Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1868-07-03
CHAPTER 1873.

AN ACT to Regulate Insurance Companies.
Section l. Be it enacted by the Genera
Assembly Of the State Of Iowa. That hereafte,
when any number Of persons associate them.
selves together for the purpose Of forming or
insurance company, for any other purpose
than life insurance, under the provisions Of
chaper fifty two Of the Revision Of 1860 and
all acts amendatory and supplementary there.
to, they shall publish notice of such inten.
ton once in each week four weeks in some
public newspaper in the county in which such
insurance company is proposed to be located
and they shall also make certificate, under
their hands, specifying the name assumed BY
such company, and by which it shall be known,
the object for which said company shall be
formed, the amount of its capital stock, and
the place where the principal Office Of said
company shall be located, which certificate
shall be acknowledged before, and certified
by some notary public or clerk of court of
record, and forwarded to the Auditor Of State,
who shall submit the same to the Attorney
General for examination, and if it shall be
found by the said Attorney General to be in
accordance with the provisions of this act, and
not in conflict with the constitution and laws
of the United States and of this State, he shall
make certificate of the facts and return it
to the Auditor Of State, who shall reject the
name or title applied for by any company
when he shall deem the same too similar to
any one already appropriated by any other
company, or likely to mislead the public.
Sec 2. When the said certificate Of the said
company shall have received the approval Of
the Attorney General and Auditor of State,
the said company shall cause the same % be
recorded as now required by law for record.
ing articles Of incorporation, and said persons,
when incorporated, and having in all respects
complied with the provisions Of this act, are
hereby authorized to carry on the business Of
insurance, as named in such certificate Of in
corporation, and by the name and style there.
in provided, and shall be deemed body cor
porate with succession, they and their ASSOC
ciates, successors, and assigns to have the
same general corporate powers, and be SUBJ
ject to all the obligations and restrictions of
said chapter fifty two Of the Revision Of 1860
and Of such acts as may be amendatory or
supplementary thereto, except As may be here
in otherwise provided.
Sec 8. No joint stock company shall be
incorporated under the provision Of this act
with smaller capital than fifty thousand DOL
lars, nor more than sone million dollars. az
may be specified in the certificate of incorpo-
ration, which stock shall be divided into shares
Of one hundred dollars each Of which capital
not less than twenty five per centum thereof,
and in no case less than twenty FIVE thousand
dollars shall be paid up in cash. The balance
Of the capital of said company may consist Of
the bonds or notes of the stockholders nor
shall any company, on the plan of mutual in
surance, commence business in this State un.
til agreements have been entered into for in>
surance with at least two hundred applicants,
the premium upon which shall amount to not
less than twenty five thousand dollars, Of
which at least five thousand dollars shall have
been paid in actual cash, and for the remain.
der Of which notes Of solvent parties, funded
upon actual and bona Jfde application for in
surance, shall have been received, No one Of
the notes received as aforesaid shall 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 drn(pexcept where
the whole amount Of such notes does not ex-
coed the sum Of five hundred dollars; nor shall
any note be regarded or represented as CAPT.
tai stock unless policy be ISSUED upon the
same within thirty days after the organize.
tion Of the company taking the same upon o
risk which shall be for no shorter period, than
twelve months. Each Of said notes shall be
payable, in whole or in part, at any time when
the directors shall deem the same requisite
for the payment Of losses by fire or inland
navigation. and such incidental expenses as
may De necessary for transacting the business
Of said company. And no note shall be ac-
cepted as part Of such capital stock unless th :
same shall be accompanied by certificate Of
justice Of the peace, notary public or clerk
Of the District Court Of the county in which
the person executing such note shall reside,
that the person making the same. is, in his
opinion, pecuniarily good and responsible for
the same in property not example from exc
cution by the laws Of their State: and no such
note shall be surrendered while the policy for
which it was given continues in force
Section 4. Having published the notice
and filed publishers affidavit Of publication
thereof with the Auditor OF State, together
with the certificate - required by the first
section Of this act, the persones named in the
certificate Of incorporation or majority Of
them, shall be commissioners to open books
for the subscription Of stock to the company
at such times and places as to them may seem
convenient and proper, and shall keep the
same open until the full amount specified in
the certificate, is subscribed or in case tho
business Of such company il proposed to. Be
conducted on the plan Of mutual insurance,
then open books to receive propositions and
enter into agreements in the manner and n
the extent specified in the third section Of this
act,
Section s. The Affairs Of any company,
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