Eaton Democrat. [volume] (Eaton, Ohio) 1843-1856, 1856-05-08
LAWS OF OHIO
PUBLIsmED ny AUTnORITY
(No. io4.l AN ACT,
To authorize the incorporation OF Joint Stock

senibib Of the Sidte Of Oki0, That when any
number Of persons, ss required by the first
section OF the act entitled Gan act to provide
fof the cteation snd regulation OF incorpGIaied
companies in The Slate cf0bi,," passed May
6rst,oue Thousand eight hundred and fifty.two
associate 10 forT joint stock insurance com.
psny, they shall under their bands and seals,
make certificate specifying the name assumed
ty such company, and by which il shall be
knows, the objection which said compsny sha all
be fofmed, the amount Of its capital stock, ,and
the place where the principal Office Of said
company shsll be located, which certificate
shall be acknowledged certified and forwarded
10 the secretary oil stale, and shall be recorded
and copied in the same manner ss is provided
in the second section Of said act; and said per-
sons, when 30 incorporated, are hereby suthor.
iced 10 carry on the business Of insurance, as
named in sdch certificate Of Incorporation, aud
by The name and style provided therein shall
be deemed body corporate, with succession;
they and their associates, successors and as.
sigws 10 have the same general ccrporaie pow
eTs, and &c snAjecl 10 eli the Obligations and
restrictions Of sad aci, end Of the acts amend.
atry and supplementary thereto, except as
herein provided.
SECTION, 2. The capital stock OF any com.
pany organized Under this act, shall be such
sum, moi less Than onr hundred thousand do;
lars, nor more than three hundred thousand
dollafs,as may be spe Gifted in tie certificate ol
Incorporation, which stock shall be divided in
TO shares o iwenlv dollars euch,
SEcrIos, 8. That whenever any company
ofgsnged under this act, with less than the
maximum capitol limited III section Two, shall
in The opinion oflhe directors thereof, require
an increased amou at OF capit,l, they shall, il
authorized by the holders Of ma joriiy OF The
stock, file with the secretary Of state, "a ceIiif
cate selling forth The amount Of such desired
increase, rot exceeding such maximum, and
thereafter such company shall be entitled 10
have the increased amount Of capital fixed by
said cetiifcate.
Slcriox 4. At the lime of subscribing fol
stock in any company organized under thi act
the person SO subscribing shall pay The sum oil
four dollars in money on each share subscribed
and the balance on each share shall be subject
10 the call Of The directors, secured to their ap.
ptoyal 'y endorsed Mules payable on demand,
,or by other property or stocks, and IL D; any
Ttime the directors shall deem any such securlry
insuicient,it ii shall DO their duty to require ad
ditional security; aud any stockholder, whelll.
erhoiding by subscription, or by assignment
and transfer, falling TO pay any portion Of his
stock at the time and in the manner prescribed
by The directors, or negecting or refusing 10
give such additional security as may beIeQ uif
ed of him by the directors, it shall be iheir
dutyto sellsueh 6e linquent stock at auction, for
cash, to the highest bidder, first giving Ten
days notice The tune and pace oil sale, by
advertisement, in some newspaper printed in
the county in which the principal office OF The
company shall be located. The proceeds shall
be spplied 10 payment Of the amount deln
queni and the expense Of selling the slock--
The sioekholdef remaining liable 10 The compa-
ny for any deficiency, and being entitled TO
any excess, as the result may be.
SECTION s. The persons named in the Get.
tihcaie OF Incorporation, Of majority OF The m
shall be commissioners 10 open books for the
subscription OF stock into the company,at such
times snd places as they shall deem conven-
ient and proper; aud SO som as one thousand
shares shall be subscribed, and shall be paid
orsecuIed, as required in the foulih section
OF this act, the company shall be compe.
tent 10 transact the business for which, &C.
cording to its certificate oil organization, 1t is
established. y
SEcTios g.. The affairs OF any company or.
ganzed under this act, shall be managed by
not more than nine, nor less than five directors
oil Of whom shall be- stockholders. Within
one month afteF q thousand shares OF stock
shall have been subscribed. majority OF the
stockholders shall h Id meeting for the elec-
ton Of direciors, each share OF stock entite-
Ing the holder thereof to one vote; and the 1i-
Tectors then elected shall continue IN Office
until tie first Monday in January thereafter,
end until olhefs na'ail have been chosen 10
succeed them in Tie trust, and shall chance
accepted The same.
SEcTIos Z. The animal mt cling for the elec.
tion Of directors, shall be holden on The first
Monday in January: Provided however, that
if.or sny cause the Stockholders shall fail 10
elect directors al any annual meeting, they may
hold special meeting on some subsequent
day, for the purpose, BY giving notice thereof
thirly days IN some newspaper 10 general cir.
culation 10 the county where the principal Of
fee Of the company shall be kept; and The
directors chosen at any such annual or stated
merting shall continue in Office until the next
annual meeting, aud until their successors,
duly elected, shall hpve accepted.
SECTION s. The directors shall choose by
ballot, president from their own number and
shall Gil oil vacancies that may ariEe in the
board or ia the presidency thereof; and the
board OF directors, thus constituted, or aior-
~ ofthenl, when convened at the Office ol The
company, shall be competent 10 exercise all
The powers vested in them BY This act.
SEcTsoN o. II shall be lawful for any COM
paay otgsnized under this sc., /, to insure hous-
es, buildings, and oil other kinds Of property,
against loss OF damage BY fIe, in and out Of
TIE State; 70 make slfkinds of insurance on
goods, merchandise, OF other property In ihe
course OF transportation, wheth.r ON land or
water, or on any vessel OF booi, wherever the
ssme may be; 10 lend money upon bo,;omry
or pondentis; pndlto Cause itself 10 be in
suted against any loss o. risk Il ma have II, .
Cured ia the course of lis business. and against
any naraiime OF other risks upon ,he interest
which il may haveWpon anyvessei, b6ate goods
merchandise Or other property, By means OF
any loan or loans which iimay have made on
mortgage, bottomfy, correspondents, and gem
orally 70 do and perform oil other matters and
things proper 10 promote these objects.
SEcTloE TO- II shall be lawful for such
company 10 loan or invest any part Of is esp
iIal stock, money, OF fun,ls, Ia sach way!a
the directors shall deem best 6er the safety
and interest Of the stockholders; apd 10 sell,
traaslet and dispose Of any interest which he
company may have acnuired by any such loan
ofinvesiment. q
SEcTiox II The directors shall declare
sAchdisidepds Of lbe profits Of the business
o. the compeny % may be paid wiihontiIlpnir
inEorinsnywiss diminishing The cspital stock;