, 1869-03-08

.6AeS1s4'a toE iosurAEee 6hsll have
been. made In the premiums equal to
t1W,VWtt which e2o, 600 shall be pstd in
cash. No note shall be for more thsn
5000, and Eo two notes for the same riak
or to- he by the same persons or firm
ncf shall such note be held as capisal
stock unless policy be issued therein
within thirty Gays af.er the organik aslon
OF the company upon r:sk to run Twelve
months- No noIc shall be received AZ
capital stock unless .acconpanfed by a
Certificate Of q Justice Of The pesce thst
the Ioaktr is pccuniartly good for the
sAne. No company shall take any one
risk TO an amount excl eding ten per cent
ct 1ss paid up capital. When the persons
forming said company shall have given
the uoticea and filed the declaration snd
charter required, they may open books
Of subscription tor the capital sock.
snd keep the same open Until The
whole amount is subscribed:
1uch companies may invest their capi,al
or lhesr accumulated funds in bonds or
mortgages on real estate In the State Of
Illinois worth fil,y per cent more than
'ae sum leaned and also in Illinois S:ate
s'ock, EDtled States stocks, or stocks
OF National Banks CT to lend sid money
on the security Of such stocks, bonds
&c.
No such company shall hold real estate
except such as may be required for its
tusIneEs convenience; or that may be
te mc1tgaged 10 it in good fsith as sccur-
i'y fer loars; or that shall be conveyed
10 it4n satisfaction Ct debte, Or that it may
have purchased at sales upon judgments
fer such cehls. All such real estate ,hus
acquired except such as is necessary for
business purposes, shall be disposed Of
within five yearF.
II the application aad charter Of said
company shall be certified by the Atpr-
neg General as comfortable to law, and
the Auditor, upnn examination, shsll be
satisfied that the capital has been p.id In
as required BY the law, aud the officers oi
said company shall certify under oath
that the capital exhibited is bona fae,
then the Auditor shall give them his Ger
tifcate, which, when- fled with the
County Clerk, shall be an authority 10
commence business aud Issue policies.
The corporaters TO have power to make
bylaws and have common seal.
No dividend ehall be declared except
from surplus profits after dtducang all
unearued premiume, and ali debts due
tie company, unless there be 3 reserved
fund, in addition to the capital stock,
equal to such exceptions.
All NOES deposited with any mutual
insurance company, shall remain as secu-
rity for lcssea, until the accumulation Of
profits khall equal the cash capital re-
quired to be potsessed by stock compa-
mics. All persons taking insurance in
mutual company shall thereby become
members Of said corporation and be re.
EnoDsible for proportion OF tho losse:;
losses to be promptly apportioned, ard
paid 10 the company by the members ;
the com pany to have power TO oole:t BY
suit unpaid assessments. All mutual
companies shalt have the word "mu-
'usi" in their titles, and o:he1 companies
shall express that their p,licies are stock
! policies. Suits may be maintained by
sid sgainss all companies organized un-
der this act; aud trustees and corpora
tots shall be several!y liable for all debts
Of their companies to the amount SUBJ
| Ec1ibct.
Any existing jcint stock fire insurance
company, or any company organized up-
der this law, having capital Of 100000,
msy, without increasing the capital, at
any time within two years previous to
| the expiration CT i's charter, upon CIV
ing nouce and msking application, have
its char'er extence1 by slsering and
| anending the same 10 CONFORM TO this
law. Ard any existing mutual company,
having surplus asse'a, may become s
Joint stock company by conforming its
charter to the provisions Of this act.
Aoy exls1ing comp:n anl any organ.
ized under Ibis act, may, BY following
certain specified details, increase their
capi9a1. AL companies heretofore or
gauized in Hill oie, and doing business in
this State, are brought under the proyi-
eiops Of this act, except that their capt.
ta1s may remain unchanged during the
time Of their present charters,
I.is made the duty Of the officers OF
each company organized under this ac',
or Incorporated under any law Of the
Stnte, on the first Of January In each
yesr, to make, under oath, statement
10 be filed wi th the Auditor, showing the
ccrdision of the company on the 3ls: o
December previous
| |. The amount Of the capital stoes
ectually paid in.
3. The property nr assets of the com
pany, specifying them In detail.
3. The liabilities OF the c3mpany, II
minute te'ai'.
4. The il come Ct the company durint
tie year.
s. TIE expenditures during the SAN
p.ried d, both in detail.
The State Auditor shall classify risk
sccordiue 10 the degree Of the hazart
OF policies aud amount Of risk under eac
class.
The Auditor at any time nay addres
inquiries to such com panies in rela.io
soi s corditlon or business, and euch in
quiries must be promptly answere.
Any failure to make the required ststt
usnts shall be subject to q penalty I
$500, and to an addttions! $500 for esc
m nth thereafter the company continue
TO do business.
No insurance c;mp1tF organ'zeI uc
der the laws o. any other State, or io'
eign government shsll take risks in Iii
rois unless possessed OF the capital II
: qui1ed Of similar companies formed NJ
cGE this act; such compAni.
sh Il provide an attorney in th
Safe upon whom legal Drocess ma
be Sawed, SID shall file q STATE
men, Of their organization andcoaditio
Ary company incorporated by fore'g
, government shall, in addition, ccpos
with the Auditor OF State, for the securil
, OF policy holders, not less than $2o0, OK
, in stocks ct this Stale or OF tie Uni.t
. s1alcs, GRIN bocds and mortgages. IT
. sgent otsaid companies before trarsac'
irg businets ahAll obtain acertifieate fro
the Audi or that the Requirements Ct Il
law have een complied with.
TIE Auditor is em powered to make e.
aninatiors into the sfl.frs Of sill insuran'
coRparits doing busircss In this Sta,
wherever be may deem The assets OF
company insufficient to justify coatIu1
anec in business, he may require Il
Stockholders to pay in such deficiency, I
he nay report 10 the Attorney Geuer
who shall aoolY to the Ci1cu