Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1850-03-08
An Act
r. Incorporate the Globe Insurance
Conp"ny," in Southport.

Cohap"ny," in Southport.
SrcrioN l. BE it enacted, By the Senate and
a. c'ol assembly Of tie State Of Wisconsin =
That all such persons shall become stockhold-
to the capital stock hereinafter mentioned,
their successors and assigns, shall he and here
by constituted and made body polite and corpo-
rate, by The name and style of the " Globe ms ur
uHce COmpaRy;" and the office of said COMPANY
shall be at Southport in the county of Racine in
this State.
go The capital stock of said company shall not
exceed three hundred thousand dollars, and shall
be divided into shares of fifty dollars each and
there shall be paid into the treasury of said corpc
ration by each subscriber to the capital stock at
the time of subscription, AN nstamcnt of five per
cent on the stock by him subscribed the remain
der to be paid, or amply secured be paid, in such
securities on real estate other securities as the
commissioners hereinafter named shall deem snfi-
cienr and until two thousand shares Of said stock
Is subscribed for and paid secured to be paid, as
aforesaid said company shall not commence bust
ucss
%. The stock property and affairs of said cor
seTation, shall be managed and conducted by ff-
teen directors, who shall divide themselves into
three classes the term of the first class shall ex-
pre- on the first Monday of February next succeed
'ng their election, soon thereafter as others
are elected in their stead the term Of the follow
ing classes shall expire successfully OH the first
Monday of February of the following year or as
soon thereafter others elected in their stead:
the annual election for five directors shall be held
th,.f first L',L-,
such lime and place in Southport as i majority of
directors shall appoint, Of which notice shall be Civ
en- IN some public newspaper published and crcu-
latlng in the county Of Racine, at least ten DAYS
previous to said election; said election shalt be by
ballot and shall be held under the direction Of three
stockholders appointed by the directors, and direct
ors shall be elected by plurality of the votes of
the stockholders and their proxies, allowing
vote for every share of stock.
/. 1t shall be the duty of the directors OH or
ganlzing the company and annually thereafter, to
choose out Of their number a President; and they
may also elect in the same manner a Vice Presi-
dent, and the Vice President shall perform the du-
Ties of the President in oil his death, absence
or inability 10 act
D. {. l. Hutchinson, Serene Fisk. George c.
M'h"ef' lheouoic Newell and David CrosIt' shall
"e 'o'"'hSo'o"'iS 10 receive SUBSCRIPTIONS 10 the
''l'd' Stock OF Sa'u cohPah! ana wheh saIu stock
Sh'H De subscribed ana PAID or secured to be paid,
a. mentioned III Tue second section OF this act the
commissioners shaII call meeting OF the stock
holders by an advertisement published at least ten
DAYS previously Vi some newspaper published III the
county oil Nache' stating the time and place al
""ch Such meeting Oh 'he stockholders small be
"eu ""u S''N" "9 Oo''o' eject '"e 'St directors q
'''' COMPANY S"'u oo''''So''c'S SHAH act as m
sPcctofs oil Sa4u 'Iecuoh ana Il iheFe snail be any
"''''S OF ''@'s"'''oiS among Tue COMMISSIONERS
ABOVE appointed Inc" Ihe remainder Sha eject 9th
ofs to supply the vacancies so occaS'oned'
% HE sA'd company shall have power TO MAKE
Insurance upon vessels Feigh''' goods wares and
m'fch~nu'~e' ana 10 make All ana every insurance
connected wan "ian"c RISKS ana the RISKS OF trans