The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1868-07-09
Chapter 155.

throc dollars for every twcnty miles
travel, ia Attending such session and
roturning, TO be computod by the
nearcst travcfcd route within the
State from tho residence Of such
member to9tbe place where such
session is held Provided, That tho
amount aIiowcdto each member fol
POSTAGE shall moi exceed three dollars
pcr week, and for stationery two
dollars per week, W ~
Approved April 7, 1868.
STATE OF IOWA, \
OFfICE OF Sk,RsraRY or STATE,
Dcs Moines, May !. 1868. J
I hereby certify that the foregoing
is y true copy OF tho original roll on
iilo in this Office. a
ED WRlGHT,Sec'y Of State.
81 son III CHAPTER 4l3S, atss
An Act 70 Regulate Insurance Com
sg,qSA slii panies.
Section l. Belt enacted by tho Con.
seral Assembly Of the State of Iowa,
That hereafter when any number oil
persons associate thcmselyestog together
for tho purpose of forming an insur-
anuc company, for any other purpose
than life insurance, under tho pro-
visions Of chapter fiffy-two Of the
Revision of 1860 and all acts amonda.
tory and supplementary thereto, they
shall publish q notice of such intcn-
tion once in each week four weeks In
somc public newspaper In tho coiin.
W in which such insurance company
is proposed to be located; and they
shall also make a certificate, under
their hands, specifying the name as.
sumcd by such company, aud by
which it shall be known, the object
for which said company shall bo
formed, tho amount of its capital
stock, and tho place whore the prin.
cipIe Office Of said company shall be
located, which certificate shall bo
acknowledged bssplp, and cetitied "
some notary pah.l,iIe. l,Is. Or clerk pi court
of record, ahd Forwarded to the Au-
ditor Of State, who shall submit the
samo to the Attorney General for
examination, aud ifitshaiI be found by
the said Attorney General to be in
accordance with tho provisions Of
this act, and,not in conflict with the
constitution and laws of tho United
States and of this State, he shall make
a certificate Of the facts aud return
it TO the Auditor Of State who shall
reject the name or title applied, OF
by any company when heshail deem
tho same too similar to any ono al.
ready appropriated by any other
company, or likely to misicad tho
public.
Sec. 2. When tho said certificate
Of tho company shall have received
the approval OF tho Attorney Gener.
al and Auditor of State, tho said
company shall cause the Same TO be
recorded as now required BY law for
recording articles of Incorporation,
and said persons, when Incorporated,
and having in all respects complied
with tho provisions of this act, arc
hereby authorized to carry on the
business Of insurance, as named in
certificate oil incorporation, and by
the namo and style provided there
in, and shall bc dcenscd Il body cor
poraso withsuccession; they and thor
associates, successors, and assigns 10
have tho same general corporate
powers aud be sueject TO all the OBJ
Iiga,ionsand restrictions of said chap.
ter fitty>two Of the Revision Of 1860,
and OF such acts rs may be amenda-
tory or supplementary thereto, ex,
cept as may bc herein otherwise pro,
yided. sssa
Sec. 3. No joint stock company
shall be Incorporated under the pro.
visions of this act with smaller
capital than fifty thousand dollars,
nor moro than ono million dolars, as
may be specified in the certificate oi
incorporation, which stock shall be
divided into shares of ono hundred
dollars each of which capital not less
than twenty-five per, cent, thereof,
aud inl no caso less than twenty-five
thousand dollars shall bc paid up in
cash. Tho balance Of tho capital OF
company may consist of tho bonds
or notes Of the stockholders nor
shall any company, on the plan ol
uaufunl insuranca cr,vn monna hvcs
ness in this State until agreements
have been entered into for Insurance.
with ut least two hundred appIi.
cants, tho premiums upon which
shall amount tonot less than twenty
five thousand dollars, Of which D,
least tive thousand dollars shall have
been paid in actual cash, and tor the
remainder OF which notes Of solvent
parties founded upon actual and
bona fide application for insurance,
shall have been received. No one oil
the notes received as aforesaid sball
amount to more than five hundred
dollars and no two thereof shall be
given for the same risk, or made BY
the same person or firm, except
where the wholo amount OF such
note docs not exceed the sum Of $500
nor shall any note be regarded OF
represented as capital stock unless q
policy be issued upon the same with
in thirty days after tho organization
OF the company taising the samq. up
on u riak which shall be for no shor
ter period that twelve months. Each
Of said notes shall bo payable, il
whole or in part, at any time when
tho directors shall deem the sam.
requisite for the payment OF iosses BY
fire OF inland navigation, and suct
incidental expenses AS may I,c Deces
sary for transacting the business d
said company. And no note shall b.
accepted us part Of sach capital etoel
unless tho same shalt bo accompa-
nicd by certificate OF a justice o
the peace, notary public, on clerk .
the District Court of the county i,
which the person executing such note
shall reside, that tho porson making
the same is, in his opinion, pecuniari
ly good and responsible FOR the same