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

company should not be closed, and the court snali
thereupon proceed to hear the allegations ana
proofs of the respective partles alo IN case l. sa
appear to the satisfaction OF salo court ai
assets and funds of said company are not sunGient,
as aforesaid or that the interests OF the punnc SO
require. the said court shall decree oi
said company and Distribution OF us enec.S, me
said circuit court shall have power 10 refer me APP
plication of the attorney general TO reieree TO m
quire into and report upon the iacts sssteu
ANY company receiving the aforesaid reqalsltIon
from the secretary of state shall forthwith call upon
its stockholders for such amount as will make Its
capital equal to the amount liked by the cnarter OF
said company, and in case any stocKholder OF sucn
company shall refuse OF negiec. " pay VIC LIZ ~
SO called for after notice 'ersonaly gwen, or py
advertisement in such time or manner as the secre-
tary of stste shall approve 1t shall be iawiu 1or the
said company require the return Oh tne orislnai
CERT fcata of stock held by snch stockholder, ana
i'm lien thereof to issue new certificates for such
number of shares as the said stocknoider may De
entitled to- in the proportion that the ascertalned
value of the funds of the said company may be
fonnd to bear to the original capital of the said
company the value of SUCH shares for which new
certificates shall be issued TO be sscertalned under
the direction of said secretary Oh ssste, anu she
company paving for the fractional parts OF snares
and it shall be lawful for the directors OF such
company to create new stock and dispose OF tne
same and to issue new ceruncates tnoielor 10 en-
amount suficient to make up the original capital
of the compan . and it is hereby declared that In
the event of any additional losses accrulng upon
new risks taken after the expiration OF the period
said reauisition for the filing up OF the deficiency
in the capital of such company, and before said de-
ficiency shall have been made up the directors
shall be individually liable to the extent tnereot;
and If upon such examination it shall appear to the
said secretary of state that the assets of any COM
pany chartered on the plan OF mutual insurance
under this act are insufficient to justify the con-
tinuance of such company in business, IL sna oe
his dutv TO proceed in relation to such company in
the same manner as herein required in regard to
Joint stock companies; and the trustees or directors
of such company are hereby mace personally naple
for any loss which may be sustained upon risks
taken after the expiration of the period limited by
said secretary Of state for filling up the deficiency
in the capital and before sush deficiency shall have
been made up. Any transfer of the stock of any
comprny organized under this act made during the
pending of such investigation shall not release the
party making the transfer from his liability for
losses which may have occurred previous to the
transfer And whenever it shall appear to the said
secretary state from the report OF the person or
persons appointed by him, that the affairs OF any
company not incorporated by the laws OF this state
are in an unsound condition, he shall revoke the
certificates granted in behalf of such company and
shall cause notification thereof to be published
in the official state paper, mail copy thereof to
each agent of the company, after such notce, snail
be required to discontinue the issuing OF any new
policy and the renewal of any previously issued.
Sec "a Every penalty provided for by this act
shall be sued for and recovered in the name OF the
state. by the district attorney of the county in
which the company or the agent or agents SO Vlo-
lating shall be situated, and one-half OF said pen
atty when recovered, shall be paid INTO the treas
nv of said county, and the other half to the IN
former of such violation; and in case OF the
non-payment of such penalty the party SO onendlng
shall be liaole imprisonment for period not eX-
ceeding six months, in the discretion of any court
having cognizance thereof; such penalties may also
be sued for and recovered in the name of the state
by the attorney general, and when sued for and
collected BY him. shall be paid into the state treas
ury ) r.. ......t ..-r. :.
Sec. 25 All companies incorporated or extended
under this act may provid in their charters for not
more than fifty years duration, but the legislature
may at any time alter amend this act, and pro-
vide for the closing up of the business and affairs
| of any company formed under it. Nothing herein
contained shall be construed 20 prevent subsequent
extension of the CHARTERS of companies organized
| or extended under this act.
| Sec g. Companies other than those organized
under the laws of this state, which may have re-
ceiyed certificates of authority for the year 1870,
prior to the passage of this act shall be permitted
to transact the business OF Insurance., without fur
Their statement until the thirtyfrst day of January,
1861. Any fire or fire and inland naviSatloa IN
srrance company chartered by this state, may have
lien, by passing bylaw to that effect, upon the
stock or certificate OF profits owned by any member
for any debt hereafter to become due the said COM
| pany for premiums, by stating that the So stock
is subject to any such lien upon the certificate of
| stock or profits; and such lien may be waived in
| writing by the consent of the president OF said
| company upon the transfer of any such stock.
| Sec 81. Whenever it shall appear to the secre-
tary of state, from examination made by him in
| the manner prescribed by law, that the capital
| stock of any joint stock company, organized pur-
| suant to law, is impaired to an amount exceeding
twenty-five per cent. of such capital, and he shall
be of the opinion that the interests of the public
will not be prejudiced by permitting such comp any
to continue business with reduced capital, 1t shall
| be lawful for such company, with the permission
of the secretary of state to reduce its capital stock
| and the par value of the shares thereof to such
| amount as the said secrstaryAof atate, under his
hand and official seal, shall certify to be proper and
as SHALL in his opinion, be justified by the assets
and property of such company: preosded, that no
part of such assets and property shall be
to the stockholders and, prouaded further, that the
capital stock of any such company shall not be re-
| duced to amount less than the SUM now required
by law for the organization OF new company IN
der this act for the trans ction of business at the
| place where such company is located and of the
| kind which such company is authorized to trans.
act No reduction of the capital of any such COM
pany shall be made except upon resolution of its
directors approved by at least two-thirds of the d
rectors certified under its corporate seal, signed by
the president and at least twothirds of the direct
ors, and proved or acknowledged IN the manner re.
qured by law for the proof or acknowledgment OF
conveyances, which certificate shall be filed in the
Office of said secretary of state before any action
shall be had by him thereon. The secretary OF
state in case he shall permit any such company to
reduce its capital in the manner provided in this
act shall execute the certificate required by this
act in duplicate, and deliver one of such certif-
| Gates to the officers of such company, who shall
forthwith file the same with the clerk of the circuit
court of the county in which such company is To-
Gated and the other such certificate shall be fled
in the Office OF said secretary OF state. Sucn COM
pany upon filing the certificate with the clerk of
the circuit court required by This act, shall with
such reduced capital, possess the same rights and
be subject to the same liabilities that it possessed
or was subject to at the time of the reduction of its
capital And the charter of such company shall be
deemed to be amended in respect to the amount of
capital and the par value of the shares so as to
form to such reduction. 1t shall be lawful for the
said company to require the return of the original
certificate of stock held by each sockhoder and in
lieu thereof to issue new certificates for such num-
Der of shares as each stakeholder may be entitled
to in the proportion that the reduced capital may be
found to bear to the original capital of the compa-
n.y. 1t shall be lawful for any such company, after
its capital shall be so reduced as aforesaid, to in
crease it capital stock in the mode prescribed by
this law. It shall be the duty of all receivers and
trustees of insurance companies during the month
| of January in each year, and at any other time
when required by the secretary of state, to make
| and file annual and other statements OF their
sets and liabilities and of their income and expend
lures, in the same manner and form and under the
same penalties as the officers OF such companies
are now required by law to make annual and other
statements the secretary of states Office. Every
fire or fire and inland navigation insurance compa-
ny doing business in this state shall cause its
al statement by this act required to be filed, to be
published in the official state paper for two weeks,
and in one daily paper of general circulation pub
! shed in the city of Milwaukee.
Sec 49, It shall not be lawful for any agent or
agents to act for any insurance company compa-
nies directly or indirectly, in taking risks or trans
acting business of insurance in this state, without
procuring from the secretary OF state certificate
OF authority, setting forth that such company has
complied with all the conditions of this act. Agents
appointed by any company doing business in this
state shall be held personally responsible to such
company for all moneys received by them for such
company, and in case any suca agent shall embez-
zle or fraudulently convert to his use any
money belonging to such company which may have
come into his possession or be under his care by
virtue of his agency, shall be deemed by so doing
| to have committed the crime of larceny, and on
conviction shall be subject to the fines and penal
ties provided by the statute in such cases.
Sec. 20. Whenever the existing or future laws of