Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1870-04-29

transaction of its business, shall be sold and dis
posed of within four years after such company
shall have acquired title thereto, unless such COM
pany shall procure certificate from the secretary
of state that such company will suffer materially
from forced sale thereof in which event the sale
may be postponed for such period as the secretary
of state may direct in the cerhhcate and the said
secretary of state may also give such certificate,
and extend the time for holding real estate in the
like circumstances on the application OF any insur
ance company heretofore incorporated.
Sc. 10. The charter and proof of publication
herein required to be filed by every such company
shall be examined by the attorney general, and if
found consistent with this act, and conformable to
the constitution or laws of this state shall be GER
titled by him to the secre airy of state, who shall
thereupon cause exaIGination to be made, either
by himself or by disinterested person specially
appointed by him for that purpose, who shall GER
tfy under oath that the capital herein required of
the company named in the charter according to the
by such company has been paid in and ~ possessed
by it in money, or in such stocks, bonds and mort
cages as are required by the Sth section of this act
or If mutual company that it has received and is
in actual possession of the capital premiums or
bona hide ENGAGEMENTS of insurance or securities TO
the full extent and of the value required by the
sixth section of this act, and the name and resi-
dence of the maker of each premium note forming
part of the capital, and the amount OF such note
shall be returned to the secretary of state; and the
corporators or officers of such company shall be
required to certify under oath that the capital ex-
hibited to this person is bona de the property Of
the company. Such certificate shall be filed in the
office Of the secretary of state Who tereupon shall
deliver to such company certified copy OF the
charter and of said certificates which on being
filed in the Office of the clerk of the circuit [court
of the county whore the company is located, shall
be their authority to commence business and issue
policies. And such certified copy of charter ana
certificates may be used in evidence for against
the company with the same effect the originals.
Sec IL. The corporators, trustees or directors of
any company organized under this act shall have
cooperative seal, and they their Successors may
alter or change the design of the same at pleasures
they shall also have the power to make such bylaws
will not conflict with this act or the constitution
or laws of this state
Sec u. 1t shall not be lawful for the directors,
trustees or managers of any fire insurance company
to make any dividends except from the surplus
profits arising from their business, and in estinat-
ing such profits there shall be reserved therefrom
a sum equal to the whole amount of premiums ON
unexpired risks AMI policies which are hereby de-
clared to be unearned premiums, and also there
shall be reserved all sums due the corporation on
bonds and mortgages, stocks and book accounts, of
which no part of the interest principal thereon
has been paid during the last year, and for which
suit or foreclosure has been commenced for collec-
ton, or which, after judgment thereon obtained,