Granting the consent of the State of Pennsylvania to the acquisition Consent given by tion of lands by the State to the acquisi United States. SECTION 1. Be it enacted, &c., That the consent of the State of Pennsylvania is hereby given to the acquisition by the United States, by purchase, condemnation or otherwise, in conformity with the laws of this state, of one or more pieces of land in the city of Philadelphia, on which land said United States may erect a government building for the use and accommodation of the United States mint, and the said United States shall on which to erect have, hold, occupy and own the said land when thus acquired, and exercise exclusive jurisdiction and control over the same, and every part thereof, during the time the said United States shall be or remain the owner thereof, for all purposes except the administration of the criminal laws of the said State of Pennsylvania and the service of civil process therein. SECTION 2. The jurisdiction hereby ceded shall not vest until United States shall have acquired the title to the said land, by purchase, condemnation or otherwise, in conformity with the laws of this state, and after an accurate description and plan of such lands so acquired, verified by the oath of some officer of the general government having knowledge of the facts, shall be filed with the Secretary of the Commonwealth of this State; and so long as said land shall remain the property of the United States when acquired as aforesaid, and no longer, the same shall be and continue exonerated from all taxes, assessments and other charges which may be levied or imposed under the authority of the state. U. S. mint. Title to be acquired demnation. by purchase or con Description of lands to be filed in office Commonwealth. of Secretary of the Penalty for injury SECTION 3. It is further enacted, that any malicious, wilful, reckless or voluntary injury to, or mutilation of, the grounds, buildings or appurtenances, shall subject the offender or offenders to a fine of not less than twenty to grounds or builddollars, to which may be added, for an aggravated ings. offense, imprisonment, not exceeding six months, in the county jail or workhouse, to be prosecuted before any court of competent jurisdiction. SECTION 4. This act shall take effect immediately. APPROVED-The 25th day of March, A. D. 1891. ROBT. E. PATTISON. to be appointed. No. 6. AN ACT fo provide for the appointment and increase the efficiency of the Cominissioners of Fisheries of this Commonwealth. SECTION 1. Be it enacted, &c., That the Governor of the commonwealth is hereby authorized and required, upon the expiration of the terms of office of the person and persons who may hold and exercise the office of fish commissioner of this state, to appoint, subject to the apSix commissioners proval by the Senate, six competent citizens of this state to be and act as a board of fishery commissioners, no two of whom shall be from the same senatorial district, and shall, upon such appointment, designate which two of said persons shall receive and hold office during the term of one year; which two of said persons shall receive and hold office during the term of two years, and which two of said persons shall receive and hold office during the term of three years. Terms of office. SECTION 2. Upon the death, resignation or removal from office of any person so appointed as aforesaid, the How vacancies may Governor shall appoint a competent person to serve for be filled. Liability of Commissioners. Not to interfere with present Com missioners. Appointments to be Repeal. the unexpired term of the person so dying, resigning or removed, subject to the approval by the Senate at its next meeting, if such meeting shall be before the expiration of the term of office of such appointee. SECTION 3. Upon the expiration of the term of office of any person so appointed and designated under the provisions of this act, their successors shall be appointed in manner aforesaid, for the term of three years, so that there shall be not more than two vacancies at any one time in such commission, and the terms of two commissioners shall expire thereafter each year. SECTION 4. Any person or persons appointed commissioners by virtue of this act, shall be subject to, and liable for, all the duties, provisions and obligations given and imposed by any law of this commonwealth now in force, or hereafter enacted, and referring to the duties and obligations of the Commissioners of Fisheries of this commonwealth. SECTION 5. Nothing herein contained shall interfere or alter the terms of office of the commissioners now acting, and they shall continue in office until the expiration of the term of which they were appointed. SECTION 6. In the event of the death, resignation or removal from office of any person or persons now occupying the office of fish commissioner of this commonwealth, the appointment or appointments by the Governor to supply such vacancy or vacancies in the board of fishery commissioners shall be under the provisions of this act. SECTION 7. All acts or part of acts inconsistent herewith are hereby repealed. APPROVED The 15th day of April, A. D. 1891. ROBT. E. PATTISON. No. 7. AN ACT To amend an act entitled "A supplement to a supplement to an act, entitled 'An act to establish an insurance department,' approved the fourth day of April, one thousand eight hundred and seventy-three, providing for the incorporation and regulation of insurance companies, and relating to insurance agents and brokers and to foreign insurance companies, approved the first day of May, one thousand eight hundred and seventy-six, amending the twenty-seventh section thereof and relating to the increase and sale of capital stock," approved the twenty-ninth day of June, one thousand eight hundred and eighty-one, amending the first section thereof and relating to the alteration and change of the par value of the shares of the capital stock in insurance companies. SECTION 1. Be it enacted, &c., That the twenty seventh section of a supplement to an act, entitled "An act to establish an insurance department," approved the fourth day of April, one thousand eight hundred and seventythree, providing for the incorporation and regulation of insurance companies, and relating to insurance agents and brokers and to foreign insurance companies, approved the first day of May, one thousand eight hundred and seventy-six, which now reads as follows: "SECTION 27. Any existing fire or fire and marine insurance company, and any stock company formed under this act, may at any time increase the amount of its capital stock, if authorized so to do by the stockholders holding the larger amount in value of the stock, at a meeting specially called for that purpose, of which at least sixty days' previous public notice shall have been given. At such meeting of the stockholders, and at all other meetings thereof, each stockholder shall be entitled to cast, either in person or by proxy, subject to such regulations as to voting by proxy as the by-laws of the company may prescribe, one vote for each share of stock that shall have stood in his or her name on the books of the company for at least three months previous thereto. Increase of capital stock as aforesaid may be made by increasing the number of the shares of stock, or by increasing the par value of the same, and such increased shares or increased par value shall be allotted pro rata to the stockholders of said company according to their interest, and may be paid in whole or in part out of the accumulated reserve of the company, in case the condition of the company warrants such allotments, or the same may be disposed of as is provided in this act for the organization of stock companies. The stockholders may direct the sale of the new stock by auction or otherwise and for such price per share as they may designate, or may require the payment of any sum they may see fit for the right to subscribe for the increased stock to be issued: Section 27, act of May 1, 1876, cited for amendment. Amendment. "Provided, That new stock shall never be disposed of for less than par value, to be received by the company and constitute capital, and that every stockholder shall be entitled to a like option with all other stockholders of taking the new shares in proportion to his interest in the company, and that all moneys thus received beyond the amount contributed for capital shall be applied as directed by the stockholders, and the company may direct the sale of options not taken after a reasonable time shall have been given for electing to take or refuse the same. No portion of the funds of a company shall be regarded as accumulate reserve subject to allotment under this section, except such amounts as may remain after charging the entire amount of premium receipts on undetermined policies, in addition to capital stock and all other liabilities. Before any such company as aforesaid shall be authorized to increase its capital stock as herein provided, it shall file with the insurance commissioner a certificate, setting forth the amount and manner of such desired increase, and the proceeding of the stockholders authorizing the same, and thereafter such company shall be entitled to have the increased amount of capital fixed by said certificates; and the examination of securities composing the capital stock thus increased shall be made in the same manner as is provided in this act for capital stock originally paid in. Whenever any existing fire or fire and marine insurance company, shall, by resolution of its board of directors, accept of the provisions of this section of this act as a part of the charter of said company, and a duly certified copy of such resolution shall have been filed in the office of the insurance commissioner, the charter of said company shall be deemed and taken to have been amended by the addition thereto of this section, which shall have the same force and effect as if a part of the company's original charter, constituting a supplement thereto," shall be and the same is hereby amended so as to read in the following manner: SECTION 27. Any existing fire or fire and marine insurance company, and any stock company formed under this. act, may at any time increase the amount of its capital stock, or alter and change the par value of the shares thereof, if authorized so to do by the stockholders holding the larger amount in value of the stock, at a meeting specially called for that purpose, of which at least sixty days' previous public notice shall have been given. At such meeting of the stockholders, and at all other meetings thereof, each stockholder shall be entitled to cast, either in person or by proxy, subject to such regulations as to voting by proxy as the by-laws of the company may prescribe, one vote for each share of stock that shall have stood in his or her name on the books of the company for at least three months previous thereto. Increase of capital stock, as aforesaid, may be made by increasing the number of the shares of stock or by increas ing the par value of the same, and such increased.shares or increased par value shall be allotted, pro rata, to the stockholders of said company according to their interest, and may be paid, in whole or in part, out of the accumulated reserve of the company, in case the condition of the company warrants such allotments, or the same may be disposed of as is provided in this act for the organization of stock companies. The stockholders may direct the sale of the new stock by auction or otherwise, and for such price per share as they may designate, or may require the payment of any sum they may see fit for the right to subscribe for the increased stock to be issued: Provided. That new stock shall never be disposed of for less than the par value to be received by the company and constitute capital, and that every stockholder shall be entitled to a like option with all other stockholders of taking the new shares in proportion to his interest in the company, and that all moneys thus received, beyond the amount contributed for capital, shall be applied as directed by the stockholders: and the company may direct the sale of options not taken, after a reasonable time shall have been given for electing to take or refuse the same. No portion of the funds of a company shali be regarded as accumulate reserve, subject to allotment under this section, except such amounts as may remain after changing the entire amount of premium receipts on undetermined policies, in addition to capital stock and all other liabilities. Before any such company as aforesaid shall be authorized to increase its capital stock, or alter and change the par value of the shares thereof, as herein provided, it shall file with the Insurance Commissioner a certificate setting forth the amount and manner of such desired increase, or of such desired alteration and change in the par value of the shares thereof and the proceedings of the stockholders authorizing the same, and thereafter such company shall be entitled to have the increased amount of capital or the alterations and changes in the par value thereof, fixed by said certificate, and the examination of securities composing the capital stock thus increased, or the par value of which has been so altered and changed, shall be made in the same manner as is provided in this act for capital stock originally paid in: Provided further, That no incorporated company, working under the provisions of this act, shall issue stock except for value received, and unless such stock actually represents cash in the reserve fund accumulated for the payment of policies issued by such corporations or on property owned by said corporations and necessary for the transaction of its business. Whenever any existing fire or fire and marine insurance com- may accept provipany shall, by a resolution of its board of directors, accept of the provisions of this section of this act as a part of the charter of said company, and a duly certified copy of such resolutions shall have been filed in the office of the Insurance Commissioner, the charter of said company Stock not to be isvalue received. sued except for Existing companies sions of this sec tion. |