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



the same, Or any part thereof, on the security
Of such stocks or bonds, or treasury notes, or
upon bonds and mortgages as aforesaid and
not otherwise and TO change ard reinvest
the same in like securities as occasion may
from time to time require but any surplus
money over the above the paid up capital
stock Of any such companv--orgaLizec IN.
der this act, cr Incorporated under the law
Of this Stale-may be invested Or loaned up.
on the pledge Of The public stocks or bonds
OF the United States, or any one Of tho
States, or the stock, bonds, or other eviden-
ces Of Indebtedness of any solvent dividend.
paying institutions Incorporated under the
laws Of this State or of the United States,
except their own stock Htorided, Always
that the current market value of such stock,
bonds, or other evidences Of indebtedness,
shall be at all finest during the continuance
Of snch loans, 1t least fen per cent. mere
than the sum loaned thereon.
Sec. l.. Upon receiving notification that
the requirements oil the Processing sections
have been complied With, the Auditor Of
State shall make an examination Or cause
one to lie made by some disinterested per-
son officially appointed by him for that pur-
pOre-and if il shall be found lin the exam
inat:on be made by other than the Auditor;
then the finding shall be certified under
oath) that the capital herein require Of the
company named, according to the nature Of
the business proposed TO be transacted by
sessed by it in money, or in such stock notes.
bonds aud mortgages as are required by the
third and sixth sections Of this act, then he
shall so certify; and if the examinations be
made by other than the Auditor, then the
finding shall be certified under oath, or if i,
is proposed to be mutual Insurance. com.
pany, that IL has received and is in actual
possession ot the capital, premiums, or bona
fde engagements Of insurance or other Sc,
cnrities, as the case may be, to the extent
AID value required by the third and SIKH,
sections Of tbs act. The name aud resi-,
dence Of the maker Of each premium note
forming part Of The capital Of any such pro.
posed mutual insurance company, and the
amount Of such note, shall be returned 10 the
Auditor.
The corporations Of officers of any such
company or proposed company, contemplate
ed by this act, shall be required to certify
under oath to the Auditor Of State tina, the
capital exhibited to the person making the
examination directed in this section, was
bona Jide property Of the company SO exam.
ined. The certificates above contem plated
shall be fled n the office Of said Audior
who shall tbereupon deliver to such cons
pany as certified copy Of the same-wi,h
his written permission for them to commence
business proposed in their write certificate
Of incorporation-which on being placed on
shx.f Nf IL
county in which the company is TO lie loca-
ted, by the recorder in book prepared by
him for that purpose, shall be their authority
to commence business and issue policies !;
and such certified copy Of said certificates
may be used in evidence for or against said
company with the same effect as the oriyi.
uals.
Sec. 6. 1t shall be lawful for any com.
pany organized under this act or doing bus.
iness in this State: First, 10 insure houses,
buildings, aud all other kinds of property
against loss or dammage by FIRE, or Other
casualty, and to make all kinds OF insurance
on goods, merchandise or other property in
the course OF transportation whether on land
or on water, or any vessel or boat, wherever
the same may be second, to make insurance
on the health Of individuals, and against the
personal injury, disablement and death re.
sulting from travelling, or general accidents
by la0d or BY water: third, to insure The
fidelity ofpersons holding places Of public
or private trust forth, to receive ON deposit
and insure the .aie.keepirg Of books, pa,
pers, money, stocks, bonds, aud all kinds d
personal property; fifth, to insure horses
cattle and other live stock against loss OF
damage by accident, theft, or any unknown
or contingent event whatever which may b.
the subject oilegal insurance /; 70 lend none,
on bottomry or respondentia, and to Gauss
itself to be insured against any loss or risk i
may have incurred Ia the course Of its bus.
mess, and upon the interest which it ma,
have in any property by means Of any loaI
OF loans which il may have made on NOR
gage, oottomry or Respondents, and gene
rally to do aud perform al other matters anc
things proper to promote these objects: T1o
rided, That no company shall be orRanixec
TO insure policies of insurance for more thar
one Of the above aforementioned purposes
and no company that shall have been organ.
lied for either one Of said purposes shall is,
sue policies Of insurance for any other; an.
no company organized under This act, o.
transacting business in this State, shall cx,
pose itself to loss on any risk, or hazard 4
the amount exceeding ten per cent. on il.
paid.up capital, unless the excess shall be re
insured BY the same in some other good ane
reliable company; Ind Iroridcd, That III,
restrictions as TO the amount OF risk an,
company shall assume, shall not apply K
companies organized to guarantee the hdel.
ily OF persons in places Of public or private
trust, nor 10 companies that receive on dc
posit and guarantee the safe>keeping o
books, papers, moueys and other persona
property.
Sec. >. The annual meeting for the elec
tion Of directors, shall be holden during The
month Of January, ns the by>laws OF ths
company may direct: Iroridcd, howercr
That If for any cause the stockholders shall
sail fail TO elect ut any annual meeting, then
they may hold special meeting some day
subsequent therennso for that pur,s Sc, ly
giving thirty.days' notice thereof in som.
newspaper in general circulation in the
county in which the principal office of tie
company shall be located and the directors
chosen at any such annual or special NEE,
ing shall continue in office until the next Nh
nual meeting and until their successors, du,
ly elected, shall have accented.
Sec. 10. The directors shall choose by
ballot president from their own number.
aud shall fill all vacancies which shall arise
in the board, or in the presidency thereof .
and the board Of directors thus constituted
or majority Of them when convened at the
Office of the company, shall be competent 10
issue all the powers vested in them by this
act.
Sec. IL. The directors Of any such com.
pany shall have power to appoint secrcta.
~, and any other officers or agents neces>
sary for trarsacting the business OF the CONS
pany, paying such salaries and taking such
securities as they may deem reasonable :they
may ordain and establish such by.laws aud
regulations not incons sient with this act or
with the constitution and Laws of the United
States and Of this State, as shali appear to
them necessary for rcgula,in. and conducts
ing the business ofthc company and it shall
be their duty to keep full and correct entries
Of their transactions, which shall at all times
be open TO the inspection Of the stockhold>
ers, and tothe inspection Of persons invested
by law with the right thereof.
Sec.l2. All policies or contracts Of in
surance made or entered into BY the COM
psny, may be made either with or without
the seal Of said company, but said policies
shall be subscribed BY the president or such
other oiilceras may be designated by the d.
rcctors for that purpose, and shall be attes>
ted By the secretary thereof
Sec. ~. Transfers ofstock may b made
BY any s.ockholder, or his legal representa-.