Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1870-04-27


Its stockholders for suca amount as will make it:
capital equal to the amount fixed by the charter o.
said company, and in case any stockholder of sucl
company shall refuse neglect to pay the amoun
so called for, after notice personally given or by
advertisement. such time or manner as the secre
tary Of state shall approve it shall be lawful for the
said company 10 require the return of the original
certificate of stock held by such stoekholder, and
in lieu thereof to issue new certificates for s1lc
number of shares as the said stakeholder may be
entitled to, in the proportion that the ascertained
value of the funds of the said company may be
found TO bear to the original capital of the said
company, the value of sucn shares for which new
certificates shall be issued; 20 be ascertained un 3er
the direction of said secretary of state, and the
company paying for the fractional parts of shares
and it shall be lawful for the directors of such
company to create new stock and dispose of the
same and to issue new certificates therefor to an
amount sufficient to make up the original capital
of the company; and it is hereby declared that in
the event Of any additional losses accruing upon
new risks taken after the expiration of the period
limited u fhe said secretary of state in the afore.
said ren tti0n, for the filling up of the deficiency
IN the capital OF such company and before said de-
| iclency shall have been made up, the directors
shalt be individually liable to the extent thereof;
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, insufficient to justify the con-
| t1nuance of such company in business, it sha be
mis- duty to proceed in relation to such COMPANY in
the same manner is herein required in regard to
Joint stock companies; and the trustees directors
OF such company are hereby made personally liable
| 1Or any loss Which may be sustained upon risks
taken after the expiration of the period limited by
said secretary Of state for filing up the deficiency
in the capital, and before such deficiency shall have
been made up. Any transfer of the stock of any
company 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 of 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 notice, shall
be required to discontinue the issuing Of any new
policy and the renewal of any previously issued
| Sec. o. Every penalty provided for by this act
shall be sued for and recovered in the OF the
| state, by the district attorney of the county in
which tue company or the agent or agents so vio-
Iatlng shall be situated, and one-half of said pen
atty, when recovered shall be paid into the treasu
ry Of said county, and the other half to the in
former of such violation; and in case of the
nonpayment of such penalty, the party SO offending
shall be liaole imprisonment for period not ex-
ceedlng SIX months, in the discretion of any court
having cognzance 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
tcoected by him. shall be paid into the state treas
ury.
| Sec. 25. All companies Incorporated or extended
under this act may proyid5 in their charters not
more than nifty 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 10 prevent subsequent
| extension OF the charters of companies organized
| or extended under this act.
Sec. &c. Companies other than those organized
under the laws of this state, which may have re-
ceived 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
ther statement until the thrty-irst day of January
1861. Any fire or fire and inland navigatio in
surance company chartered by this state, may have
lien, by passing bylaw to that effect, upon the
stock certificate OF profits owned by any mem Der
for any debt hereafter to become duethe said COM
pany for premiums, by stating that the sa d stock
is subject to any such lien upon the certificate of
stock 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. 27. 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 n;1r-
suiint to law, is impaired to amount eAceeding
twenty-five per cent. of such capital, and he shall
be of the opinion that the interests of the publc
will not be prejudieed by permitting sfich company
to continue business with reduced capital, shall
be lawful for such company, with the permission
of the secretary of stae to reduce its capital stock
and the par value of the shares thereof to such
amount as the said secretary; of state under his
hand and official SEAL shall certify to be proper and
shalt, in his opinion be justified by the assets
and property of such company: proUided, that no
part of such assets and property shall be distributed
to the stockholders asgd prouided trther that the
capital stock of any such company shall not be re-
duced TO an amount less than the SUM now required
by law for the organization of a new company I'M
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
pany shall be made, except upon resolution of its
directors, approved by at least twOthirds of the di
rectoYs, certified under its corporate SEAL signed by
the president and at least twothrds of the direct
ors and proved or acknowledged in the manner re.
quired by law for the proof acknowledgements 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 he shall permit any such company to
reduce its capital in the manner provided i'll this
act, shall execute the certificate required by this
act in duplicate, and deliver of such certifi-
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 hled
in the Office of said secretary of state. Suchcom-
pany, upon filing the certificate with the clerk of
the circuit court required by this ctshall with
such reduced capital, possess the same rights ana
be subject to the liabilities that it possessed
subject to at the time of the reduction of it's
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 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 stockhoder and in
lieu thereof to issue certificates for such num-
Der of shares as each stockholder may be entitled
to in the proportion that the reduced capital may be
found to bear to the original capital of the compa
ny. 1t shalt be lawful for any such company, after
its capital shall be reduced aforesaid to in
crease it capital stock in the mode prescribed by
this law It shall be the duty of Ill 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
| aud file annual and other statements OF their as
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 to the secretary of states Office Every
| ms
ny doing business in this state shall its ann-
al statement by this act required to be fled to be
published in the official state paper for two weeks
and in daily paper of general circulation pub
lishe in the city of Milwaukee. -.
Sec. %, 1t shall not be lawful for any agent or
agents to act for any insurance company or compa-
MES, directly Or indirectly, in taking risks or trans
acting business of insurance in this state without
procuring from the secretary of state certificate
of auvhsrity, 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 any such agent shall embez-
zle or fraudulently convert to his any
money belonging to such company which may have
come into his possession or be under his care by
YiItue of his agency, shall be deemed by 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. 30. Whenever the existing or future laws cf
any other state of the United States shall require
| of insurance companies incorporated by or organ
lied under the laws of this state, having agencies
in such other state or of the agents thereof any
deposit of securities in such state for the protec-
ton of policy holders or otherwise, any payment
of taxes, fines, penalties, certificates of authority
license fees, otherwise greater than the amounts
required for such purposes from similar companies
of other states by the then existing laws of this
state, then, anu in every such case, all companies
of such states having or establishing an agency or
agencies III this state, shall be and hereby re-
quired to make the same deposit with, pay the same
taxes fines, penalties and fees. for like purposes
unto the secretary OF state, imposed upon or re-
quired by the laws of such state of the companies
of this state, or agents thereof.
Sec. 30. The necessary expenditure for any ex-
animation made or ordered to be made by the sec
retary of state under this act shall be certified to y
him and paid on his requisi1on by the company
which is the subject of such examination: pr0uided
such examination be not required of such canpa-
MES organized out de of this state states where
under the laws thereof they are similarly super
vised by and under the proper officer, as in such
laws provided and such officer shall furnish, when
ever required to do by the secretary of state a
certificate and statement exhibiting the scIvency OF
such company.
Sec. 81. There shall be paid by every company,
association, person or persons, or agent to whom
this shall aDOlV the fOlOyyinp For tiIinu