Buchanan County bulletin and guardian. (Independence, Iowa) 1866-1869, 1868-11-06


SECTION l. be. ssaefed ~ tAe 6ensrat Az
sembiy .fthe State v Iosra, That hereafter when
any number Of persons associate themselves to-
gether for the purpose Of forming an insurance
company, any other purpose than life inss-
rance, under the provisions Of chapter hfty-two
Of the Revision Of 1860 and all acts amendatory
thereto, they shall publish 4 notice Of such in
tention once in each week four weeks in some
public newspaper in the county in which such
insurance company isproposed to be located;
and they shall also make = certificate, under
their hands, specifying the name assumed BY
such company, and by which II shall be known,
the object for which said company shsll be
formed, the amount Of its capital stock, and the
place where tho principal Office Of said company
shall be located. which certificate shall be &C.
knewlsdged be fore, aud certified by some no.
tary public or clerk Of court OF record, and for
warded to the Auditor of State, who shall sub
nit the same to the Attorney General 70: ex-
animation, and il il shall be found by the said
Attorney General to be in accordance with the
provisions Of this act, and not in conflict with
tho constitution and laws Of the nitcd States
and Of this State. he shall make n certificate Of
the facts and ssturn it 10 the Auditor Of State,
who shall reject the name title applied for by
any company when he shall deem the ssme too
similar to any one already appropriated by any
other company. or likely 70 misead the public.
See. . When the said Certificate Of the said
company shall have received the approval Ct
said company shah sause the same To be rccor-
,ied ~ now required ~ law Tor recording arii-
eles Of Incorporation, sca said persons. when
incorporated, and having in aIi respects COM
piled with The provisions Of this act are her'hy
authorized t. carry un IT, business al insu-
rance, as named in such ceetihcaies q! incorIn-
ration, and by the name and st.ie provided
therein aud shah be deemed body corp rate
with succession they and their ass"ciatts. rue
cessors. and assigns % have the saYe general
corporate powers. aud lac satieci TO all the 'tii-
cations and re tricruns al s.id chapter htsy TIVE
of Revision II $50. aai ~ such acts n. MAY b"
ancndn,ory su ,plemvntar, thereto. eAc,pta az
rs may b. herein other Use provided.
See. . 40 joint stpck e.ini,sny shall lie in
c"rpora'ed under The prsHisi' al TIL, net With
similar capital than ui,y th' a-nnd d"llars nor
more than one million dollar. msy he spec
fled ia the certificate Of Incorporation, which
stock shah be divided into shares Of one hun
dred daars each u; which capital not less than
twenty FIVE per cent. thereni. and in no CAGE
less than twenty five thousand dollars shall lie
paid up in cash. The balance 1T the capital at
said company may consist 81 the bond. or uotes
OF the Stockholders. nor shall any company. On
the plan Of mutual insurance, commence bus
ines. in this State uitil agrcem' Mt have 5c'n
entered into for insurance with At lea,t two hum
dred applicants. the premiums upon which shall
amount TO not less than twenty five thousand
dollars Of which Mt least i've thousand dollars
remainder of which notes cf solvent parties.
feal.dci upon actual AZ 4 b,nn ride aprraiia u
for insurance, shall have been received M one
oil the notes received rs atvre.aifi shall amour
to mote than FIVE hundred dollars: and no two
therefore shall be given Cor the same risk. OF
made by the same person or firm. except where
the who amount of sue mote. DIES not exceed
the sum Of i've hundred dollars; Nor shall npv
note be regarded o represented as 1pifal stock
unless policy be issued upon fhe sare within
thirty day alter the organization OF TIE e"Ei-
pany taking the same. upon ri.k WI IN slail
be f,r shorter period than twelve nertb..
Each OF 81 4 notes shall Ice pnysb.c. II whole or
in part. ut any time when The dire lrs shail
dem the ,amo requisite for the mint 81
, l,-scs by fire inland navigator Md such in
cilents eNpense- As may lie neers AIRY fer tran
acting the business IF said company. Aud NJ
note shall lie accepted par. Of such capita
stock unless the same shali be accompanied by
cert fcafe Of Justice Of The psacc. notary pub
lie. or clerk of the bis'rct Court ~ the rannf
in which the person executing such note hal
. reside. that the person making the 'amr il. II
his opinion. pecuniarily good sad rc-p"nsii,le
!, fur the same in property not exempt h,,n -.
mutton by the laws oi their state agd n" ,nei
note shall he surrendered waite the policy fo
which il wa. given continues in free.
e S-c.s 4. H,sii e pni,l,,hed be no'ce AMI
! filed publ hers affidavit at publication there
of with the Auditor oi Siae, iog, iher viii
i the certificate required ly the first sec
{ ton ii this act, the persons nam'd III tn
U certificate ofincorP ration or a majority O
l thu. shall he commissioners 10 OF en- book
b Tor the subscription ct stock to the compan,
It at such times and places ms To them mn.
: seem convenient and proper, nd shall keel
r the same open until the full amount specific,
y in the certificate, Is subscribed or in cas-
h the business Of such company is proposed /,
Al. - .ut ss..,,
e rance, then open books to receive PROPOSE
i tions and enter into ayr ements IN the man
ser and to the exten, specified in the ,hir
n section Of this act,
. See. ). The affairs Of any con- papy. OF
y ganize5 under the provisions Of this nc
~ shall be managed by not more than twenty
IS one nor fewer than FIVE Directors, all I
'e whom shall be stockholders. Within thir,
d. days after the subscription book shall ha,
!. been filed, majority Of the subscribers sha
vi hold meeting for the election Of Director
i each share emitting the holder thereof
one vote ; and the Directors then electe
r shall continue in office until their successor
b. have been duly chosen and have accepte
n. the trust
e. Sec. 6. II shall be lawful for any ins
10 rance company organized under the act, {
Incorporated under any laws Of this State,
e. invest its capital and the funds accumulate
IL. in the course Of its business, or any pa
thereof in bonds and mortgages on uni
numbered real estate within the State
Iowa, worth double the sum loaned therec
exclusive Of buildings are insured in SON
ue responsible company or companies, and Il
lis policy or policies transferred to said con
pany, and also in sticks Of this State,
stocks or treasury notes Of The Uuited State