The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1868-07-09


cident, thoft, Or any unknownor con-
tingont event whatovor which may
DO the subject Of loyal insurance to
loan money on b0ttomry or respond
cntia, and TO cause itsclfto be insusrd
against any loss or risk it may have
incurrcdssin tho course Gifts business,
and upon tho interest which it may
have in any property by means of any
loan or loans which it may have
made on mortgage, bottomry, or rc-
spondentia, and generally to do and
perform all other matters and things
proper TO promote those objects: Pro-
vidod, That no company shall be or
ganiscd 70 issue policies Of insurance
for moro than ono OF the above fivo-
mentioned purposes, and no company
that shall have boon organized for
oithUr one OF said purposes shall issue
policies of Insurance. for any othcr J;
and no company organized undcr
this act, or transacting business in
this State, shall expose itself to loss
on any risk, or hazard to the amount
exceeding ton pcr cont. on its paid-up
capital, unless the excess shall be rc-
insured by tho Same in some other
good and reliable company; And Pro.
vided, That the restrictions as to tho
amount of risk any company shall
assume, shall not apply to companies
organised to guarantee the fidelity
ofporsons in places Of public or pri-
vate trust, nor to companies that re-
ceive on deposit and guarantee tho
safe-kooping Of books, papors, mon
eys and other personal property.
Sec. 8. The annual meetings for the
election Of directors, shall bo holden
during the month of January, as tho
bylaws of the company may dircct
Provided, however, That If for any
cause the stockholders shall fhil to
elect at any annual meeting, then
they may hold o special meeting some
day subsequent thcreto for that pur-
pose, by giving thirty days notice
thereof in some newspaper In general
circulation in the county in which the
principal Office of tho company shall
be located; and tho directors chosen
at any such annual or special meeting
shall continue In Office until tho next
annual meeting and until their sue.
cessors, duly elected, shall havo ac-
ccptcd.
Sec. 10. The directors shall choose
by ballot . president from their own
number, and shall fll all vacancies
which shall arise in the board, or in
tho presidency thereof; and the board
of directors thus constituted or a ma.
jority of them when convened ut tho
Office Of tho company, shall be CON-
petsnt to exercise all the powers ves.
ted in them by this net.
Sec. IL. The directors of any such
company shall have power to appoint
secretary, and any other officers or
agents necessary for transacting the
business Of tho company paying such
salaries and taking such securities
rs they may deem reasonable; they
may ordain and establish such BY
laws and regulations not incUnsistgnt
with this act or with tho Constitution
and Laws of the United States. and
of this State, as shall appear to thcm
necessary for regulating and conduc-
ting the business of tho company; and
it shall be thcir duty to keep falland
correct entries Of thoir transactions,
which shall at all times be open TO
tho inspection of the stockholders,
and to the inspection of persons in-
vested by law with tho right thereof.
Sec. IL. All policies or contracts of
insurance made or entered into by
tho company, may be made either
with or without the seal Of said CON-
pany; but said policies shall be sub
scribcd by the president orsuch other
officer tts may DO designated by tho
directors for that purpose, and shall
be attested by the secretary thereof.
Sec. 13. Transfers of stocks may DO
made by any stockholdor, or his To-
gal representative, subject to such re-
strictiuns as tho directors shall from
time to timc establish in their by
laws, except as hereinafter provided.
Sec. IA Whenever any company Or
ganised under this act, with less
than the maximum capital limited in
section threo hereof, shall, in the
opinion of the directors thereof, re-
quirc an increased amount of capital,
they shall, If authorised by tho hold
ers of q majority of thcs stock to do
SO, file with the Auditor Of State a
certificate setting forth the amount
of such desired increase, not exceed
ing such maximum, and thereafter
such company shall be entitled to
have tho Increased amount OF capital
fixed by said certificate, and the OK
animation ofsccuritics composing the
capital stock thus increased, shall be
made in tho same manner asprovided
in section seven of this act, for the
capital stock first paid in.
Sec. ID. It shall not bo law ul
for tho directors, trustees, or mana-
gors Of any insurance company, or
ganized under this act, or incorpora.
ted, under any law of this State, to
make any dividends, except from the
surplus profit arising from their busi-,
ness; and in estimating such profits,
there shall bo reserved thcrefrom q
sum equal to forty per cen:. Of the
amount received IS premiums on. un-
expired risks aud policies, which amt
SO reservedi is hereby declared to bo
unearned premiums; and there shall
also be reserved oil sums due the cor,
poration on bonds and mortgages,
bonds, stocks, and book accounts, of
which no part of the principal or in
terest thereon has boen paid during
tho year preceding such estimate Of
profits, and upon which suit for
foreclosure or collection has
not boon commenced, or which after
judgement has boon obtained thore-
on, shall have remained more than
two years unsatisfied and on which
interest shall not have boon paid;
and in case OF any such judgment
the interest due or accrued thereon,
and remaining unpaid, shall also be
reserved. Any dividends made con-
trary to these provisions shall subject
tho company making it to a forfeit
| urc of their charter.
Sec. l6. No company organized
under this net shall purchase, hold,
or convoy any real estate save for
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