The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1856-06-19
LAW S OF OHIO.
PUBLISHED BY AUTHORITY.
INo. lo1. ANACT,
To authorize The Incorporation of Joint Stock Iusur

tNo, lOz, ANACT,
To authorize the incorporation Of Joint Stock Insur
sEcT1es i. Be Il enacted BY tie General AsssmBIy
II 1s STATE n 0his, Ina. whensny number Of Per,
act 10 provide for the creation and regulation incor
porated companies In the State Of Ohio" passed May
hrst one thousand eight hundred and hftytwO,
ciateto form Joint stock Insurance company, they
shall. under their habds and seals makea certificate,
specifying the name assumed by such company, and
bywhic II shall be known, the OhjsetfOr which COM
pany may be formed the amount OF its capital stock,
and the place where the principal Office of said com
paIly sha be located which certificate shall be ac-
knowledged certified and forwarded TO the secretary
Of state aud shall be recorded and copied In the same
manRer Is provided in the second section of said
act; and sal persons, when so ncOrporated here
by authorEedto carry the business ofinsuranee,
named ia such certificate Incorporation and by the
nama and style provided therein shall be deemed bo-
dy corporate with suecessonthey and their associates,
successors and assigns 10 have the same general
porate powers and 70 be subject to all the obligations
and resrctons OF said act, and OF the acts amendR-
tory and supplementary thereto, except herein pro
Vided.
sac. 9. The capital stock aEy company organ
ized:under this act, shall be suchsum, Rot less than
one hundred thousand dollars nor more than three
hundred thousand dollars, as may be specified in
the certificate Of incorporation, which sock shall be
divided into shares Of twenty dollars each.
SEC. 3. That whenever any company organized un
der this act with less than the maximum capital lin
tied in section two, SHALL in the opinion Of the drec
tors thereof, require increased amount of capital
they stall, II authorized by the holders of ma
jority of tho stock file with the secretary of state,
certificate setting forth the amount of such desired in
crease, not exceeding such maximum, and thereafter
shall be entitled to have the increased amount OF cap
tai fixed by said certificate.
SEC. 4. At the time Ofsubscribng for stock in any
company organized under this act, the person sub
scribing shall pay the Of four dollars in money
each share subscribed and the balance each share
shalt he subject to the call ofhe directors, secured to
their approval by endorsed notes. payable on demand
BY other property stocks; and If at any time the
directors shall deem any such security insufficient. 1t
shul be their duty to require additional ury and any
afn hnl lIaF HhptbQP h0lHnO Suherrfpfinp n r
assignment and transfer, falling to Fay any portion Of
his stock at the time and in the manner prescribed
by the dire tors. negecng refusingt to give such
Addilional security may he required of him by the
directors shall be their duty to sell such delinquent
stock at aucton, for cash to the highest bidder. first
giving days notice of the time and place of sale by
ads Sersemen in some newspaper printed in the
~ In which the principal Office Ofthe company shall be
located. heproceeds shall be applied in payment Of
the aT cunt delinquent and the expenses Of selling the
sock-the ockholder remaining liable 10 the euplpa
ny dodcleacy and being entitled to any excess,
the resutmay be.
SEC S. The persons named in the certificate Of in
corporation, or majority Of them, shall be commits
Eoners to open books for the subscription Cf stock In
theDcompany, at such times and places as they shall
doem convenient and proper aud so soon as one thou
sand shares shall be subscribed. and shall be paid
secured required in the fourth section of this ac
the company shall bo competent to transact the busi
for which. according 10 its certificate of organza
tion, II Is established.
SEC. 6. The affairs Of any company organized un-
der this act shall be managed by not more than nine,
norle than five directors all of whom sha Il be stock
holders. Within month after thousand shares Of
stock shall have been subscribed, majority Of the
stockholders shall hold meeting for th2 election ofd
rectors, zach share ofstock eneing the holder there
Otto vote: AID the directors then elected shall
tinue in Office until e first Monday in January there
ater, and until others shall have been chosen to
coed them in the trust and shall have accepted the
same.
SEC. Z. The annual meeting for the election Of d.
Yectors. shall be holden the first Monday in Ja
AIRY: Provided, however, that if for any cause the
stockholders shall fail to elect directors atany annual
meeting. they may holda special mcetingon some sub.
aecuenday, for the purpose by gvn notice thereof
thirty days in some newspaper in general circulation
In the county where the principal office Of the compa-
ny sha be kept and the directors chosen at ny such
annual stated meeting shall continue in Office until
the neyt annual meeting and until their successors,
duly elected, shall have accepted
SEC. g. The directors shall choose by ballot. pre-
sident from their number. and shall fl all yacan-
ces that may arise In the board in the presidency
thereof and the board directors, thus constituted
the company. shall be competent TO exercise all the
powers vested in them by this act. :
SEC. 0. It shall be lawful tor any company organil
Eed under this act to insure houses buildings anha
other kinds ofproperty, against loss or damage b! fire,
in and out ofthe State; to make all kinds ofnsuance
goods, merchandise, or other property the course
otransportaton whether land or water, or on any
vessel boat wherever the may be- to lend mon.
ey upon bottonry or rcspondena; and to cause it,
ref to be insured againstany loss risk it may have
Incurred in the Ofis business and against any
maratme other risks upon the interest ich il ma!
have in any vessel, boat goods, merchandise Other
property by means nf any loan or loans which IL may
have made on mortgage, bottomry. respOndentia
and generally TO do and perform all Other matters and
things proper to promote these objects.
SEC 10. 1t shall be lawfnfor such company to loan
invest any part IFS capital stock, money otheI
funds In such way the directors shall deem test fol
the safety and interest Of the stockholders; andt sell
transfer and dispose Ofany interest which the cOmpa
ny may have acquired by any such loan investment
SEC. II. The directors shall declare such dividend
profits of the business ofthe company may tt
paid without inparing in anywise diminishing tn,
capital stock: the dividends to be made half yearly
the first Mondays Of July and December able to thu
stockholders ten days thereafter but div vdrnd sha
be paid to any stOckhulder whose stock delinquent
SEC. 12. Transfers Of stock may DO made by am
shareholder, his legal representative, subject to suci
restrictions the directors shall from time to time
make and establish in their bylaws.
SEC. 13. All policies or contracts Of insurance mad
or entered into by the company. may be made eithc
under or without the seal thereof; they shall be sub
ecribed by the president, such other officer MAJ
be designated by the directors for that purpose,
shall be attested blythe secretary; and being sub
scrbcd and atested, they shall be obligatory til
company.
have power to appoint secretary. and any other of
and agents necessary for tranactng the business
the company paying such salaries and taking such
cury as they may judge reasonable; they may Ordal
and establish bylaws and regulations, not consster
with this act with the constitution and laws of thi
State and of the United States shall appear then
necessary for regulating and conducting the business
the company: and it shall be their duty 10 keep full
correct entries Of their transactions, which shall at a
times be open to the inspection ofthe Stockholders
SIC. is. This act shall tax. effect, and be in fore
N. II. VAN WORRIES.
Speaker Of the Honss Of Representatives..