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

serving all sums above provided, including the
whole amount Of premiums on unexpired risks.
Ihe word year" wherever used in this section
shall mean the calendar year.
Sec Is. All notes deposited with any mutual in.
slrancs 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 accumu
l2tiOn Of profits invested required by the eighth
section CT this act shall equal the amount of cash
capital required TO be possessed by stock companies
organized undlr this act, the liability each note
decreasing prOuOrtionatey the profits are alcu-
mulat I'd, but any note which may have been de-
! posted with any mutual insurance company, sub
sequent to its organization, in ADDITION to the ca
premium on any insurance effected with such COM
pany, may ct the expiration of the time Of such in
surdnce, be rciu4uished and returned 30 the maker
thereOI or mis- representative, upon his paying his
/ proportion of all losses and expenses which may
nave accrued thereon during the term. The di-
rectors or trustees of any such company may or
shall have the ri hit to determine the amount OF the
Ote u De given, IN addition to the cas premium,
/ by any rson insured in such company, but i'll no
case shall The note be more than twice the whole
amount OF the cash premium. And any persons
ehectlng nsurauce in mutual insurance company,
and their heirs, exscliors administrators or as
signs, continuing be so insured, shall thereby
/ become members of said corporation during the
| period OF Insurance. and shall be bound to pay for
all losses and necessary expenses aforesaid ac-
cruing in and to said company, in proportion to the
amount Of his deposit note notes. The directors
shall as often as they may deem necessary after re-
celvlng notice of any loss damage by fire, sus-
tanned by any member, and ascertaining the sane
and after the rendition of any Judgment against
said company for any loss dams ge settle and de-
termine the sums to be aid by the several men,
bers thereof as their respective portion of such
loss or damage and publish as they mey deem best
or as the bylaws may require, and the sum tc be
paid by each member shall always be in proportion
to the original amount OF his deposit note or notes.
and shall be paid to the officers of the company
within thirty days after the publication of such
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
uron him as the proportion of any loss in such
case the directors may for and recover the
whole amount of his deposit note notes, with
costs Of suit but execution shall issue only for as
sessents and costs as they accrue, and every such
execution shall be accompanied by list of the
losses for which the assessment is made If the
whCle amount of deposit not shall be Insufficient
to pay the loss occasioned by any fire or fires in
such case the sufferers insured by the said conlpa-
ny shall receive towards making good their respec
tive loss or losses proportional share of the whole
| amounts of said notes, according to the sums by
them respectively insured
Sec. Ia. Every fire and inl md navigation insUr.
ance company heretofore or hereafter organized
shall, if it be mutual company, embody the word
'mutual in its title, which shall appear on the first
page of every policy or renewal receipt; and every
company doing business cash stock company
shall upon the face OF its policy, in suitable
manner, express that such policy is stock policy
pro0lded, hoaoe1er, that companies now organized
may, for the year 1870, their present FORM with
the words mutual and ssstock'' omitted
Sec. 10. Suits at law may be maintained by any
corporation formed under this act against any of
its members or stockholders for any cause relating
to the business of the company; also suits at law
MAJ be maintained by any member or stockholder
against such corporatioE for any losses which may
nave accrued II payment is withheld more than
thirty days after such losses have become DUE and
any member or stockholder not party to such suit
mas be a witness therein.
Sec. I6. The trustees and corporators of any
| company organized [pnderl this act and those en-
titled toparncipation to in the profits Of such compa-
ny, sh Il be Jointly and severaly liable for al debts
and responsibilities of such company until the
whole amount of the capital shall have been paid
in, and certificate thereof recorded or filed as
bereinbefore provided. Notes taken in advance of
premiums under this act 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
ana any company formed under this law, may at
any time increase its capital stock after notice given
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
OF three-fourths in amount of its stockholders un
less otherwise provided in its charter; if a m tual
company with the unanimous consent of its trT1g-
tees, unless otherwise provided in its charter nv
in this respect, together with certificate under it's
corporate seal, signed by its president directors or
trustees, OF their desire so to do in the Office of
the secretary of state and upon the same proceed
ing had as required by the tenth section of his act
1t SHAH be lawful also for any existing joint stock
hre insurance company, or any company organized
under this act without increasing its capital stock
prOUlded its actual paid up in cash capital is not
less than fifty thousand dolars any tilhe within
two years previous to the termination of its char
ter, and af er giving notice once a week for four
weeks IN some newspaper published in the county
where such company is located, of such intention,
AMI with declaration under its corporate seal,
signed by It's 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-five OF this act, by altering and amending
the same to accord with the provisions of this
act, and ming copy of the same in the office of
the secretary Of state, whereupon the same pro-
cee0ings shall be had as required in the tenth Sec
ton of this act.
Sec. 18. Al insUra nee companies heretofore or
ganized in the state Of Wisconsin, and now doing
business in this state, hereby brought under ali
the provisions OF this act except that their capitals
may continue of the amounts and character named
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 prescribed by their
charters, anything in this act to the contrary not
withstanding; and such companies shall also be
en- tiled to all the privileges and powers granted by
said charters
Sec. 10. All companies incorporated or extended
under this act shall be deemed and taken to be
bodies corporate and polite, in fact and in name
and shall be subject to all the provisions of law in
relation to corporations, so far the are ap-
plicable.
Sec. 20. Itshau be the duty of the president, or
vice-president and secretary of each company or
glnlzed under this act or incorporated ander auy
law OF this state annually on the first day of Janu
5ry of each year, or within month thereafter
to prepare under their own OATH and deposit in the
office OF the secretary OF state, statement of the
condition of such company on the thi 'ty first day
of December then next preceding, exhibiting the
following facts and items in the following form
namelx-
First. The amount of the capital stock of the
company.
! Second. The property or assets of the company,
specifying: 1st. The value, as near as may be- of
the real estate held by such company. ID. The
amount of cash on hand and in such company s
office, and also the amount deposited in bank to the
| c edit of such company, and specifying in what
! bank or banks the same is deposi ed. Sd. The
| amount OF loans secured by bonds and mortgages
/ constituting the first lien real ate on which
there shall be less than years interest due or
/ owing. 9Th, The amount of loans on which inter-
est shall have been paid within one year previous
| to such statement. 9Th The amount due the COM
! pany, on which judgments have been obtained.
4 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 as coIlat-
eral security for loans, with the am loaned on
each kind of stock its par value and market value
Sth. The amount Of assessments on stock 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
/ Third The liabilities of such company specj-
/ fying 1st. The amount of losses due and unpaid.
/ I'd. The amount Of claims for losses resisted by
| the company. 3d. The amount of Losses incurred
during the year, including those claimed and not
/ yet due, and these reported to the company upon
which no action has been taken. 4sh. The amount
| of dividends declared due and unpaid. 5th. The
amount of dividends, either cash scrip, declared
but not yet due. 9th. TIE amount of money bor-
rowed and security given for the payment there
! Of Tih. The amount required to reinsure all out
standing risks. Sth. The anounto of all other exist
ing claims against the company.
Fourth The income of the company during the
preceding year, specifying 1st. The amount of in.
| terest money received. ID The amount of cash
| premiums received. 3d. The amount OF notes re.
| ceived for premiums. 4th. The amount of Income
received from other sources.
| Fifth. The expenditures during the preceding
year, specifying: list The amount of losses paid
during the year. stating how much accrued prior
and how much subsequent, to the date of the pre-
| ceding statement. ID The amount of dividends
paid during the year. Sd. The amount of expenses
during the year, stating The amount paid officers
| salary and fees; the amount paid agents commits
sion and ices, and the amount paid for office eS
penses and rents; the amount for taxes, and the
| amount of all other payments and expenditures,
sec. q. The secretary OF state is hereby author
izel and empowered to address inquiries to any in
81, Ince company or any officer thereof, ia relation
~ the doings or condition or any other matter CON