Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-05-27

Mons OF tbis ftct tuen ne snail so certify. auc II
the examination by any other than the Auditor,
then the finding shaii be certified under oath, or
IL il isproposedto be mutual insurance eompa-
ny, that il has received and is ia actual posser-
sion OF the capital premiums. or bona fde en-
gagements OF insurance or other securiiies as
the case may be. to the extern, and value requif.
Ell By tn. third and SIXTH sections Of this act
The name and residence of the maker of each
premium note forming part Of tie capital Of any
such proposed mutuaiinauran company, and
and the smount of such note. snail be returned
to the Auditor.
The corporators or officers Of any such CON-
Pany proposed company, contemplated by
this act, shall be REQ uired to certify under oath
TO the Auditor Of State that the capital 81 histed
70 the person making the exaninssion directed
IN this section, was bona tide property Of the
company 90 examined. The ccrtihcates above
contemplated shall be filed IN the Office OF said
Auditor who shall thereupon deliver 10 any such
company . certified copy Of the-with his writ
ten permission for them to commence business
proposed in their certificate Of Incorporation
which on bsiag plaeed on record 10 the Office Of
the Recorder Of the e0uaty il whieh the oompo-
nv 10 70 b l0catsd, BY the recorder IN . book
prepared BY hin for th:s purpose. saall be their
eiss; and such certified copy OF said esrtiasates
may used in evidence for or against said com
pany with the same effect as the originals.
Scr. s. II shall be lawful for any company or
gained under this act doing business in this
State: First, to insure houses, buildings, and
other kinds Of property against loss or damage
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. an
agalnt the personal injury, disablenent aud
death resulting from travelling, OF general accl.
dents b. land or water third, ito insure the II
deity Of parsons holding places Of public or Or
vate trust fourth, TO receive on deposit and in
sure the safe keeping Of books, papers, money
stocks, bonds, and all kinds of personal proper.
ty; fifth, 70 insure horses, cattle. and other
live stock against loss or damage by accident
theft, or any unknown or contingent event what.
ever which may be the subject of legal nsu.
rance; to lend money on bottomry respon.
dentia, and to cause itself to be insured against
any loss or risk it may have incurred 10 the
course Of tts business, and upon the the intsre
est which It NAV have in any property ~
means Of any loan or loans which il may Fave
made on mortgage, DICTIONARY. or respondsntia
aud generally to do and perform oil other mat
tsrs and things proper TO promote these objects
Provided, thst ne company shall be organized
10 i0sse Policies Of insurance for more than ona
Of the above i've mentioned purpeMs and nj
company thas shall have been organized fol
either said purposes shall issue polisies Of in
surance Tor any other and no company organ
lied under this act. Or tsrnsacting buslness i.
this 6tase. shali expose itself 70 loss on an,
cent On its paid.up capital. unlsss the Excess
she'll BE- 70 sosursl By She same In some oths
good and reliable company; end provided, tha
l the restrictions - 70 the amount Of risk an,
company shsll assume, shall not spply 10 com
paniss organized to guarantee the fidelity .
| 10 companies that receive on deposit and guar
sntse the safe-kespiss. Of books, papers. mon
| eys and other personal property.
| 1ss. .. The annual meetings for tho election
| Of directors, shall 10 holden daring the montl
Of January. = the BY laws Of the sompsny ma,
cause the stockholders shall fail 70 elect ct On,
annual meeting. then they may hold . speeds
meeting some day subsequeat thereto for thu
purpose, BY giving thirty days notice thereof il
| soms newspaper in general circulation in tn
county in which the principal Office Of the com
| pany shall be located and the directors chosen
| ~ any such ANNUAL or special meeting shall con
| tinue in office until the next annual meetin,
anduntil their successors, duly elected, shall
have accepted.
Src. TO- The directors shall choose BY ballo
| . pr ssidsnt from their own number, and shall
ill all vacancies which shall arise in the board
| or in the presidency thereof; and the board o
directors thus constituted or . majority Of then
when convened at the Office Of the company
| shall be competent to exercise all the powers in
vested in them by this act.
| Src II. The directors Of any such compan,
| shall have power to appoint secretary, and an
| other officers agents necessary for transact
| ing the business oil the company, paving sucl
| salaries aud taking such securities as they ms
| deem reasonable, they may ordan and e.tab
| lish such by laws aud regulations not inconsist
| ent with this act or with the Constitution an,
| Laws of the United States and of this State, q
| shall appear 10 them necessary for regulatinl
1 and 4 b. L.,s, asxf In
and it shall be their duty to keep full and correc
entries of their transactions, which shall a, al
times be open to the inspection of the stockhold
| srs, and 20 the inspection Of persons investe,
| BY law with the right thereof
Sec. IL All policies or contracts of insursnc
| made or entered into by the company. may b.
made either with or without the seal of sal,
| com pany, but said shall be subscribed BY tn
president or such other officer as may be desig
nate by the directors for that purpose, and shal
be attssted by the secretary thereof.
SIC. -. Transfers Of stock may be made b,
any stakeholder, or his legal representative, sub
ject to such restrictions ~ the directors shall
fron time TO time establish in theie BY laws. ex
/ eept a. hereinafter provided.
SIC. IA. Whenever any company organized
under this oct, with less than the m sximum cap
tal limited Ia section three thereof re quirs u,
increased amount Of capital, they shall, If su
thorzed by the holders OF majority Of the stool
to do so. file with the Auditor of State certifi
cate setting forth the amount of such desired in
crease. not exceeding said max imurn, and there
after such company shall be entitled to have tn
increased amount of capital fixed by said certiii
cate, and the ex animation of secur ties compos
ing the capital stock thus increased shall b.
made in the same manner provided in sec
tion seven of this act for the capital stock frs
paid In.
SEC. Is. 1t shall not be lawful for the direct
ors, trustees, or managers of any insurance com
&I..r tl,,, a
under any law of this State, to make any div
bends, excep. from the surplus profit arising
from their business; and in estimating suci
profits, there shall be reese nv ed the refrom sun
equal to forty per cent Of the amount receives
as premiums on une xpired risks and policies
which amount so reserved II hereby declared I,
DC unearued premiums: and there shall also b,
reserved all sums due the corporation on bond.
and mortgages, bonds. stocks, aud book &C
counts, Of which no part of the principal or in
tersst thereon has been paid during the yeal
preceding such estimate of profits, and upor
which suit for foreclosure or collection has moi
been commenced, or which, after Judgment ha.
been obtained thereon, shall have remained
more than two years unsatis6ed and on which
interest shall not have been paid and in case o.
any such judgment the interest due or accrued
thereon, and remaining unpaid, shall also be re
served. Any dividends made contrary to these
provisions shall subject the company making il
to forfeiture Of their charter.
SIC. Is. No company organised under thii
Get shall purchase. hold, or convey any real %
tate save for the purposes and in the msnnc!
BE- requisite for lie convenient sceonmod etios IL
the transaction Of ito business: Second such :,
shall have been mortgAgsd 10 it in good faith
BY wsy Of security for Iosns previously contract
Cd. or Ter aensy due; ar, 1hird-snch - shall
have been conveyed 10 IL In satiefaction Of debit
previously coatrscted in che Legitimate businssl
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