Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1868-06-19

or incorporated under any law or tlll,
Statc-nlay DO Invested or loaned nm
on the pledge .Of tho public stock ~
bonds OF the United States, or ans
one OF the States, or the stocks
bonds. or other evidences Of indcbt.
edness Of any solvent dividend pay.
Ing institutions Incorporated under
the laws of this State or of the
United States. except their own
stock: Provided, Always that tbt
current market value Of such stock
bonds, or other evidences III inslobt.
edhcss, shall he ut all times, during
tho continuance Of such loans, al
least ten per cent, more than the
sum loaned thereon. =
Sec. 7. Upon receiving notifica-
tion that the requirements or the
preceding sections have been com
piled with, the Auditor Of State shall
make nn examination or cause ono to
BIO niado by somc dislntercsted pcr-
son officially appointed by him for
the purpose, and II it shall be found
W the examination bc made by other
than tho Auditor, then tho fiilsling
shall bo certified under oath) that
the capital herein required of the
named, accorsling "a
the nature of tho business pro.
posed to DO transacted by such
company. has bccn paid In and is
possessed by Il In money, or IN such
stock, notes, bonds and mortgages ns
are required by tho third aud sixth
sections, Of this act, then hc shall 80
certify and Ii the examination be
made by other than the auditor, then
the finding shall DO certified under
oath, or IL u 10 proposed To be a nlu-
tual iiisurance company, that u has
received and Is in actuai possession
Of the capital, premiums, or bona ftic
Of insurance or other
securities. ns the caso may be, to the
extent md value required by the
third and sixth section of this act.
The name and residence of tile ma
kcr Of cach premium note forming
part Of the capital Of my such pro-
posed mutual Insurance company,
aud the amount Of each note, shall
be returned to the Auditor. 81
The corp0rators or officers OF any
such company or proposed company,
contemplated by this act, shall 10 rc-
lulred to certify under oath TO the
Auditor of State that the capital cx-
liibitcd 10 the persons making the
directed In this section
was bona yfdc propcty of the COM
pany 30 examined. The certificate
above contemplated shall bc fled I'm
the office Of said Auditor who shall
thcrcup0n deliver to such company a
certified copy Of the came with his
written permission for them to COM
mcnce business proposed In their
written certificate of Incorporation =
which on being rlaccd on record In
the office Of the Recorder of the
county In which the company Is Ia
located, by tho recorder In book
by him for that purpose,
shall be their authority to commence
business and Issue policies; and such
copy Of said certificates may
be used Ina evidence for or against
said company with the same object
as the originals.
Sec. 8. IL shall be lawful for any
orlganized under this net
Or doing business In this State: First
to insure houses, buildings. and all
other kinds Of property against loss
Of damage by fire, or other casunl-
ty. and to make all kinds Of insur-
ance on goods, merchandise or
other property I'm the course ol
whether on land or
water, or any vessel or boat, whercv-
cr the same may be; second. 10 make
on the health Of Individ.
llals, and against tho personal Injury,
and death resulting
from travelling, or general accidents
by land or water; third, to Insure
the fidelity or persons holding p!a-
ces of public or private trust; fourth
to receive on deposit and insure the
safe keeping Of books, papers, money,
stocks, bonds, and all kinds Of per.
sOnal property; fifth, to insure hor-
scs, cattle, and other live stock
against loss or damage by accident,
theft, or any unknown or contingent
event whatever which may be the
subject of legal Insurance; to lend
money on bottomry or respondentia,
and TO cause Itself to be insured
against any loss or risk ft may have
Incurred I'm the course of It's business,
and upon the interest which IL may
have In any property by means oI
any loan or loans which IL may
have made ON mortgage, bottomry,
Or rospondontia, and generally to dc
and perform all other matters and
things proper 10 promote these oh
jccts: Provided, Thnt no company
shall be organized or issue policies oi
insurance for moro than one Of tho
above nvc- mentioned purposes, and
no company that shall have been or
ganized for either ono of said pur-
poses shall issue policies of Insurance.
for any other; niid no company or
ganizcd under this act, or trnRsacting
business I'M this State, ahali expose
itself TO loss Oh any risk or hazard
TO the amount exceeding ten per
cent, ON It's paid-up capital, unlcss
the excess shall be rc-insured by the
sanie In some other good and reliable
And PrOridcd, That the
restriction as 10 tho amount Of risk
any company shall assume, shall not
apply To companies organized Ia
the fidelity OF persons In
places OF public or private trust, nor
to companies that receive on deposit
aud guarantee the safo-keeping of
books, papers, moneys aud other
personal property.
Zee. D. The annual meetings foI
tho election Of directors, shall be
holden during the month OF january,
as the bylaws Of the company may
direct. Prouidcd, h0ucrer, That Il
for a,iy cause the stockholders shall
fail to elect at any annual meeting
then they may hold special meet
ing some day Btlbscquent thereto foI
that purpose, by giving thirty days
notice thereof fn some newspaper In
circulation In the county In
which tho principal Office Of tht
shall be located /; and tht
chosen ut any such annual
Or special meeting shall continue IN
office until the next annual meeting
and until their SUCCESSORS, duly eloc'
ted. shall have accepted.
SEC. 10. The directors shall choose
by ballot q president from their own
number, and shall llIl all vacancies
which shal.. arise In tl,o board, or In
the presidency thereof; and the
board Of directors thus constituted Ol
n majority Of them when convened
nc the office Of the company, shall be
to exercise all the powers
vested In them by this net.
Sec. III. The directors OF any such
company shall have power 10 appoint
O secretary, and any other officers OF
agents necessary fi,r trnnsacting the
business Of the company, paying
such salaries aud taking such securi-
tics ~ they may deem reasonable;
they may 0rdain aud establish sucll
bylaws and regulations not inconsis-
tent With this act or with tile ConSti-