The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1868-06-06

ised to guarantee the fidelity Of persons in pia
Of public oe Pfvsle t3alA sSr I'd e6mS9nt$ d
receive on deposst ana kdn6ases lths Saissksepi
Of books, papers, moneys and other personal pr,
"a erty. aiiasAf 10
sse.a The annual meetings for the election
diregtsss sah1l y 1oiden drriagshssnse9t 4 y
!, uary. = - FyAW Of the cfuXA4 10 tirt
r PrAilfds SAusrAsess That s3fsbf savs ta6W
stockholders shall fail TO elect At any annual me
q ing, then they may hold asfssiel Dspaiag sol
d day subssq ssst shssstoS or tn pusposs, ~ givi
thirty days nttce thereof in some Newspaper
gene4l eireststion ID the county in v1ich be psi
c4nl uihcs &c the company shAil. bcsIocaaeE .
the directors chosen at any such annual or spec
meeting shall continue n siice until the next a
nual peeting and untiltheir successors, duly eiee
81, AbdwhkA accepted tss ~ ~ %
SEC 10. The directors shall choose by ballot
president from their own nunbsr and shall MI :
vacapcies which shall arise in The board, or in Il
prdihanxy ssraof spft thebsArdpf Airsstors thu
constftufed BIZ majority Of them Wien convene
Mt the office Of the company, shall be competel
TO exercise all the powers vested in them BY tn
SEC II. The directors Of any sueh compnr;
shall have power TO appoint secretary, and an
/ othsr officers or agspts necessary for tranmc4in
the businessnf the rcmpasy, psyiag saeh salari.
and taking such securities as they may deem res
| sonahe they msy ordsin md establish kush BY
laws and regulations not inconsistent with this q
| or sih the Ubnssitutipn aad Iaws Of the usite
states and Of this State, as shall appear to ther
necessary for regulating ana conducting the hnsi
ness of the COMPANY. and 1t shall be thsir Out
TO keep full and correct entries Of their transac
lions, which shall at antiunes be open to the in
spection Of the stockholders and to the inspec
ten Of persons invested by law with tho rieh
thereof
SEC. L. An poIicies or contracts of insurane,
made or entered into by the company, may b
Ia 81 ~
pany; but said policies shall be subscribed by til,
president or sneh other officer as may be designs
ted BY The directors for that purpose, and shall b,
attcsted by the secretary thereof
SEC. IL. IEaasfersof stock may be made by an
stockheider or biz legal representative subject tt
such restrictions as the directors shall from time
10 time establish in their by laws, except here
inafter provided.
SEC. T. Whenever any company organized nm
der thisaci with less than the maximum capital
limited in section three thereof shall in the opin-
ION OF the directors thereof require an increased
amsunt q caEita they shaii IL ast horised by The
heidsrs OF majority Of the stock to do so, Gle
WIN the Auditor of State certificate eeiting
forth the amount of such desired increase not er
cecding Faia maximum, and thereafter sueh com
pauy shat be entitled to have the increased mount
Of capital Fixed by said certificate, and the exam
inaften OF securities composing the capital stock
thus increased, shall be made 10 the same rnanner
as provided IN section seven Of this act, for the
capital stock first paid in.
src. 10. 1t shall not be lawful for the directors
trustees, or managers of any Insurance. company,
organized under this act, or Incorporated. under
any law of this State, 10 make any dividends, .x
eept from The surplas profit arising from their
business; and IN estimating ssda profits, there
shall lie reserved ttierefrota rum eqnal to forty
per cent. Of The amount received ~ prcniuns o..
upexpired risks and policies, which amount 90
n "a - II. H.. I. I
ssns ana there shal also be reserved ali sums aae
The eeperation on bands and mortgages, bonds
stocks, and book accounts OF which NO part Of the
principal es Interest thereon has been paid during
tbs J ear preceding such estimate Of prefts, and
upon which sais FOR foreclosure or solientibn has
not been cornrnenced, or which, after judgment as
been obtained thereon, shall have remained more
han two wears nnsasiEfed and which interes,
shall not have been paid: and in ease OF any such
Judgment the interest due or accrued thereon, and
-eira!ning unpaid, shall also be reserved. Any
dividends made contrary to ths-. prssisions shall
nbieei the company making ]. 10 a ferfeitnrc of
her charter.
rEc. Is. \ o company organized under This act !
b all purchase, held, e- eonTey sry real estate
ave fur the purposes and In Tie manner herein set
prrh io-wh: Irgt-+ sue stall BE- regulate for
IL convenient accom- meda,ion in the transaction |
4 its baslneksi See4nd-sHcha as shall have been |
nertgagea 20 il in good faith by way Of security
or loans previously contracted OF for money Gne /
Il, Thira-saea Is ttah saYe ssea conveyed 70 h |
. sata factioa Of debts prerioteIy eontiacnd ir |
hs segttimsse business Of the oosnpany sor faj
uppey duetor; F0srtb-Fneh rs shall hare I scn /
arcnasea 81 s.ss ppoa Judgments, DEGREES, or /
Mortgages obtained rr rnsde for such debts; and I
sAall pol nat be lsEgal for Any sneh rar.rauT to
M ID. hnsd. or udusey real cstsse b any ether
ase or for any ether purpose, acquired in any
ther manner, except ihat it rsay caEFsy real es-
-. L. IL q
ess, not necessary fer is conFcnicnt aecommoia-
or in the trapsaetten thereof Hed all ssch lsst
.aniiaDad real estate shall &c sold ana conveyed
aaaiD tAree years alter tae same skall hsse bcs0
~~srei ny the AUDITOR 81 Stsse unreceesary for
Ieh recommendation unlcrs the company shall
reoure certificate from the said Auditor that the
,terests of said company viii materially saIer Ly
forced sale, in which event the sase may bepost-
oned fer such period as tbs said Auditor shall
irect in said certificate
sES- II. j II EGIes laspa4ited With any u usuai
isurauee company 81 the time Of It's organize
on, NJ provided in ssciion three hsreof, shall
main as security for al! losses and claims until
ie aceamalat'oR q the profits investad "a re
tired hF the SAITH sertsen Of this act shall equal
&c amonat II cash capital required to be pos
ssed hy stock companies orgaI.4e4 uader this
4. the finbiitr Of each note decreasing pruror-
oHatals ss tbs fEo.ts sae aasanaia.ed: bat any
'te which NM have heen deposited sthany mu-
nj insurance company subsequent to its orgapi-
tion, IL adili.aa 10 the cash premiums on any {
.pranss effected With such esHpany. may, Al the
,flraiinn Q: the time Of such iusaran e, or upon
c caneullatspn bs ths comp any Of the policy he
linquished and given mp to the maker thereof,
hls legal representatives upe- his Paying bis !
aPsrFaes q iazses snd expenses v hich NAV seve
cruea thereon dcrihg sEah terra. The directors !
trustees Of sny saeh company shall have the
hit to determine the AMOUNT ef t.a nase to be c
IN fte ia nv l.
u inquired II sneh company; ard every person |
acting Insurance in Any mutual company, and r
20 their hstfS, eKeeatSsrs, administrators. and
signs, containing IL b. ~ insured, shall thereby
eano members u said company during the pc
~ Of fnk araaee, and shall be bound 10 ply fN I
sses and such neoessar. expenses as aforesaid,
cruing to said company in proportion to the :
pcunt Of bis their aspesit peie or ra.es Fro
sets, That a2y rerson insured IN any mutual t'c
mpsny, except in the case Of notes required by a
is actte is deposited ct the time of ia organi-
tion, may al any i;ue return his policy for cap /
i!ation, ana aIoA paa mont q theRlaount due q. d
CD time Spon his premium note, shall be dis
arged from her liability thereon, a
SEC. ls-The aIreslers shsli. ~ clten as they &
em necessary, after receiving notice of any los.
damsg e, settle and determine the sums To be s
i'd by the several members thereof as their Ne .
eetive portion Of such loss, and publish Ia n
Inc in snch manner Is they shah deem proper, ! ,
the II -lnEs shall hare prescribed; but the sum /
be paid 81 each sahrsber shall always be in pro-
rion to the original amount Of his deposit pote 8
notes. ard shall be paid to the ofacsrs of the Ii
npany xitisin thirty days after the publication o
said notice: and II any member shall, for The il
see Of thirty days after personal demand or by !.
ter fer pas ment shsil have been made, neglect a
refuse to Psy f5a SUN ~ sessed upon him bis a
oportion Of any loss aforesaid, the directors tray
g for and recover tie sheie amount Of his de- 4
sit note or notes, With essis Of suit; ba execu-
. shaH Issue fos asseasnsnts and costs they | p
srne only, and every such execution shall be ac-
npanied by list OF losses far which the assess +,
mt was made. IF the whole amount Of deposit n
les stall be Insufficient 20 pay the loss occa- "
med, tbs Sufferers insured br the said esfnpany
sii receive, toward making good their respsc- S
e losses, . propegtionate share Of the whole il
iouHt at said notes, according to thu sums 10 n
I'm respectively insured: bat no member siaH a
Fl be required TO pay for aav loss move thsn Tie e.
ole amount of his deposit note or notes. il
&c, IL Every Insurance eomnasy hereafter i
ysnised IS pssylded IN this asL shah, Il r. be 81
Il ISL eersrsny, ernbedY the word sfmafaai' In a
title, which shnli appear upon the first Fgs 81 ii
cry puliey and renewal receipt: and every con-
ny doing business as casA stock -crfpAnS a.
al, upon she face Of its Policies, express i 1,
ne suitable manner that snsh policies wsre il p
I'd by st9ek eompsaies. VII A
sEc 20. II shah he the duty Of the Prseidcuf y.
Of The Vice President md eecresary Of each G,
npany organised under this aef, or Incorporated n,
der any law Of this State or doing brsiness IN 81
IS State, anuusIlr, ~ tho 6rst dsJ Of January d,
each year, within twenty days thereafter, to b,
spAse Ahdkr cath, and dtp6tit in liz s1EoE 81 II
4nfifor of State, full, true aod comptefe ii
tetnent Of tbs condition OF spch company on al
last day Of the mcnth preceding that Ia which p,