The Minnesota pioneer. [volume] (St. Paul, Minn. Territory) 1849-1855, 1853-03-31
CHAPTER vIIAN ACT incorporate aud Marine Insurance.
Company

Be enacted by The Legislative assembly Of The Trrtory9f Mn
nesoia, That from the this shall take effect William
LeDuc John Harrington, Alexander wkn John R. Irvine,
Charles w. BoruP w L. Ames T. Larpenteur Levi Sloan,
who may hereafter with them in the manner herein
prescribed shall be body polite and by the of
be sued plead and be peadcd defended any
Court OF Record, or other place whatever.
SEC 3 The Corporation hereby may party
TO suits at law, make bylaws any
ing law for the regulation of its affairs have, and
SEAL and alter pleasure and in addition to these gen
eai powers shall have authority by under
i To make descriptions of property against
3D. 70 make all descriptions vessels
interests against the pcrls navigation
to cause all policies be paid for the of delivery either
note in cash
SEC All the corporate powers Of the said company shall be
exercised by Board of Directors consisting of persons
of whom shall citizens of this rcritory and such officers
shall bold their office for years. and until others
They elect from their own BODY President and V;cepe
dent, respectively hold office during the aforesaid
term OF two and until others elected nothing
shall prevent Director or other officer whose
term has expired, about expire being again eligible
Seven members of the Board shall constitute quorum
business The persons named in the first section
Of this shall Board of Directors
SEC The Board of Directors shall have power fill all
shutting They also choose in the same manner
previous to the biennial election of Directors three inspectors
such election whose duty shall be the
and declare result inspectors shall also be
Judges Of the qualifications of Notice Of election
shall given by publication in one or more Of the
printed ST. Paul least weeks previous thereto over the
signature Of ano officer of the said Company
Sre Every person taking policy of insurance from
the said Company shall hereupon member and
shall at all elections of Directors thereafter entitled vote
upon dividend certificates issued hereinafter provided
the ratio of for dollars of such certi-
Gates: Iror|ed, That such election held
profits said Company shall be en,itd to vote
theeat IN the ratio of vote TO fifty dollars of premium
shall person than fifty votes except
as provided IN section eight of this act.
SEC. 6 shall be the duty of the Corporaors named in the
crot hemu lesStL
within year after this takes effect open receive
application for insurance be effected BY said ompany and acr
the said apple the
sand @ the books be closed aud the said Company
ganized.
SEC :. All premiums upon policies by said Company
shall be paid in cash. when the effected except
be thereafter withdrawn but shall liable and
expenses incurred l,y the said Company
SIC Forhe better security policy holders the said Com
receive for advance approved
Board OF Directors from intending policies
that have accrued policies held sirners
thereof the periods when the Company shall
up annual statement as hereinafter provided condensation av
be allowed the thereof guaranty
at to be determined by the Board of Directors
twelve per cent per annum; such note shall be entitled to
repre- the election of Directors in the same ratio as
dividend certificates aud shall be liable for losses
premiums the eore received are insufficient to paw the amc
Porrdd That made shall
bur<ed from the funds OF the Company before dividend of the
profits shall! be made.
o. for the said Company to issue stock
policies $50 called DESTROYS participating
such policies passed the profit and loss on
the books Of the Company
SEC TO- 1t shall be awful for the said Company
funds bonds and nncumbered real estate
fifty per loaned thereon
created by under the laws o this Territory United States
and on bottomry and repondena otherwise the
the Board of Directors and change
SEC H. BY first day of January 1854 and annually
after, the officers Of the Company shall
It's affairs to be made They shall profits (f any
have accrued policies issued during the year ending
the Dist day of December last preceding
thereof t" the holders of such policies proportion the
paid by EACH such shall
be
accumulated profits exceed hundred thousand dollars
and as fast as the be redeemed by such
Gates tor the hrst profits taking priority and
regular Nevertheless each of
contain that the named liable
losses at any time to its redemption provided
seventh section of this
SEc ~ The annual statement aforesaid, shall full
complete and shall be published
of St Paul, for weeks Immediately have
been made for the benefit Of the public generally
SEC IL Suits at law be prosecuted and by
member against the said Corporation losses damages
insured against by them if payment withheld by
longer period than the shall duly
and member Of the Company being
dvdua capacity party therein shall be deemed competent
witness against the said Company All process gans
the said Company be served the President
SEC. IA. The Office of the said Company shall and
kept in the City Of St. Paul.
CHAPTER VILLAIN ACT an a. "a the SantP eond
fiH,"e lsurn1oe passed february