Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1870-04-19

Their hers, executors, administrators or assigns con
unulnE 70 pc so insured shall thereby become mem.
bera or said corporation during the period OF insur.
ance ind shsl be bound 20 pay for all Losses aad nee
essary expenses az aforesaid scerung in ard said
company, in proportion TO the OF his deposit
note Or notes. The directors shall ne often they
deem Necessary, after receiving notice Of any loss
damage By Ere sustained by any member, and sseer-
tanning the same and after the rendition Of any udg
msn against seid company for any loss or damage,
settle and determine the TO be paid hy the sever
al meibers thereof their respective portion OF such
ioss or damage, aud publish as they may. deem best
the bylaws may require and the sum TO be paid
by each member, shall always be In proportion 90 the
original amount Of his deposit notes, and shall be paid
20 the officers Of the company within thirty days after
the Publication OF such notice. and IL any memb'r
shall for the space OF thirty days. after the publication
OF such notice, and after demand FOR payment snail
have been made, neglect or refuse TO pay the sum as
sessd upon him his proportion Of any loss, Ia such
the directors may iOr aud recover the whol
amount Of his deposit notes. with costs Of suit
but execution shall issue only for assessments ana
cost. as they accrue, and every such execution shall
assessment Il made. II the whole amount OF deposit
notes shan be insufficient 20 pay the loss occesioned
y any Gre fir Ia such The snnereIs insured
by ia saii company, shall receive TOWARDS makins
good heir respective i0ss or losses, proportional
II the whole amounts II said rUtes according
the suigs 10y IN IN respectively Issued
SIC. H. Every fire and inland navi ion Insurance
company heretofore hereafter Organized shall VI IL
he q mutual company, embody the word mutual" In
Its tlte which shall appear the first page OF every
policy OF renewal receipt; and every company doing
business as cash stock company, shall upon the face
OF IT. policy II, some suitable that
such policy Is stock policy; procided, hOi1eyer,
that companies organized, may 70 the year leo
use tDsir present f9rm with tie words mutual aud
Stock omitted
SEC IS. Suits at law may be maintained by any
corporation formed under this act against any OF its
members stockholders for any relating 10 the
business Of the company; also suits az law may be
maintained by any member stockholder against
such cooperation for any losses which may have az
srued If payment is withheld more than thirty days a
ter such losses have become due. and any member
stockholdcr not party 70 such suit may be witness
u Gein.
SIC lG. The trustees and corporators Of any COM
pany organized by this act ana those entitled to a
participation 10 the profits Of such company shall he
jointly and seyeray liable for all debts and respon
sibties Of such company until the whole amount Of
the capital shall have been paid In, and certificate
thereof recorded filed as hereinbefore provided
Notes taken in advance Of premiums under this
not 70 be regarded debts Of the company IN deter
miuiug It's sovency, but 10 be considered as as
sets ~ the company.
Sc. H. Any existing fire insurance company, and
any company formed under this law, may al any time
Increase us capital stock after notice given once week
Tor fur weeks In some newspaper published in the
county where such company Is such In enton
with the written consent OF three.fouTths in amount OF
its stockholders, unless otherwise provided In It's char
Ter, u mutual company with the unanimous consent
Of Its trustees, unless otherwise provided In its charter
by filing copy If their charter so altered and amend
ed In this respect together with certificate under It's
corporate seal signed by its president. directors
trustees, Of their desire so TO do. in the Office Of the
SECRETARY Of STATE and upon the same proceeding had
as CURED by the tenth section OF this act. II shall
be iaFful also for any existing joint stock fire insur
ance company, or any company organized under this
act, without increasing its capital stock Dr0rde It's
actual paid up in cash capital is not less than hfty
thougand dollars at any time within two years prey-
o. the termination of its charter ard after giving
notice once week for four weeks In some newspaper
published in the county where such company Is Ioea-
ted Of such Intention and with declaration under its
corporate seal signed by its president and directors
ofthcir desire for such extension TO extend the term
Of It's original charter to the time specified in section
twenty-five Of this act by altering and amending the
70 accord with the provisions Of this act
and filing copy Of the in the Office Of the Sec.
retary OF state whereupon the proceedings shall
lie had required in the tenth section Of this act
So Is All insurance companies heretofore
gani sed IN the State Of Wisconsin and doing bust
In this State are hereby brought under all the pro.
visions Of this act, except that their capitals may con.
tpue " the amounts and character named in and a.
horsed BY their respective charters, during the exist
Ing Term OF ouch charters, and the investments Of the
capital and assets of such companies May remain the
prescribed by their charters anything In this
let 70 the contrary notwithstanding; and such
pans shall also be entitled to ali The privileges and
powers granted by said charters.
SEQ -. All companies incorporated or extended
under this act, shall bo deemed and taken to be bod
les corporate and polite, In fact and in name and
shal be subject 30 all the provisions Of law IN relation
20 corporations, so far as the same applicable.
SIC. 20. II shalt be the duty Of the president or
vicepresident and secretary Of each company organ
lied under this act, incorporated under any law OF
this state annually on the first day Of January Of
each year. within month thereafter 10 prepare
under their own oath, and deposit in the Office Of the
Secretary OF Sate statement Of the condition of such
company The thirtyhrst day Of December then next
Preceding exhibiting the following facts and items Ga
the following form, namely:
First Tie amount Of the capital stock Of the com
pany.
Seaond. The property or assets Ct the company
specifying, let. The value as near may be- Of the
real estate held By such company 2d. The amount
81 cash hand and in such compsny's Office and al
tn amount deposited In bank 20 the credit OF such
company, and specifying In What banks banks the
samt Is Deposited. Sd. The amount Of loans secured
hy bonds and mortgages constituting the first lien on
which there shall he ips
into - due pr owing 9TH The amount nf loans on
wh.ch interest shall have been paid within one year
prey tous 20 such statement tn. The amount due
IN .oIapa Y. rhich Judgments have been obtained
9TH The Of stocks y this tate % the United
stat % amy Incorporated city Of this state and OF
phr, stocks owned ~ the company, specifying the
INT, lumber shares, and the par and mari It val.
of each Kind Of stock 50 hel9. 7th The amount OF
.tocts h'ld thereby collateral security for loans
with the loaned each Kind Of stock it, par
yalur and market value s'h. The amount of assrn-
mcn.s on stock or premiem notes, paid and unpaid.
gth The amount Of Interest actually due and unpaid
4 tn The amount Of premium notes on hand on which
policies ere in force.
Third The liabilities Of such company specifying:
ist. The amount Of losses due and unpaid. I'd The
amount # claims for losses resisted by TIE company
Sd. The amount Of losses incurred during the year.
including those claimed and not yet due aud those
ported % the company upon which no action has been
tikca. 18th. The amour, of dividends declared due
and upad 9Th The amount Of dividends, either
cash or script, declared but not yet due. 9th The
amont Of money borrowed and security given for the
payment thereof 9Th The amount required TO re-
insure all outstanding risks. sth The amount all
othet existing claims against the company
Folr,h. The income OF the company, during the
prcc ding year, specifying. ist. The amount =
interest money received, I'd. The amount OF cash
premium. received 3D. The amount ofnotes received
for premiums 4th. The amount Of income received
from other sources.
Fifth. The expenditures during the preceding year.
spec ying: list. The amount of losses paid during
the scar, stating how much accrued prior, and how
nue. subsequent TO the date OF the preceding state
mens "a. The amount OF dividends paid during the
year 81. The amount Of expenses during the year.
stating the amount paid officers salary and fees the
amount paid agents commission and fees and the
amohnt paid for Office expenses and rents the amount
for taxes, and the amount Of all other payments and
expenditures.
SEC. p. The Secretary of State is hereby author
lied and empowered address inquiries any insur-
Rncn company or any officer thereof in relation TO
the longs or condition any other matter connected
with its transactions and IL shall be the duty OF any
company officer so addressed, 20 promptly reply
In writing 70 any such inquiries The statement
Of any cOmpay the capital which Is composed IN
Whole ia part OF notes. shall, in addition the pro-
visions fthe foregoing sectiOn exhibit the amount OF
notes originally forming the capital, and also what
proportion Of said notes Is st held by such company
and considered capital. The statements herein pro-
yidC Tor shall be 10 lieu Of and all statements
required by any existing laws. Every FIRE insurance
company organized under any law Of this State fail
ing 20 make and deposit such Statements or 10 reply
90 any inquiry Of said Secretary Of State shall be sub
Jet 70 the penalty Of Owe hundred dollars, and adj
dsna Eve hundred dollars for every month that said
company shall continue thereafter transact any bus
nessofinsurance 1t shall be the duty ofthe secreta
~ OF State 20 TO be prepared and furnished TO
each Of the companies, and to the attorneys Of com
pan Incorporated by other States and foreign gov.
ents printed forms Of the statements required by
this net and he may from time 10 time make changes
In he form Of such statements shall 60 him best
adapted 70 elicit from the companies true exhibit OF
their condition in respect TO the several points herein
before mentioned II shall be the duty Of the secreta
ry Of state the information contained in the
required by this section be arranged in
tabular form. and publish the same on or before the
FIRST day VI May next succeeding.
$50. ~. IL shall not be lawful for any Ere insur-
ancf con psny association part ershp Incorporated
by organized under the laws of any other State OF
the United tates, any foreign government for any
purposes specified In this act directly indirectly 10
take risks transact any business Of insurance In
this state unless POSSESSED OF the amount Of actual
capital required az similar companies formed under
tho provisions oithis act and any such company de.
sg 20 transact any such business aforesaid by any
agent agents IN this State shall first appoint an at
torn"y Ia this State'on whom process Of law can be
serYi i, containing agreement that such company
viii uJt remove the suit for trial into the United States
Circuit Court or federal court, aud Gle in the Office Of
the SecrCtafy 81 state written instrument duly sign.
~ sad sealed certifying such appointment which
shal continue until snothsr attorney be substituted
atd any process Issued ~ any OF record in this
state anil served upon any such attorney by the proper
officer az the county In which such attorney may r.
side ~r may ne fonnd shall be deemed a sufficient ser
vice of process such company bu, service Of pro
cess upon such company may also be made In any 9th