn from day to day, &c.

AS TO THE BOARD OF DIRECTORS.

The Directors to meet once a week at the office of the Company, and when duly convened.

Such meeting to be styled a "Board of Directors."

Any

Directors may require the Secretary to call

an Extraordinary Board of Directors.