The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1868-11-26

Ill. The directors of any such com
pany shalt have power to appoint q sec
retary, and any other officers or agent,
necessay for transacting the business o
the company, paying such salaries and
taking such securities n they deem
reasonable; they may ordain and sstab.
lish such bylaws and regulations moi
Inconsistent with this act or with the
Constitution and Laws OF the United
States aud Of this State, as shall appear
to them necessary for regulating and
conducting the business Of the compa.
ny; and 1t shall be their duty to keer
full and correct entries of their trans.
actions, which shall Mt all times be open
'ns 70 1s q
invested by law with the right there.
of.
Z IL. All policies or contracts Of In.
surance made or entered into by the
company, may be made either with OF
without the seal Of said company; but
said policies shall be subscribed by the
president or such other officer as may
be designated by the directors for that
purpose, and shall be attested by the
secretary thereof.
l3. Transfers of stock may be
made by any etockholder, or his legal
AcPteScht0uSe, SuoySCs W Sucu TeStIic'
tiOns as the directors shall from time TO
time establish In their bylaws, except
AZ hereinafter provided.
al4. Whenever any company orga-
nised under this act, with less than the
maximum capital limited In section
three hereof, shall, In the opinion of the
directors thereof, require an increased
amount of capital, they shall, II author
ICED by the holders of majority Of the
stock to do SO, file with the Auditor Of
State a certificate setting forth the
amount of such desired increase, not
exceeding said maximum, aud thereaf-
ter such company shall be entitled to
have the increased amount of capital
fixed by said certificate, aud the exam
ination Of securities composing tho CAPT.
tai stock thus Increased, shall bo made
In the same manner ~ provided In sec.
tion seven Of this act, for the capital
stock first paid In.
2l5. 1t shall not be lawful for the
directors, trustees, Or managers OF any
insurance company, organized under
this act, or incorporated, under any law
ofthis State, to make Ahy dividends,
except from the surptUS profit arising
from their business: and In estimating
such profits, there shall be reserved
B.
ofthe amount received as premiums on
unexpired risks, and policies, which
amount SO reserved il hereby declared to
be unearned premiums; and there shall
also be reserved all sums due the corpo-
ration on bonds and mortgages, bonds,
stocks, aud book accounts, of which no
part Of the principal or interest thereon
has been paid during tho year preceding
such estimate of profits, and upon
which snit for foreclosure or collection
has not been commenced or which, af-
ter judgement has been obtained there
on, shall have remained more than two
years unsatisfisd aud on which interest
shall not have been paid; aud in case Of
any such judgement the interest due or
accrued thereon, and remaining unpaid,
shall also be reserved. Any dividends
made contrary to these provisions shall
subject the company making it to q for
feiture of their charter.
{ l6. No company organized under
this act shall purchase, hold, or convey
any real estate save for the purposes and
in the manner herein set forth, to-wit:
First-such Us shall be requisite for its
convenient accommodation in the trans
action OF it's business; Second-such as
shall have been mortgaged to it in good
faith, by way of security for loans previ-
ously contracted, and for money due; or,
Third-sucG Us shall have been convey
ed to it in satisfaction of debts previous
ly contracted in the legitimate business
of the company, or for money due; or,
Fourth-such as shall have been pur-
chased at sales upon judgment debts;
and it shall not be lawful for any such
company to purchase, hold, or convey
real estate in any other case or for any
other purposes, or acquired in any other
manner, except that it may convey real
estate witch shall be found, in the course
of its business, not necessary for its con-
venient accommodation in the transac-
ton thereof; and all such last mentioned
real estate shall be sold and conveyed
within three years after the same shall
havo been deemed by the Auditor of
State unnecessary for such acconmoda
ton, unless the company shall procure
certificate from the said Auditor that
the interests of said company will mate
rally suffer by n forced sale, in which
event the sale may be postponed for such
a period as the said Auditor shall direct
in said certificate.
S17. All notes deposited with any
mutual insurance company ut the time
of its organization, as provided in section
three hereof, shall remain as security for
sll losses and claims until the accumula-
ton Of the profits Invested as required
by the slxCh section OF this act shall
equal the amount Of cash capital requ-
red to be possessed by stock companies
organized under this act, the liability OF
each note decreasing proportionately as
the profits are accumulated; but any
note which may have been deposited
with any mutual insurance company
subsequent to its organization, in addi-
tion to the cash premiums on any insu-
rance effected with such company, may
at the expiration Of the time of such in
surance, or upon the cancellation by the
company of the policy, be relinquished
and given up to the maker thereof, or
his legal representatives, upon his pay
ing his proportion Of losses aud expenses
which may have accruedthereOu during
such term. The directors or trustees
OF any such company shall have the
right to determine the amount of the
note to be given in addition to the cash
premium by any person insured in such
company; and every person effecting in.
surance in any mutual company, and
also their heirs, executors, administra-
tors and assigns, continuing to be SO in
sured, shall thereby become members of
said company during the period of insu-
rance and shall be bound to pay for loss
e. aud such necessary expenses as afore-
said, accruing to said company, in pro-
Al la. ~ tlNnt ri