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

NOT exeeedrp ten per cent on its capital stock in
any one year that shall have accumulated ana DC IN
possession of fund i'll addition to the amount OF
its capital stock and of such dividends, and ali
actual outstanding liabilities equal to one hat OF
ali premiums on risks not terminated at the time OF
making such dividends. Any company MAKING
dividends contrary tothe foregoing provisions shall
be liable to q forfeiture OF Its charter, ana eacn
stakeholder receiving it shall be liable to the cred
itors of such company to the extent OF the
received as well as to the penalties IN sucn Cases
made and provided. This section shall not apply
to the declaration Of script dividends by parucl-
Mating campanies, but no such script diVldehus
shall be paid except from surplus pron,s ai.er re-
serving all sums above provided, lncluding ine
whole amount of premiums on unexpired risks
The word 'syear," wherever used in this secuon,
shall mean fhe calendar year.
Sec IL. All notes deposited with any mutual III
srance company at the time Of its organization, as
provided in section six of this act shall remain as
security for all losses and claims until the acenmu-
lation of profits invested required by the elgntn
section of this act shall equal the amount of cash
capital required to be possessed by STOCK companies
organized under this act the liability OF eacn note
decreasing proportionately as the pr9nts are aecu-
mulat I'd, but any note which may nave oeen oe-
posted with any mutual insurance company, SUD-
seduent to its organizations in addition TO the casn
premium on any insurance effected with sucn COM
pany may ct the expiration of the time OF SUCH IN
surance be reliuduished and returned to the maker
thereof or his representative, upon his paying MS
proportion of all losses and expenses wnlch may
have accrued thereon during the term. Inc ul-
shall have the ri Int to determine the amount OF the
note TO be given, in addition to the cash premium,
nv any % rson insured in such company, but In no
case shall the note be more than twice the Wnoie
amount of the cash premium. And any persons
effectiug insurance in mutual insurance company,
and their heirs executors, administrators or as
signs continuing to be so insured, snail tnereDy
become members OF said corporation curing the
nPriod of Insurance. and shall be bound to pay for
all losses and necessary expenses as aforesaid, &C
cruing in and to said company in proportion TO the
amount of his deposit note notes. The directors
shan as often they may deem necessary after re-
ceiVing notice of any loss or damage by nre, sus
tained by any member, and ascertaning the sane,
and after the rendition OF any judgment against
said company for any loss or dam ge settle and de-
termine the sums to be raid by the several MEM
bers thereof, their respective portion OF sucn
loss or damage, and publish as they may deem BEST
or as the bylaws may require, and the sum to be
paid by each member shall always be in proportion
to the original amount of his deposit note or notes.
nd-shall be paid to the ofhcers OF the company
within thirty days after the publication OF sucn
notice; and if any member shall for the space OF
thirty days after the publication of such notice,
and after demand for payment shall have been
made, neglect or refuse to pay the sum assessed
uvon him as the proportion of any loss, in. such
case the directors may sue for and recover the
whole amount of his deposit note or notes, with
costs of suit but execution shall issue only for as
sessments and costs they accrue, and every such
execution shall be accompanied by list of the
losses for which the assessment is made Ii the
whole amount of deposit not shall be insufficient
to pay the loss nccasioned by any fire fires, in
such case the sufferers insured by the said compa-
ny shall receive towards making good their respec
tive loss losses proportional share OF the whole
amounts of said notes. according to the sums by
them respectively insured
Sec Ia, Every fire and inlln navigation insur'
ance company heretofore or hereafter organized,
shall, If it be mutual company, embody the WORD
mutual in it's title, which shall appear on the first
page of every policy or renewal receipt; and every
company doing business as cash stock company,
shall upon the face of its policy in some suitable
manner express that such policy is stock policy:
pY0oided, h0aveuer, that companies now organized,
may for the year 1870, use theirpresent form, with
the words ssmutual'' and S'stock" omitted.
Sec. 10. Suits at law may be maintained by any
CORPORATION formed under this act against any OF
it's members stockholders, for any cause relating
to the business of the company; also suits at law
may be maintained by any member or stakeholder
against such corporation for any losses which may
have accrued if payment is withheld more tnan
thirty days after such losses have become due, and
any member or stakeholder not parry to such suit
mas be witness therein.
| Sec. 49, The trustees and corporators OF any
company organized [underl this act and those en-
titled to participation in the profits of such compa-
nv. sh IL be Jointly and seyeraly liable for all debts
land responsibilities of such company until the
whole amount of the capital shall have been paid
| in and certificate thereof recorded or filed as
! hereinbefore provided Notes taken in advance OF
premiums under this act are not to be regarded as
debts of the company in determining its sclvency,
but are to be considered assets of the company.
| Sec II. Any existing fire insurance company,
| and any company formed under his law, may at
any time increase its capital stock ter notice given
7 once week for four weeks, in some newspaper
published in the county where such company is To-
Gated of such intention, with the written consent
Eof threeforths in amount of its stockholders I'M
less otherwise provided in its charters If IN ltual
company, with the unanimous consent of its trus-
Tees unless otherwise provided in its charter, by
fling of their charter SO altered or amended
in this respect, together with certificate under its
corporate SEAL signed by Its president, directors or
trustees. their OF
the secretary of state and upon the same proceed
ing had required by the tenth section of this act
1t shall be lawful also for any existing joint STOCK
| fire insurance company, any company organized
under this act without increasing its capital stock:
pr0oided, it's actual paid up in cash capital is not
less than fifty thousand dollars, at any tde within
two years previous to the termination of its char
ter and after giving notice once a week for four
weeks in some newspaper published in the county
where such company is located of such intention,
and with a declaration under its corporate seal,
signed by its president and directors of their de-
sire for such extension to extend the term of its
| original charter to the time specified in section
twenty-i five of this act, by altering and amending
the to accord with the provisions OF this
act and fling copy of the same in the office OF
| the secretary of state, whereupon the same pro-
ceedings shall be had as required In the tenth sec
| ton of this act "a Wa ef..y
| Sec 10, AL insurance companies heretofore or
ganized in the state of Wisconsin, and now doing
business in this state, are hereby brought under all
the provisions of this act except that their capitals
| in and authorized by their respective charters,
during the existing term of such charters, and the
investments of the capital and assets OF such COM
panies may remain the same as prescribed by their
charters anything in this act to the contrary not
withstanding; and such companies shall also be
entitled to all the privileges and powers granted by
said charters. fr,J a
| Sec 10. All companies incorporated or extended
under this act shall be deemed and taken to be
bodies corporate and polite, in fact aud in name,
and shall be subject to all the provisions of law in
relation to corporations, so far as the same are ap-
phcable.
Sec 20. 1t shall be the duty of the president, or
lvice-president and secretary of each company or
ganized under this act, or incorporated under any
law of this state, annually the first day of Janu-
airy of each year, or within one month thereafter,
to prepare under their own oath, and depostin the
office of the secretary of state, statement of the
condition of such company on the TIL ty first day
| of December then next preceding, exhibiting the
following facts and items in the Following form,
namely: JAN
| First The amount Of the capital stock of the
| company.
| Second The property or assets of the company.
! specifying LIST The value, as near as may be, of
| the real estate held by such company. I'd. The
| amount of cash on hand and IN such company 8
Office and also the amount deposited in bank to the
G edit of such company, and specifying in What
bank or banks the same is depos1 ed Sd. The
amount of loans secured by bonds and mortgages
constituting the frat lien on real estate ON which
there shall be less than years interest due or
owing. 18th. The amount of loans on which inter-
est shall have been paid within one year previous
to such statement. sth. The amount due the COM
pany, on which judgments have been obtained.
9th The amount of stocks of this state, of the
United States of any incorporated city of this state
and of any other stocks owned by the company,
specifying the amount, number OF shares, and the
par and market value Of each kind of stock held
7th. The amount OF stocks held thereby coilat-
eral security for loans with the amount loaned on
each kind of stock its par value and market value.
Sth. The amount of assessments on stock or pre-
MUM notes, paid and unpaid 9th. The amount of
interest actually due and unpaid 10th. The amount
of premium notes on hand on which policies are in
! force