Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1868-06-19
VS. OF IOWA.
PUBLISHEDRY AUTHORITY.
CHAPTER 1888.

Y
i CHATTER 1888,
AN ACT TO Regulate Insurance
j Companies.
i Section. /. BE Il enacted By ths
General Asscgs6i!y OF thc ,Sy1fc of l0scts
That hereafter when any number 81
persons associate tflcsne0lx0e tnefcthcl
FOR the purpose Of forming an I'm.
surancc company, for any other ptr-
pose than life insurance, under the
provisions Of chapter tifty-two 0f the
RevieiOnof 1850 and ali acts amen
dntOry and supplementary thereto,
they shall publish n notice Of such
intention once In each week four
weeks In solne public newspaper n,
the county In which such insurance
company In proposed TO sbO located ;
and they shall also make n ccrtifi-
cate, under their hands, specifying
the name assumed by such company,
and by which II shall bc known. the
Object for which snid company shall
BE- formed, the amount OF its capital
stock, and tho place wheru the prin-
cipal Offlce Of said company shall be
located, which certificate shall be
ack nowiedgcd before, aud certified
| BY some notary public or clerk of
court Of record, and forwarded to the
Auditor Of State. who shalt submit
the same 10 the Attorney General for
examination, and IL it shall be found
by the said Attorney General 10 be
In accordance with the provisions Of
this act, and motto contlict with the
constitution of the United Statos and
~ tn.s.. A, n, a.,
of the facts aud return 1t to the Au-
ditor OF State, who shall reject the
namc or title applied for by any
company when be shall deem the
same too similar to any one already
appropriated by any othor company,
or likely to mialcad tho public.
See. 2. When tho said GER
tiflcate Of the said company shall
have received tile approval OF the
Attorney -ueseral and Auditor Of
Statc5 tile said company shall cause
tho came 10 be recorded as now re.
Iuired by law for recording articles
of Incorporation, mud said persons,
when incorporates, and having hi
Al respects complied with the pro-
vlgiOils OF this act are hereby auth
0rlzed to carry 0n tho business of In
surancc, as named In such certificate
of incorporation, and by tile name
and style provided therein, aud shall
be deemed body corporate with
succession they and their associates,
SUCCESSORS, and assigns to have the
same general corporate powcre. and
be subject to all the obligations aud
c0nstrictfons of said chapter fifty-two
Of RevisiOn Of 1850, and Of such acts
rs may be amcndatory or supplimen-
tary thereto, except as may be here
In otherwise provided.
Fec. 3. No joint etock company
aliail be Incorporated under tile pro-
vision Of this net with smaller cap
1tal, than fifty- thousand dollars, nor
more than one million dollars, as
nay be specified m the certificate Of
Incorporation, which stock shall be
divided Into shares of Ole hundred
dollars each Of which capital not less
than twenty-five per cent, thereof,
and In no cas0 less than twenty-five
thousand dollars shalf 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 INSURANCE, commence busl-
ness In this State until agreements
hav0 been entered into for insurance
with mt least two hundred applica-
tl0na, the premiums upon which
shall q mount t0 not less than twenty
five thousand dollars, ofswlsIch Ut
least Ave thousand dollars shall have
been paid I'm actual casll, and for the
remainder OF which notes of solvent
parties, founded upon actual and
bona .tsdc application for insurance,
shall have been rcC civcd. No ono OF
the notes received ~ aforesaid shall
amount to mere than five hundred
dollars; and no two thereof shalt be
given for the same risk, or made by
the same person or firm, except
where the whole amount OF such
notes does not exceed the sum of five
hundred dollars; nor shall any note
be regarded or represented as capital
stock unless policy be issued upon
tho same Within thirty days after the
organization of the company taking
the same, upon a risk which shall be
for mo- shorter period than twelve
months. Each OF said notes shall bc
paynlle, In whole or in part, ut any
time wfscn the directors shall deem
the same requisite for the payment
Of losses by fire or inland navigation,
and such incidental expenses as may
bo necessary for transacting tho busi-
ness Of said company. Aud no note
shaH be accepted as part Of such cap
ital stock unless Tire same shall be
accompanied by a certificate ofa JUS
tlce OF . peace, notary public, or
clerk of the District Court Of the
county i'm which Tire persons exccu-
ting sAcft note shall reside, that tlac
persons making Tho same Is. I'm his
opinion, pccuniarily good ard re-
sponsible for the sanie iI property not
exempt from execution by the laws
Of their State; and no such note
shall be surrendered while the pol
Icy for which IL was given continues
In force. ~
Sec. A. Having published the no
ticc and flied publishers affidavit Of
publication thereof, with the Audit
or of State, together with the ccrtifl
cate rs required by the first sccti0n
Of tiiiB act, the persons named In the
certificate Of incorporation or ma.
jority OF them, shall be comlnission-
ers 10 open books for the subscription
Of stock TO the company at such
\ SssAsSo 0sM Pt~SSo 40 ~ talNhiA may
seem convenient and proper, and
shall keep the same open until the
full amount specified iiI the certiii-
cate, ID subscribed; or In case the
business Of sllcl company Is pro-
posed to be conducted on the rlan Of
mutual insuraAcc, then open books
to receive propositions and enter into
agreements I'm the manner aud to the
extent specified In the third section
Of this act.
Sec. S. The afiairs Of any COM
pauy, organized under tho provls-
ions of'this act, shall be managed by
not more than twenty-one nor by
fewer than five Directors, all OF
whom shall DO stockholders. With
In thirty ftlnys] after tlnc sulkcrip-
ton book shall have been filled, a
majority Of ihc suiscribcrs shall
hold q mesting for tho election Of Di.
rcctors- each share cntitle the DWfrer
TO Uiiu vote; and tho Directors then
elected shall continue in Office until
their Bucccssors have bccn duly
chosen, and have accepted the trust.
See. 8. 1T shan :be lawful for any
Insurance company organized ppder
this act, or Incorporated under any
law Of this State, 10 Invest It's capital
and tic funds Accumulated In the
course Ut ifs business. Or any pnrt
thereof, in bonds and mortgages ON
unincumbercd real estate within the
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